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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 tricky financial backdrop.
The agency noticed whole internet outflows of £2.2bn (2022: internet outflows of £3.5bn) though Belongings Underneath Administration rose by 4% by yr finish from £50.2bn to £52.2bn.
Internet income throughout the yr fell 7% from £397.3m to £368.8m.
The corporate stated the macroeconomic setting had been difficult nevertheless it had nonetheless delivered a “strong” 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 right down to £9.4m (2022: £58m), because of a £76.2m impairment on goodwill. Additional particulars will probably be revealed in its Annual Report in March.
The ultimate dividend declared was 3.4p per share, bringing whole dividend for the yr to 9.8p per share (2022: 8.4p per share), comprising an abnormal dividend of 6.9p per share and a particular dividend of two.9p per share.
Jupiter chief govt Matthew Beesley stated funding efficiency at Jupiter had improved over the interval and the agency had made progress on its key methods.
He stated: “Now we have delivered strong efficiency this yr, regardless of the challenges confronted by our trade. Funding efficiency improved over all time intervals, and our AUM elevated by 4%, with optimistic market and different actions offsetting internet outflows, which continued to reasonable within the yr.”
“This time final yr, we introduced 4 key strategic aims and I’m happy to report that we have now made vital progress in every of those areas. Notably, we have now constructed scale in our institutional and worldwide companies, whereas driving efficiencies by way of a concentrate on lowering undue complexity. Now we have broadened our enchantment to purchasers by launching our Consumer Group and are investing in know-how, which is designed to modernise and improve our shopper expertise. We have continued to put money into our folks 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 we have now a powerful underlying enterprise and a technique that may ship progress over the medium time period.”
In early buying and selling in the present day Jupiter’s share value was up 4.95p to 86.95p nonetheless the share value has fallen considerably over the previous yr from a peak of 135.4p one yr in the past in February 2023.
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