Jupiter Fund Management Sees Rise in Half-Year Pretax Profit

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London, August 10, 2023 – Jupiter Fund Management, a leading FTSE 250 money manager, experienced a surge in pretax profit during the first half of 2023, despite lower revenue. The company’s shares rose by 14%, reaching 123.3 pence.

Financial Performance

For the six months ended June 30, Jupiter Fund Management reported a pretax profit of £34.8 million, marking a significant increase from £18.8 million during the same period last year. However, net revenue declined to £181.0 million compared to £202.4 million in the first half of 2022 due to a decrease in average assets under management.

Asset Growth

Despite the dip in revenue, Jupiter’s assets under management saw growth and stood at £51.4 billion as of June 30, up from £50.8 billion three months earlier. This increase was primarily fueled by positive market movements.

Dividend Announcement

The company declared a dividend of 6.4 pence per share, which includes a 3.5 pence ordinary dividend and a 2.9 pence special dividend. This marks a slight decrease from the previous year’s payout of 7.9 pence.

Future Outlook

Although the short-term outlook remains uncertain, Chief Executive Matthew Beesley expressed confidence in Jupiter Fund Management’s strategy and its potential for medium-term growth.

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