Ashmore Group plc (LON:ASHM), the specialist Emerging Markets asset manager, has today announced its audited results for the year ending 30 June 2019.
– Assets under management (AuM) increased 24% to US$91.8 billion
– Broad-based net inflows of US$10.7 billion and positive investment performance of US$6.9 billion
– Progress made against strategic growth objectives: intermediary retail AuM increased by 29% and local market platforms developing well
– Strong absolute and relative returns delivered by Ashmore’s active investment processes
– 90% AuM outperforming benchmarks over one year, 97% over three and five years
– Business model delivering strong operating and financial performance
– Adjusted net revenue growth of 11% driven by 17% increase in net management fees; performance fees of £2.8 million
– Adjusted EBITDA increased 10% to £201.8 million; margin maintained at 66%
– Seed capital profit of £10.7 million; new investments of £108 million and £78 million successfully recycled
– Profit before tax of £219.9 million, 15% higher than prior year; diluted EPS increased 18% to 25.0p
– Recommended final DPS of 12.10p
– Diverse range of Emerging Markets well-positioned for growth and future returns
– Investable markets growing and diversifying, now 73 emerging countries in the external debt index
– GDP growth premium expanding, inflation largely under control, central banks cutting rates
– Significant value available; Ashmore processes taking advantage of recent opportunities
Commenting on the Group’s results, Mark Coombs, Chief Executive Officer, Ashmore Group said:
“Ashmore has delivered strong results for the year on the back of 24% AuM growth and continued investment outperformance. The backdrop for Emerging Markets remains relatively healthy, with economic indicators such as GDP growth and inflation continuing to trend favourably. The main risks relate to the US and the impact that its confrontational trade policy and slowing domestic growth will have on the broader global economy. In this context, the significant diversity across the Emerging Markets asset classes is important and after recent market weakness the valuations available are highly attractive. Ashmore will continue to implement its active investment processes to exploit these opportunities for clients, is well-positioned to continue to capture investors’ rising allocations to Emerging Markets and, through its consistent strategy and proven business model, to create value for shareholders.”
Analysts briefing
There will be a presentation for analysts at 9.30am on 6 September 2019 at the offices of UBS at 5 Broadgate, London, EC2M 2QS. A copy of the presentation will be made available on the Group’s website at www.ashmoregroup.com.
