Ninety One announces interim results for the six months to 30 September 2023

Nov 15, 2023


  • Challenging market and business conditions.
  • Closing assets under management decreased by 5% in the six months, to £123.1 billion.
  • Net outflows of £4.3 billion.
  • Basic earnings per share decreased by 5% to 8.9 pence and adjusted earnings per share decreased by 9% to 8.2 pence.
  • Adjusted operating profit margin unchanged at 32.6%.
  • Interim dividend of 5.9 pence per share.
  • Competitive long-term investment performance.
  • Staff shareholding increased to 29.4%.


£ billion 30 September
30 September
31 March
 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
 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

Jeannie Dumas

Communications Director (ex-Africa)

Laura Henderson

Communications Manager

Important Information

This communication is provided for general information only should not be construed as advice.

All the information in is believed to be reliable but may be inaccurate or incomplete. The views are those of the contributor at the time of publication and do not necessary reflect those of Ninety One.

Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

All rights reserved. Issued by Ninety One.

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