Business
Preliminary Results
Preliminary Results.
About this update from Ashmore Group Plc
[{"type":"text","content":"\n RNS Number : 0444Z Ashmore Group PLC 15 September 2009 \n \nAshmore Group plc\n\n15 September 2009\n\nPRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2009\n\nAshmore Group plc, one of the world's leading emerging market investment managers, today announces its audited results for the year ended 30 June 2009.\n\nFinancial highlights\n\n\n\nProfit before tax of £159.8 million, a decrease of 19% from FY2008 (£196.2 million)\n\n\n\n\nTotal net revenue of £203.5 million, a decrease of 15% from FY2008 (£240.0 million)\n\n\n - Net management fees up by 1% to £183.2 million\n\n - Performance fees of £52.5 million (FY2008: £44.7 million)\n\n - Foreign exchange hedging cost of £42.4 million, of which £4.1 million relates to future periods\n\n\n\nOperating margin of 74.5% (FY2008: 76.0%)\n\n\n\nFinal AuM of US$24.9 billion down US$12.6bn (34%) from US$37.5 billion at 30 June 2008 (31 December 2008: US$24.6 billion).\n\n\n\nBasic earnings per share of 17.1p (FY 2008: 21.0p)\n\n\n\n8.34p final dividend, making a full year dividend of 12.0p\n\n\n\n\n\nMark Coombs, Chief Executive Officer, Ashmore Group said:\n\n'This year's results were broadly satisfactory within the context of the extraordinary global market conditions. After a period of net outflows, AuM increased in the final quarter to close at a level of US$24.9 billion. July and August have seen net inflows, following the trend established in May and June.\n\n'The reshaping of the emerging markets role within the global order has received a significant boost in the last year. As emerging markets make up a greater proportion of the world's markets, the long term trend of an increasing allocation from investors towards them continues to be very positive for Ashmore.\n\n'There are many initiatives that are being worked upon across the firm which we anticipate will bring significant value over the coming years...