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Ninety One posts 'solid' 3% rise in first-half profit
StockMarketWire.com
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Wealth manager Ninety One, which was recently spun out of Investec, posted a 3% rise in first-half profit that it described as a solid performance in challenging operating conditions.
Pre-tax profit for the six months through September increased to £94.8 million, up from £91.9 million year-on-year, even as revenue slipped 1% to £297.3 million.
Ninety One declared an interim dividend of 5.9 per share.
Assets under management increased 15% to £119.0 billion, though average AUM decreased by 3%, while the company recorded net outflows of £0.3 billion.
'These results evidence the resilience of our diversified, capital-light, organic business model,' chief executive Hendrik du Toit said.
'Our sustained investment in technology over many years and the positive mindset of our people supported the shift to virtual client engagement and remote working and then a partial return to the office over the reporting period.'
'Although aggregate investment performance has improved, flows were impacted by a few large mandate losses relating to past performance.'
'The initial 'risk-off' approach from clients in the advisor channel and lower-than-usual levels of pipeline visibility in parts of the institutional market affected new business momentum.'
'We believe in the considerable long-term opportunity for Ninety One to grow organically. Our strategy is clear and our focus remains on execution.'
Story provided by StockMarketWire.com
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