Ashmore Group Reports Rise in Profit Despite Lower Assets Under Management

1 Mins read

Ashmore Group, an emerging-markets asset manager, has announced a rise in pretax profit for the first half of fiscal 2024. This increase comes despite a decrease in assets under management. The company attributes the rise in profit to higher interest income on its cash and gains in its active seed capital investment program.

For the six months ended Dec. 31, Ashmore Group reported a pretax profit of £74.5 million ($93.9 million), compared with £53.8 million in the year-earlier period. On an adjusted basis, pretax profit was £54.1 million, down from £68.3 million. The company-compiled consensus had estimated the figure to be £55.6 million.

Adjusted earnings before interest, taxes, depreciation, and amortization also decreased to £42.6 million from £63.2 million a year prior. This was due to lower average assets under management and higher operating costs.

Although net revenue decreased to £94.5 million from £110.3 million, higher performance fees partly offset lower assets and reduced foreign exchange gains. Total revenue was £93.4 million, surpassing the consensus estimate of £87.2 million.

Chief Executive Mark Coombs expressed optimism regarding emerging markets’ performance, citing superior growth, effective monetary policies, and a weaker US dollar as the Federal Reserve reaches the end of its tightening cycle.

The board has declared an interim dividend of 4.80 pence per share, which remains stable.

Related posts

Government Matching Contribution for Retirement Savings

2 Mins read
According to researchers, nearly 22 million Americans are set to benefit from a new government matching contribution initiative aimed at enhancing retirement…

Oil Market Update

1 Mins read
Oil Market Update On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of…

Carrier Global Sells Industrial Fire Business

1 Mins read
Carrier Global Sells Industrial Fire Business for $1.425 Billion Carrier Global has announced the sale of its industrial fire business to private-equity…

Leave a Reply

Your email address will not be published. Required fields are marked *