By Joe Hoppe
Ninety One said Wednesday that fiscal 2023 pretax profit fell as it swung to net outflows on a combination of macroeconomic headwinds, and cut its dividend.
The London-listed asset manager said pretax profit for the year to March 31 was 212.6 million pounds ($265.5 million) compared with GBP267.1 million in fiscal 2022.
Ninety One had net outflows of GBP10.6 billion compared with an inflow of GBP5.0 billion the previous year, while assets under management fell 10% to GBP129.3 billion.
The company said fiscal 2023 was difficult for both it and its industry due to a combination of macroeconomic factors, including higher inflation, rapid interest-rate rises, heightened geopolitical uncertainty, a deterioration in economic prospects in South Africa and global energy shortages.
“We faced significant headwinds. We nevertheless remain confident of the underlying strength of our business and the relevance and quality of our proposition to clients,” founder and Chief Executive Hendrik du Toit said.
The board has declared a final dividend of 6.7 pence a share, bringing the full-year dividend to 13.2 pence, compared with 14.6 pence the year before.
Shares at 0710 GMT were down 5.7 pence, or 3.3%, at 166.7 pence.
Write to Joe Hoppe at [email protected]
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