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(Alliance News) - Ashmore Group PLC on Wednesday said profit rose in the first half of its financial year, benefiting from increased finance income and gains on investment securities.
While total revenue for the six months ended December 31 fell to GBP151.2 million from GBP183.4 million, as management fees declines to GBP142.0 million from GBP177.5 million, pretax profit nonetheless increased to GP150.6 million from GBP132.4 million.
This resulted from an increase in gains on investment securities to GBP55.9 million from GBP4.2 million, as well as an increase in finance income to GBP20.4 million from GBP9.5 million.
Assets under management increased by 11% to USD93.0 billion from USD83.6 billion on June 30. This mainly resulted from investment performance, which contributed USD10.8 billion and more than offset the USD1.4 billion of net outflows for the period.
The company maintained its interim dividend at 4.80 pence per share.
Chief Executive Mark Coombs said: "The delivery of vaccination programmes around the world will be critical to the ongoing economic recovery in 2021, and in the meantime government and central bank stimulus provide near term support but will lead to a weaker US dollar over time. As the short-term effect of this stimulus wears off, investors will seek higher growth and returns than are available in the developed markets, and will continue the trend of increasing allocations to the emerging markets, which offer superior growth and attractive valuations."
Shares in Ashmore were up 0.3% at 481.00p in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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