Ashmore Group plc ("Ashmore", the "Group"), the specialist Emerging Markets asset manager, today announces its audited results for the year ended 30 June 2012.
Highlights
- Total net revenue of £333.3 million, in line with FY2010/11 (£333.8 million)
- Management fees up 21% to £302.6 million
- Performance fees of £25.4 million (FY2010/11: £85.4 million)
- EBITDA margin 71% (2011: 73%)
- Profit before tax of £243.2 million, 1% down from FY2010/11 (£245.9 million)
- Basic earnings per share of 26.8p (FY2010/11: 28.1p)
- 10.75p final dividend, making a full year dividend of 15.00p
- Final assets under management ("AuM") of US$63.7 billion at 30 June 2012, a decrease of US$2.1 billion (3%) from US$65.8 billion at 30 June 2011.
Commenting on the Group's results, Mark Coombs, Chief Executive Officer, Ashmore Group plc said:
"These results demonstrate the resilient nature of Ashmore's business. The Group achieved a satisfactory financial performance during a period of significant ongoing market volatility.
"Against this market backdrop, the Group has delivered higher quality revenues, with growing, more diversified management fees replacing the anticipated reduction in performance fees, while maintaining overall levels of profitability.
"The Group experienced positive net inflows during both halves of the year, with total subscriptions of $13billion. Investors from Emerging Markets into other Emerging Markets are increasing in number and size as they re-assess global risks and seek to diversify away from developed country risks. As a consequence, we are continuing to see strong growth in assets coming from Emerging Markets clients.
"More and more investors are seeing Emerging Markets debt as an alternative to fixed income in general and with yields in the developed world either high for a good reason or yielding next to nothing, Emerging Market debt looks highly attractive. Emerging Markets equities looks to be ripe for a good year given relatively low valuations, and specialist areas in small cap and frontier markets are bound to attract attention as investors lose their solely large cap bias in the search for high long term returns and outperformance.
