| £ billion | 30 September 2023 |
30 September 2022 |
31 March 2023 |
| Assets under management | 123.1 | 132.3 | 129.3 |
| Net flows | (4.3) | (3.2) | (10.6) |
| Average assets under management | 125.3 | 138.2 | 134.9 |
| Key financials(1) | Six months to 30 September 2023 |
Six months to 30 September 2022 |
Change % |
| Profit before tax (£’m) | 104.0 | 110.6 | (6) |
| Adjusted operating profit (£’m) | 97.9 | 107.9 | (9) |
| Adjusted operating profit margin | 32.6% | 32.6% | |
| Basic earnings per share (p) | 8.9 | 9.4 | (5) |
| Basic headline earnings per share (p) | 8.9 | 9.4 | (5) |
| Adjusted earnings per share (p) | 8.2 | 9.0 | (9) |
| Interim dividend per share (p) | 5.9 | 6.5 | (9) |
| Note: (1) Please refer to explanations and definitions on pages 12-14. |
Hendrik du Toit, Founder and Chief Executive Officer, commented:
“Rising interest rates and increased geopolitical uncertainty have contributed to continued investor caution. Equity markets have been driven by narrow sectoral and geographic performance. These factors have dampened investor appetite for emerging markets and public equities in general. We expect these conditions to remain for the rest of the financial year.
"Our response is to intensify our efforts in areas in which we can compete for market leadership, delivering best-in-class service to our clients and applying strict cost discipline, while maintaining our long-term growth mindset. In times like these the owner culture we have nurtured over many years becomes a critical success factor. The people of Ninety One have the team spirit, skill and self belief to prevail in the face of hostile business conditions. In spite of the well-known structural challenges faced by the active investment management industry, the dominant headwinds are cyclical in nature. We are confident in our ability to regain our growth momentum.”
Read the full interim results announcement here (PDF):
Interim results for the six months to 30 September 2023