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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Jupiter Fund Management plc    JUP   GB00B53P2009

JUPITER FUND MANAGEMENT PLC

(JUP)
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Schroders first-half profit dips as coronavirus triggers rising mutual funds outflows

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07/30/2020 | 03:37am EDT
FILE PHOTO: Logo of investment management company Schroders is seen in Zurich

British money manager Schroders on Thursday posted a 10% fall in profit before tax and exceptional items in the first half of the year amid rising outflows in mutual funds and a contraction in revenue margins.

Britain's largest-listed fund manager by market capitalisation reported 306.2 million pounds ($396.77 million) in profit before tax and exceptional items for the first half of 2020, down from 340.4 million pounds in the same period last year.

Net operating revenue was down 2% to 971.6 million pounds and net income slipped 3% to just over 1 billion pounds.

Assets under management rose instead by 5% to a record high of 525.8 billion pounds, ahead of a company-compiled analyst consensus of 519.4 billion pounds.

Schroders boss Peter Harrison said the company's diversified business model helped generate 38.1 billion pounds of positive net new business and that the firm had a strong capital position.

"We saw client demand for solutions strategies as well as momentum across wealth management," he said.

But its mutual funds business was under pressure, with assets under management down to 94.1 billion pounds and nearly 5 billion pounds of net outflows in the unit, up from 1.8 billion last year.

Schroders, which is a big investor in British companies, is trying to navigate the economic fallout of the COVID-19 pandemic which is making it harder for money managers to continue turning savings into investments as most retail investors are wary of taking on risk.

Jefferies analysts said the company's ability to control costs and a rise in assets under management have not made up for margin compression which is putting a strain on the balance sheet.

British rival Jupiter Fund Management Plc posted an 8% fall in assets under management in the first half of the year, with total assets sliding to 39.2 billion pounds from 42.8 billion pounds at the end of December.

By Pamela Barbaglia


Stocks mentioned in the article
ChangeLast1st jan.
JUPITER FUND MANAGEMENT PLC 2.36% 234.2 Delayed Quote.-44.14%
LLOYDS BANKING GROUP PLC 2.76% 27.915 Delayed Quote.-56.54%
SCHRODERS PLC 0.61% 2788 Delayed Quote.-16.89%
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Financials
Sales 2020 378 M 494 M 494 M
Net income 2020 81,9 M 107 M 107 M
Net cash 2020 157 M 205 M 205 M
P/E ratio 2020 14,9x
Yield 2020 7,34%
Capitalization 1 267 M 1 658 M 1 657 M
EV / Sales 2020 2,94x
EV / Sales 2021 2,57x
Nbr of Employees 522
Free-Float 90,7%
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Mean consensus HOLD
Number of Analysts 16
Average target price 258,75 GBX
Last Close Price 228,80 GBX
Spread / Highest target 52,1%
Spread / Average Target 13,1%
Spread / Lowest Target -12,6%
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Managers
NameTitle
Andrew James Formica Chief Executive Officer & Director
Nichola Pease Non-Executive Chairman
Wayne Mepham Chief Financial Officer & Director
Edward Henry Bonham Carter Vice Chairman
Jonathon Roderick Alan Bond Senior Independent Director
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