The Ashmore Board intends to pay a progressive ordinary dividend over time, taking into consideration factors such as the prospects for the Group's earnings, demands on the Group's financial resources, and the markets in which the Group operates.
In recognition of Ashmore's performance during the period, and consistent with the stated intention to re-establish dividend cover of at least 1.5 times statutory earnings, the Directors are recommending a final dividend of 12.10 pence per share for the year ending 30 June 2019, which, subject to shareholder approval, will be paid on 6 December 2019 to shareholders who are on the register on 1 November 2019.
Other financial highlights include:
- Assets under management (AuM) increased 24% to US$91.8 billion
- Broad-based net inflows of US$10.7 billion and positive investment performance of US$6.9 billion
- Progress made against strategic growth objectives: intermediary retail AuM increased by 29% and local market platforms developing well
- Strong absolute and relative returns delivered by Ashmore's active investment processes
- 90% AuM outperforming benchmarks over one year, 97% over three and five years
- Business model delivering strong operating and financial performance
- Adjusted net revenue growth of 11% driven by 17% increase in net management fees; performance fees of £2.8 million
- Adjusted EBITDA increased 10% to £201.8 million; margin maintained at 66%
- Seed capital profit of £10.7 million; new investments of £108 million and £78 million successfully recycled
- Profit before tax of £219.9 million, 15% higher than prior year; diluted EPS increased 18% to 25.0p
- Recommended final DPS of 12.10p
- Diverse range of Emerging Markets well-positioned for growth and future returns
- Investable markets growing and diversifying, now 73 emerging countries in the external debt index
- GDP growth premium expanding, inflation largely under control, central banks cutting rates
- Significant value available; Ashmore processes taking advantage of recent opportunities
