Business
Interim Report and Accounts 2023
Interim Report and Accounts 2023.
About this update from Jupiter Fund Management Plc
[{"type":"text","content":"\n\n\n\n\n\nResults for the six months ended 30 June 2023\n\n\n\n\n27 July 2023\nA good start to the year in a challenging environment\n§ Despite an uncertain macro backdrop, we delivered a good start to 2023 with robust financial performance and growth in assets under management (AUM)\n§ Underlying profit before tax increased 56% to £46.4m (2022 H1: £29.7m) and statutory profit before tax grew 85% to £34.8m (2022 H1: £18.8m)\n§ Gross flows remained strong at £7.7bn, underpinned by continued momentum in the institutional channel, and Jupiter generated small positive net inflows across the period\n§ AUM grew 2% and ended the period at £51.4bn (31 December 2022: £50.2bn)\n§ Total dividends of 6.4p per share. This comprises an ordinary dividend of 3.5p per share and a special dividend of 2.9p per share\n \n\n\n\n\n \n \n\n\nSix months ended\n30 June 2023\n\n\nSix months ended\n30 June 2022\n\n\nYear ended\n31 December 2022\n\n\n\n\nAUM (£bn)\n\n\n51.4\n\n\n48.8\n\n\n50.2\n\n\n\n\nNet flows (£bn)\n\n\n-\n\n\n(3.6)\n\n\n(3.5)\n\n\n\n\nNet revenue1 (£m)\n\n\n181.0\n\n\n202.4\n\n\n397.3\n\n\n\n\nStatutory profit before tax2 (£m)\n\n\n34.8\n\n\n18.8\n\n\n58.0\n\n\n\n\nBasic earnings per share (EPS)2 (p)\n\n\n4.6\n\n\n2.6\n\n\n8.9\n\n\n\n\nUnderlying profit before tax1 (£m)\n\n\n46.4\n\n\n29.7\n\n\n77.6\n\n\n\n\nUnderlying EPS1 (p)\n\n\n6.7\n\n\n4.2\n\n\n11.3\n\n\n\n\nTotal dividends per share\n\n\n6.4\n\n\n7.9\n\n\n8.4\n\n\n\n\nCost:income ratio1\n\n\n71%\n\n\n67%\n\n\n69%\n\n\n\n\n1 The Group's use of alternative performance measures is explained on pages 25 to 28.\n2 IFRS measures.\nMatthew Beesley, Chief Executive Officer, commented:\n\"Despite the continued volatile market environment leading to muted retail investor appetite, Jupiter has had a good first half of the year, delivering a robust financial performance. We saw small positive net flows, driven by another strong performance in the institutional channel and AUM increased by 2%.\nWe continue to diversify our client base, with institutional AUM now accounting for 18% of Group assets and international AUM at 36%. We have nearly completed the fund rationalisation programme and have identified higher than expected cost savings during the period.\nOur strong capital position allows us to invest for growth and we plan to launch our range of thematic funds by the end...