Ashmore (ASHM) gained record net inflows of $16.9bn (£13m) during the year to June, offsetting $1.3bn in negative market movements and boosting assets under management more than a quarter to $74bn. While management doesn’t expect "very strong" inflows to repeat this year, interest from clients during July and August has been higher than usual, according to group finance director Tom Shippey.
Local currency debt and blended debt led the way in winning new business, reporting net inflows of $5.9bn and $3.6bn, respectively. However, management wants to increase exposure to equity strategies, which represented just 6 per cent of assets, as it seeks to become the "go-to emerging market specialist across the spectrum", says Mr Shippey. The group wants to grow the proportion of retail clients too, which rose from 12 per cent to 14 per cent of assets.
A 4 per cent reduction in adjusted operating costs, combined with an 11 per cent rise in sales, also boosted the adjusted cash profit margin by one percentage point to 66 per cent.
Analysts at Numis expect adjusted pre-tax profits of £226m, giving EPS of 25.4p during the year to June 2019 (from £191m and 21.3p in 2018 ).
| ASHMORE (ASHM) | ||||
| ORD PRICE: | 351.6p | MARKET VALUE: | £2.51bn | |
| TOUCH: | 351.2-351.6p | 12-MONTH HIGH: | 447p | LOW: 319p |
| DIVIDEND YIELD: | 4.7% | PE RATIO: | 16 | |
| NET ASSET VALUE: | 83p | NET CASH: | £433m | |
| Year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2014 | 294 | 172 | 19.5 | 16.45 |
| 2015 | 268 | 181 | 20.3 | 16,65 |
| 2016 | 212 | 168 | 19.1 | 16.65 |
| 2017 | 257 | 206 | 25.1 | 16.65 |
| 2018 | 286 | 191 | 22.6 | 16.65 |
| % change | +11 | -7 | -10 | |
| Ex-div: | 01 Nov | |||
| Payment: | 07 Dec |
