(Alliance News) - Ninety One PLC and Ltd on Wednesday posted record annual earnings despite deteriorating business and market conditions.
The London and Cape Town-based money manager said pretax profit rose by 31% to GBP267.1 million for the financial year that ended March 31 from GBP204.1 million in the prior year.
Revenue increased by 5.0% to GBP795.1 million from GBP755.9 million.
Assets under management grew to GBP143.9 billion as at March 31, up 10% from GBP130.9 billion at March 31, 2021.
Over 12 months, earnings per share lifted by 34% to 22.6 pence from 16.9 pence.
Ninety One declared a final dividend of 7.7p, bringing the total payout to 14.6p from 12.6p.
Hendrik du Toit, founder & chief executive of Ninety One, said the group hit record earnings and assets under management after thirty one years in business.
Business and market conditions had deteriorated towards the end of the reporting period and are expected to remain challenging, Du Toit said.
"The spectre of inflation and rising interest rates in a world of supply chain disruption and increased political uncertainty speaks to volatile markets and a diminished risk appetite among end investors," he said.
Ninety One warned that the coming year will be challenging and it entered it with appropriate levels of caution.
Shares in Johannesburg were up 0.2% at ZAR47.63 early Wednesday, while London shares were down 1.3% at 245.40p.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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Ninety One (N91)