In line with their stated policy that the interim dividend will equate to a third of the prior-year total, the Board has approved an interim dividend of 17.0p, an increase of 13%. The dividend will be paid on 8 January 2021 to shareholders on the register on 11 December 2020. They will continue to make the dividend reinvestment plan available.
Other financial highlights include:
- Strong, off-cycle fundraising, despite the pandemic, with €2.6bn of new money raised in the period resulting in AUM of €46.1bn (+2% on 31 March 2020). Fundraising of €6bn expected for the full year
- Exceptional period of investment activity, particularly for our Strategic Equity and European Corporate funds, with a total of €2.1bn deployed and a further €4.0bn signed or in exclusivity
- Strong investment performance particularly in their European and Asian Corporate funds
- Fund Management Company profit before tax up 6% to £89.8m (H1 2020: £85.0m), representing an operating profit margin of 51.1% (H1 2020: 51.7%)
- Investment Company profit before tax of £108.0m (H1 2020: £68.4m) reflecting recovery in portfolio valuations and favourable realisations
- Group profit before tax on an IFRS basis up 29% to £197.8m (H1 2020: £153.4m); earnings per share up 32% to 66.9p (H1 2020: 50.8p)
- Robust financial position: strong balance sheet, with £1bn of available liquidity and net gearing of 0.67x (31 March 2020: 0.76x)
