Jupiter Fund Management has a progressive ordinary dividend policy, with an intention for the ordinary dividend pay-out ratio to be 50% of underlying EPS across the cycle. In the event that the current year profits are lower than in previous years, the Group has maintained the ordinary dividend at the previous high water mark pence per share level, subject to the Group's financial strength and future outlook. The Board normally makes additional returns of capital to shareholders after retaining sufficient earnings for capital and growth and investments. These additional returns have previously been made through a special dividend.
The Group's dividend policy is unchanged in 2021. At the half year, the Board has considered the resilience of the balance sheet and the outlook for the remainder of the year. Consistent with the Group's dividend policy the Board has maintained the interim dividend at 7.9p (2020 H1: 7.9p). The Board has previously reported its intention to continue to make additional returns of capital but on a less frequent basis than in the past. The Board's intention continues to be that the next additional return will be made no earlier than for the year ending 31 December 2022.
Other financial highlights include:
Consistent strong investment performance with 69% of mutual fund assets under management (AUM) above median over three years
AUM ended the period at a record high of £60.3bn
Strong gross flows of £9.6bn, net outflows of £2.3bn
Underlying profit before tax increased 38% to £78.2m (2020 H1: £56.6m). Statutory profits rose 40% to £57.0m (2020 H1: £40.8m)
Underlying earnings per share grew 15% to 11.5p