Key points
Statutory profit before tax (PBT) on continuing operations for the six months ended 30 September 2011 of $154 million compared to the pre-close estimate of $145 million
Adjusted PBT of $195 million compared to the pre-close estimate of $185 million after additional performance fees at period end
Funds under management (FUM) at 30 September 2011 of $64.5 billion (31 March 2011:
$69.1 billion), reflecting inflows of $1.0 billion, investment movement of -$2.5 billion, FX translation effects of -$1.4 billion and other movements of -$1.7 billion
FUM at 31 October 2011 of around $63.5 billion, with redemptions lower than in September. Further guaranteed product de-gear of $0.8 billion on 1 November 2011
Interim dividend maintained at 9.5 cents per share; final dividend for the three months to 31 December expected to be 7.0 cents per share, to give a maintained pro-rated dividend for the nine month period
Additional capital return by way of a share repurchase of up to $150 million by calendar year end.
Peter Clarke, Chief Executive, said:
"The last six months began with record sales, but ended with a spike in redemptions as extreme volatility severely tested investor risk appetite in the late summer. Since period end we saw reduced redemptions in October, and we ended the month with around $63.5 billion under management.
"Liquid, diversifying returns are at the core of our offer to investors, and our broad range of alternative investment strategies produced overall outperformance in tough trading conditions.
"We remain focused on investment performance and profitable asset growth worldwide, but also on operational efficiency. Actions taken so far this year have secured $40 million of savings for 2012 from our debt repurchase and outsourcing initiatives. We are planning on the basis that investor appetite will remain subdued whilst markets remain volatile and uncertain, but are well positioned to capture demand when sentiment improves and investors return to markets."
