Ashmore confident in emerging market benefits after profit growth

(Alliance News) - Ashmore Group PLC on Thursday reported a stronger bottom line for the first half, noting "supportive" conditions for emerging markets in the near term.

The London-based asset manager's net revenue fell to GBP68.0 million in the six months ended December 31 from GBP81.0 million a year earlier.

Nonetheless, pretax profit jumped to GBP81.9 million from GBP49.9 million, as the firm booked a GBP34.2 million gain on investment securities, compared with a GBP1.5 million loss the previous year.

Attributable diluted earnings per share more than doubled to 10.13 pence from 5.36p, though Ashmore has kept its interim dividend flat on-year at 4.80p.

Assets under management totalled USD52.5 billion, or GBP38.48 billion, at the end of December, up from USD48.8 billion a year earlier.

According to the firm, its target area of emerging markets has continued to "outperform developed markets", benefitting from a weaker dollar amid geopolitical uncertainty.

Ashmore sees a disinflationary or possibly deflationary impact from artificial intelligence, "as a result of the impact on labour markets, before the associated demand for energy and commodities puts upward pressure on inflation."

The firm continued: "Economies in Asia are participating in the capex theme and related companies do not have the stretched valuations that are apparent in the US stock market.

"Similarly, the impact of China's renewed focus on its export-led economic model will continue to deliver deflationary impulses to its trade partners around the world, and particularly those in Asia," Ashmore suggested.

It expects 2026 to bring "looser monetary conditions" for emerging and developing markets, bar exceptions such as Japan, "as a consequence of either central bank rate decisions or the impact of heavy debt issuance to fund spending."

"The probability of a dovish Fed, reacting to the deflationary themes described above, is likely to maintain downward pressure on the US dollar," the firm added.

Chief Executive Mark Coombs said Ashmore's "active investment management philosophy mean it is well-positioned to capitalise on this positive outlook".

Ashmore shares were up 1.8% to 265.60 pence on Thursday morning in London, having risen 65% in the past year.

By Holly Munks, Alliance News reporter

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