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Man Group H1 Pre-Tax Profit Down

Man Group Plc (MNGPF.PK,MNGPY.PK,EMG.L) Thursday reported that its statutory profit before tax for the half year fell to $55 million from $110 million, and statutory earnings per share declined to 2.6 cents from 5.8 cents last year.

On an adjusted basis, profit before tax was down 40 percent to $94 million and earnings per share slid 37 percent to 5.4 cents, both primarily due to lower performance fee profits.

The Group's net revenues decreased to $397 million from $524 million last year. Net revenues comprised $358 million of net management fees, $7 million of sub-lease rental and lease surrender income and $32 million of performance fees and gains on seed investments.

In addition, the Group said its Funds under management was down 8 percent to $108.3 billion from $117.7 billion recorded in December 2019.

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