Highlights:
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Total funds under management at 30 June 2013 were £19.9 billion, up 10.6% from £18.0 billion at 31 December 2012. This compared to an increase of 5.4% in the FTSE 100 Index and an increase of 5.5% in the FTSE APCIMS Balanced Index over the same period.
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Total net organic and acquired growth in the funds managed by Rathbone Investment Management was £780 million in the first six months of 2013, representing a net annual growth rate of 9.3% (2012: 6.7%). Net organic growth of £327 million for the first half represents an underlying annualised rate of net organic growth of 3.9% (2012: 3.7%). We have now completed the acquisition of Taylor Young Investment Management's private client base, which added £358 million of funds under management by 30 June 2013.
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Profit before tax was £23.2 million for the six months ended 30 June 2013, up 17.2% compared to £19.8 million in 2012. Underlying profit before tax (excluding amortisation of client relationship intangible assets and head office relocation costs) increased 13.0% from £23.1 million to £26.1 million.
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Underlying operating expenses of £62.0 million for the six months ended 30 June 2013 were up 13.6% on £54.6 million in the first half of 2012 largely as a result of business growth and investment.
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Earnings per share increased 11.6% to 38.6p (2012: 34.6p). The weighted average number of ordinary shares, used to calculate earnings per share, increased 5.6% from 43.2 million at 30 June 2012 to 45.6m at 30 June 2013, largely as a result of the placing in November 2012.
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Operating income in Investment Management of £83.0 million in the first six months of 2013 (2012: £73.4 million) was up 13.1%. The average FTSE 100 Index was 6233 on our quarterly billing dates in 2013, compared to 5647 in 2012, an increase of 10.4%.
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Net interest income of £4.2 million in the first six months of 2013 has decreased 17.6% from £5.1 million in 2012 as lower returns on treasury assets offset growth in the client loan book from £65.1 million at 31 December 2012 to £73.6 million at 30 June 2013.
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Funds under management in Rathbone Unit Trust Management were £1,443 million at 30 June 2013 (31 December 2012: £1,266 million) after 11 consecutive quarters of net inflows. Net inflows of £67 million in the first half of 2013 have doubled from £32 million in 2012. Underlying operating income in Rathbone Unit Trust Management was £5.1 million in the six months ended 30 June 2013, an increase of 15.9% from £4.4 million in the first half of 2012.
