Highlights
- Assets under management (AuM) at 31 December of US$75.3 billion, a 2.7% decline in the six months
- Net outflow of US$2.9 billion
- Gross subscriptions of US$7.3 billion and positive investment performance of US$0.8 billion
- 95% of AuM outperforming benchmarks over three years
- Net management fees of £149.8 million (H1 2012/13: £148.2 million)
- Adjusted EBITDA of £87.7 million (H1 2012/13: £114.1 million), margin of 65% (H1 2012/13: 70%)
- Profit before tax of £79.5 million (H1 2012/13: £120.2 million)
- Basic earnings per share of 9.23p (H1 2012/13: 13.94p)
- An interim dividend of 4.45p per share to be paid on 11 April 2014 (H1 2012/13: 4.35p)
Commenting on the results, Mark Coombs, Chief Executive Officer of Ashmore Group plc, said:
"The Group has continued to make operational and strategic progress, but these financial results reflect the weak market backdrop which existed for much of the period. Despite the broader environment, investment performance remains strong across the Group with 95% of assets outperforming their respective benchmarks over three years and it is particularly satisfying to report the strong outperformance across the equities theme.
"The recent instability in the markets in which Ashmore invests has created attractively valued securities and the economic and political fundamentals remain positive across many of the countries that comprise the diverse Emerging Markets investment universe. Ashmore has experienced and capitalised upon similar conditions before, and its long-standing and robust investment processes are well placed to deliver attractive returns for clients over the cycle."
