Business
Interim results
Interim results.
About this update from Ashmore Group Plc
[{"type":"text","content":"\n RNS Number : 7618N Ashmore Group PLC 24 February 2009 \n \nPRESS RELEASE\n\n24th February 2009 07.00 \n\nAshmore Group plc \n\nUNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2008\n \nAshmore Group plc ('Ashmore', the 'Group'), a leading specialist emerging markets investment manager today announces its interim results for the six months to 31 December 2008.\n\nFinancial Highlights\n\n\n\nNet management fees up 19% to £101.9 million (2007: £85.9 million), down 1% on a US$ basis \n\n\n\n\n\nPerformance fees up 52% to £48.9 million (2007: £32.2 million)\n\n\n\n\n\nForeign exchange loss of £49.8 million (2007: £0.4 million gain), principally from hedging of management fee income, including timing differences of £41.4m related to future fee income\n\n\n\n\n\nTotal net revenue of £104.5 million (2007: £123.5 million)\n\n\n\n\n\nProfit before tax of £80.3 million (2007: £100.9 million)\n\n\n\n\n\nOperating margin of 70% (H1 2008: 75%)\n\n\n\n\n\nBasic EPS of 8.48p (2007: 10.47p) and diluted EPS of 7.90p (2007: 9.9p)\n\n\n\n\n\nAn interim dividend of 3.66p per share will be paid on 24 April 2009 (2007: 3.66p)\n\n\n\nOperational Highlights\n\n\n\nAssets under management ('AuM') of US$24.6 billion at 31 December 2008, down US$12.9 billion (34%) from 30 June 2008\n\n\n\n\n\nOffices established in India, Turkey, and New York during the period\n\n\n\n\n\nCommenting on the results Mark Coombs Chief Executive Officer of Ashmore Group plc said;\n\n'The results for the six months to 31 December 2008 represent a period where Ashmore Group plc has delivered satisfactory financial performance despite challenging operating conditions, in a period of significant global market turmoil.\n \nOver the last twenty years, the investment team at Ashmore has had significant experience operating and outperforming during a number of economic crises affecting the emerging markets. With this experience and our strong balance sheet, we see significant opportunities to outperform going fo...