LONDON (dpa-AFX) - Ashmore Group plc (ASHM.L), the specialist Emerging Markets asset manager, reported profit before tax of 93.0 million pounds for the six months ending 31 December 2018, down 6 percent from 99.0 million pounds in the prior-year period.
The decline in pre-tax profit was due to lower contributions from performance fees and the marking-to-market of seed capital investments.
Profit to equity holders of the parent decreased to 72.4 million pounds from 80.2 million pounds in the prior-year period. Earnings per share declined to 10.13 pence from 11.28 pence last year.
First-half net revenue grew 13 percent to 152.1 million pounds from 134.4 million pounds a year ago, reflecting higher net management fee income. Adjusted net revenue was 148.2 million pounds, compared to 136.7 million pounds in the prior year.
Asset under management or AuM of $76.7 billion was 10 percent higher than a year ago.
Looking ahead, Mark Coombs, Chief Executive Officer, Ashmore Group said, 'Ashmore delivered a respectable operating performance in the first half and has experienced a positive start to 2019. The Emerging Markets are in good health with high GDP growth, low inflation, attractive valuations and, after a slight pause in allocations at the end of 2018, there is renewed momentum in capital flows.'
Ashmore said that Mark Coombs has agreed with the Board a prudent and transparent approach to manage his shareholding of about 39 percent, down to a more appropriate level over the medium term by selling up to 4 percent of Ashmore stock each year into the market. He continues to be fully committed to Ashmore in his current role.
The Board of Ashmore Group has determined that an interim dividend of 4.55 pence per share, the same as in the year-ago period, will be paid on 4 April 2019 to all shareholders on the register on 8 March 2019.
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