The Rathbone Brothers Board are maintaining their interim dividend at 25p (30 June 2020: 25p). This reflects confidence in their medium-term prospects and the strength of their balance sheet. The record date will be 4 September 2020 and the dividend will be paid on 6 October 2020.
Other financial highlights include:
- Total funds under management and administration reached £49.4 billion at 30 June 2020, down 2.0% from £50.4 billion at 31 December 2019 (30 June 2019: £49.2 billion). The FTSE 100 Index and MSCI PIMFA Private Investor Balanced Index decreased 18.2% and 6.3% respectively over the six-month period to 30 June 2020.
- £41.4 billion in the Investment Management business (30 June 2019: £42.5 billion)
- £8.0 billion in the Unit Trusts business (30 June 2019: £6.7 billion)
- Total net inflows were £1.3 billion in the first six months of 2020 (30 June 2019: £0.5 billion), representing an annualised growth rate of 5.3% (30 June 2019: 2.1%).
- Total net inflows in Investment Management were £0.8 billion in the first six months of 2020 (30 June 2019: £0.1 billion). Net organic inflows in the first half of the year totalled £0.3 billion (30 June 2019: net outflows of £0.1 billion).
- Net inflows in Unit Trusts were £0.6 billion in the first half of 2020 (30 June 2019: £0.3 billion).
- Profit before tax for the six months to 30 June 2020 of £27.3 million (30 June 2019: £20.0 million). Basic earnings per share totalled 36.1p (30 June 2019: 25.8p).
- Operating income totalled £179.0 million in the first half of 2020, 3.6% ahead of the prior year (30 June 2019: £172.7 million).
- Income in Investment Management totalled £158.7 million in the first six months of 2020, an increase of 2.3% on the prior period (30 June 2019: £155.2 million). The average FTSE 100 Index level on quarterly billing dates in 2020 was 5793, a decrease of 22.1% against the 7436 recorded in 2019.
- Income in Unit Trusts totalled £20.3 million in the six months ended 30 June 2020, an increase of 16.0% on the £17.5 million reported in the first half of 2019.
- Underlying profit before tax totalled £46.0 million in the first six months of 2020 (30 June 2019: £46.6 million). Underlying earnings per share totalled 67.5p (30 June 2019: 71.4p).
- Underlying operating margin of 25.7% in the six months ended 30 June 2020 (30 June 2019: 27.0%; 31 December 2019: 25.5%)
