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Man Group FY19 Pre-tax Profit Increases

Man Group Plc (MNGPF.PK,MNGPY.PK,EMG.L) reported that its profit before tax for fiscal year 2019 increased by 10% to $307 million from last year, driven by the higher performance fee profits in 2019.

Profit attributable to owners of the parent company grew to $285 million or 18.4 cents per share from $273 million or 17.0 cents per share in the previous year.

Adjusted profit before tax increased by 54% to $386 million compared to 2018 reflecting higher performance fees and seed investment gains in the year, partially offset by a decline in net management fees which was largely driven by margin compression due to the change in mix during the year.

Annual revenues rose to $1.11 billion from $960 million in the prior year.

The Board confirmed that it will recommend a final dividend of 5.1 cents per share for the financial year to 31 December 2019, giving a total dividend of 9.8 cents per share for the year.

Man Group said that it has appointed Lucinda Bell and Ceci Kurzman as Non-Executive Directors. They will both join the Board with effect from today, 28 February 2020.

Lucinda will join the Audit and Risk Committee and will become Chair when Andrew Horton steps down from the Board at the conclusion of the AGM on 1 May 2020, after almost seven years' service.

The company also announced the appointment of Anne Wade as a Non-Executive Director with effect from 30 April 2020 and she will join the Remuneration Committee.

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