Jupiter's (JUP) assets under management at the half-year stage jumped from £23.4bn a year ago to £29bn - there was also a £400m net inflow of funds, against a £300m net outflow in the same period last year. Meanwhile, a 16 per cent hike in management fees to £178.9m, and decent cost control (notably on fixed costs), helped boost earnings strongly.
In fact, cash profit rose 25 per cent to £75.3m, with the cash profit margin having improved from 51 per cent to 53 per cent. That strong performance has also driven a dramatic jump in operational cash flow - from last year's £49.2m to £70.9m. That, in turn, has allowed for a £36m debt repayment - helping the group to end the period with a hefty £113m net cash pile, compared with just £1m of net cash a year ago.
Management also says that international sales are becoming increasingly important to Jupiter. For example, the group's SICAV assets (largely European open-ended investment schemes) grew 30 per cent in the period and now represent just under 10 per cent of the group's mutual fund assets under management.
Broker Peel Hunt expects full-year adjusted pre-tax profit of £144.6m, giving adjusted EPS of 23.8p (from £115.6m and 19.1p in 2012).
JUPITER FUND MANAGEMENT (JUP) | ||||
|---|---|---|---|---|
| ORD PRICE: | 347p | MARKET VALUE: | £1.6bn | |
| TOUCH: | 346-347p | 12-MONTH HIGH: | 365p | LOW: 314p |
| DIVIDEND YIELD: | 2.8% | PE RATIO: | 17 | |
| NET ASSET VALUE: | 104p* | NET CASH: | £113m | |
| Half-year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012 | 167 | 31.2 | 6.7 | 2.50 |
| 2013 | 192 | 59.1 | 11.7 | 3.50 |
| % change | +15 | +89 | +75 | +40 |
Ex-div: 7 Aug Payment: 30 Aug *Includes intangible assets of £386m, or 84p a share | ||||
