Ninety One, South Africa’s largest asset manager, faced difficult industry conditions for the second consecutive year, leading to a decline in assets under management and net outflows.
- Adjusted operating profit decreased by 8% to £190.5m, while adjusted earnings per share (EPS) declined to 15.9p from 17.3p.
- The company attributed the results to a higher-for-longer interest rate scenario, which depressed the appetite for investment in emerging markets and favored passive equity investment over active in developed markets.
- Despite the challenging conditions, Ninety One’s profit after tax remained flat at £163.9m, and the board has recommended a final dividend of 6.4p per share.
- CEO Hendrik du Toit expressed confidence in the underlying strength of the business and the long-term relevance and quality of the company’s proposition to clients.
- Ninety One remains focused on carefully chosen investment capabilities, distribution reach, and improving execution to realize the growth potential of the company.
- The company acknowledges the upcoming reporting period will offer challenges, but it sees ample long-term growth opportunities ahead, despite the current market conditions and the rapidly changing world.