The Rathbone board recommends a final dividend of 47p for 2020 (2019: 45p), making a total of 72p for the year (2019: 70p), an increase of 2.9% on 2019. This reflects confidence in the outlook for the business and its strong capital position. The dividend will be paid on11 May 2021.
Other financial highlights include:
- Total FUMA reached £54.7 billion at 31 December 2020, up 8.5% from £50.4 billion at 31 December 2019
- £44.9 billion in the Investment Management business, up 4.4% (2019: £43.0 billion)
- £9.8 billion in the funds business, up 32.4% (2019: £7.4 billion)
- Total net inflows across the group were £2.1 billion (2019: £0.6 billion), representing a growth rate of 4.2% (2019: 1.3%)
- Gross organic inflows in Investment Management were consistent at £3.3 billion in 2020 compared to £3.3 billion in the prior year
- Acquired inflows of £0.6 billion in Investment Management largely reflect the transfer of assets from Barclays Wealth (£0.4 billion)
- Investment Management outflows for the year totalled £3.3 billion (2019: £3.9 billion)
- Net inflows in our funds business were £1.5 billion (2019: £0.9 billion)
- Profit before tax for the twelve months to 31 December 2020 was £43.8 million (2019: £39.7 million). Basic earnings per share totalled 49.6p (2019: 50.3p)
- Operating income totalled £366.1 million, 5.2% ahead of the prior year (2019: £348.1 million)
- Operating income in Investment Management totalled £320.6 million, an increase of 3.1% on the prior period (2019: £310.9 million)
- Operating income in our funds business totalled £45.4 million, an increase of 22.0% on the £37.2 million reported in 2019
- Underlying profit before tax totalled £92.5 million, an increase of 4.3% (2019: £88.7 million); underlying operating margin of 25.3% (2019: 25.5%)
- Underlying1 earnings per share totalled 133.3p (2019: 132.8p)
