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Ashmore Group H1 Pre-tax Profit Declines - Quick Facts

Ashmore Group plc (ASHM.L), the specialist Emerging Markets asset manager, reported profit before tax of 99.0 million pounds for the six months ending 31 December 2017, down from 121.5 million pounds in the prior half-year period.

The decline in pre-tax profit was due to the impact of foreign exchange translation, and lower contributions from performance fees and seed capital investments.

Profit to equity holders of the parent decreased to 80.2 million pounds from 98.4 million pounds in the prior-year period. Earnings per share declined to 11.28 pence from 13.93 pence last year.

First-half net revenue declined to 134.4 million pounds from 144.1 million pounds a year ago, as higher net management fee income was partly offset by a lower contribution from performance fees. Adjusted net revenue of 136.7 million pounds edged up from 135.7 million pounds in the prior year.

Looking ahead, Mark Coombs, Chief Executive Officer, Ashmore Group said, "We expect another good year of performance across the range of Emerging Markets asset classes in 2018, as economic conditions continue to be supportive, valuations remain attractive, and therefore investors continue to increase allocations".

The Board of Ashmore Group has determined that an interim dividend of 4.55 pence per share will be paid on 4 April 2018 to all shareholders on the register on 9 March 2018.

by RTT Staff Writer

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