N91 - strong FY263 Jun 2026 10:34
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Ninety One (N91) reported a stronger FY26, with adjusted EPS up 12% to 17.4p and adjusted operating profit rising 12% to £211.3m. AUM increased 31% to £171.8bn, helped by £18.3bn from the Sanlam transaction, £2.8bn of net inflows and a positive £19.9bn market/FX impact. The flow picture improved materially after FY25 outflows of £4.9bn. Net inflows were driven by equities, fixed income and the South African fund platform, with Asia Pacific the strongest regional contributor. Equities saw demand for global strategies in H1 and natural resources in H2, while fixed income benefited from blended strategies. Profitability improved despite continued investment in talent and technology. Adjusted operating margin increased to 32.0% from 31.2%, showing cost discipline and operating leverage from higher average AUM, which rose 18% to £151.8bn. Statutory PBT was up only 2% to £207.5m, but adjusted metrics were stronger after excluding corporate and transaction-related items. Investment ...
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