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Trading Statement

30th Oct 2007 07:01

Schroders PLC30 October 2007 Schroders plc Trading update 30 October 2007 Schroders plc is today issuing a trading update for the three months to 30September 2007. • Continued growth in higher margin business across Retail and Institutional channels • Third quarter profit before tax up 53 per cent. to £98.1 million (Q3 2006: £64.0 million) • Profit before tax for the first nine months of 2007 up 45 per cent. to £283.7 million (2006: £196.3 million) Asset Management Asset Management revenues for the quarter were £198.8 million (Q3 2006: £157.2million), costs were £131.6 million (Q3 2006: £108.9 million) and profit beforetax was up 39 per cent. to £67.2 million (Q3 2006: £48.3 million). For the firstnine months, Asset Management profit before tax was up 31 per cent. to £190.4million (2006: £145.1 million). Private Banking Private Banking revenues for the quarter were £27.3 million (Q3 2006: £23.4million), costs were £16.0 million (Q3 2006: £16.5 million) and profit beforetax was up 64 per cent. to £11.3 million (Q3 2006: £6.9 million). For the firstnine months, Private Banking profit before tax was up 50 per cent. to £27.2million (2006: £18.1 million). Private Equity and Group Profit before tax from Private Equity was £20.2 million (Q3 2006: £6.2 million). For the first nine months, profit before tax from Private Equity was £56.4million (2006: £23.9 million). There was a loss before tax in Group of £0.6million in the third quarter (Q3 2006: £2.6 million profit), bringing profitbefore tax in Group for the first nine months to £9.7 million (2006: £9.2million). Funds under Management Funds under management at the end of September 2007 were £137.7 billion (endJune 2007: £137.6 billion) with net inflows in the quarter of £1.5 billion inRetail and £0.1 billion in Private Banking. Net outflows were £2.9 billion inInstitutional, principally in UK balanced and Asian equity mandates, butInstitutional revenues have continued to grow reflecting our focus on highermargin products. Michael Dobson, Chief Executive; and Stephen Brooks, Chief Financial Officer;will host a conference call for the investment community, to discuss the thirdquarter trading update at 9am GMT on Tuesday, 30 October 2007. The conferencecall telephone number is 0845 245 5000 (International: +44 (0)1452 562 716),conference ID 22213327. For individuals unable to participate in the conference call, a telephone replaywill be available until Tuesday 6 November 2007. Please telephone 0845 2455205 (International: +44(0) 1452 550 000), conference ID 22213327#. For further information please contact: Emma Tovey - Head of Corporate Communications +44 20 7658 2329 [email protected] Forward-looking statements This trading update may contain forward-looking statements with respect to thefinancial condition, results, operations and businesses of Schroders plc. Suchstatements and forecasts involve risk and uncertainty because they relate toevents and depend upon circumstances that will occur in the future. There are anumber of factors that could cause actual results or developments to differmaterially from those expressed or implied by forward-looking statements andforecasts. Forward-looking statements and forecasts are based on the Directors'current view and information known to them at the date of this statement. TheDirectors do not make any undertaking to update or revise any forward-lookingstatements, whether as a result of new information, future events or otherwise.Nothing in this trading update should be construed as a profit forecast. This information is provided by RNS The company news service from the London Stock Exchange

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Schroders
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