Statutory pre-tax revenue at Jupiter Asset Administration slumped by 84% to £9.4m for the yr ended 31 December 2023 (2022: £58m) in opposition to a troublesome financial backdrop.
The agency noticed complete web outflows of £2.2bn (2022: web outflows of £3.5bn) though Belongings Underneath Administration rose by 4% by yr finish from £50.2bn to £52.2bn.
Web income throughout the yr fell 7% from £397.3m to £368.8m.
The corporate mentioned the macroeconomic setting had been difficult however it had nonetheless delivered a “sturdy” set of monetary outcomes and underlying revenue earlier than tax rose 36% to £105.2m (2022: £77.6m).
Statutory revenue earlier than tax, a key measure of revenue, was all the way down to £9.4m (2022: £58m), because of a £76.2m impairment on goodwill. Additional particulars might be printed in its Annual Report in March.
The ultimate dividend declared was 3.4p per share, bringing complete dividend for the yr to 9.8p per share (2022: 8.4p per share), comprising an extraordinary dividend of 6.9p per share and a particular dividend of two.9p per share.
Jupiter chief govt Matthew Beesley mentioned funding efficiency at Jupiter had improved over the interval and the agency had made progress on its key methods.
He mentioned: “We have now delivered sturdy efficiency this yr, regardless of the challenges confronted by our business. Funding efficiency improved over all time intervals, and our AUM elevated by 4%, with optimistic market and different actions offsetting web outflows, which continued to average within the yr.”
“This time final yr, we introduced 4 key strategic aims and I’m happy to report that now we have made important progress in every of those areas. Notably, now we have constructed scale in our institutional and worldwide companies, whereas driving efficiencies via a give attention to decreasing undue complexity. We have now broadened our attraction to purchasers by launching our Shopper Group and are investing in expertise, which is designed to modernise and improve our consumer expertise. We have continued to spend money on our individuals and have not too long ago introduced new, high-quality additions to our UK fairness funding experience.”
“Our robust capital place signifies that we’re well-placed to take a position for the long run. The market outlook continues to be unsure however I’m assured that now we have a robust underlying enterprise and a technique that may ship progress over the medium time period.”
In early buying and selling at present Jupiter’s share value was up 4.95p to 86.95p nevertheless the share value has fallen considerably over the previous yr from a peak of 135.4p one yr in the past in February 2023.
