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Ninety One share full year results 2021

Simon Brazier comments on the outlook for 2021, and argues how best to navigate the period.

Ninety One plc and Ninety One Ltd share strong performance data from a challenging year.

Hendrik du Toit, Founder and Chief Executive Officer, commented, “We thank our clients for their support during this challenging year and over the thirty years that we have been in business. Without the support of our broad stakeholder base and our shareholders in particular, this would not have been possible.”

Assets under management increased 27% to £130.9 billion, while average AUM increased by 1% to £119.9 billion and net outflows of £0.2 billion. Staff shareholding increased to 23%.

In its 30th year of business, Ninety One saw excellent firm-wide investment performance with three-year outperformance at 82%. Profit before tax increased 3% to £204.1 million. Adjusted operating profit increased 9% to £206.2 million.

Hendrik du Toit, highlighted this was year of first for the business, saying it was “our first full year as a listed company, our first full year operating under the Ninety One brand, and the first time the world has come face-to-face with a pandemic of this magnitude.”

He continued, “The year was characterised by a resurgence in investment performance at Ninety One due to the discipline and professionalism of our investment teams. Flow momentum has improved in the second half and we enter the new financial year with a strong pipeline. Nevertheless, we are disappointed that we have not achieved net inflows over the full reporting period.”

The firms’ basic earnings per share increased 1% to 16.9p and adjusted earnings per share increased 6% to 17.0p. Meaning a proposed final dividend of 6.7p per share, resulting in a full year dividend of 12.6p per share.

Hendrik du Toit concluded, “We are acutely aware that the communities we serve continue to be heavily impacted by the consequences of the pandemic. The pandemic has also accelerated change. The quest for sustainability has become central to our industry. We applaud this and we are ready to play our role in the pursuit for a net zero world. We believe that our purpose of investing for a better tomorrow is now more relevant than ever and we remain excited by the long-term growth opportunities for Ninety One.”

 

Full details here

FY 2021         FY 2020

Change %

Assets under management (£’bn)

130.9

103.4

27

Net flows (£’bn)

(0.2)

6.0

n.m.

Average assets under management (£’bn)

119.9

118.3

1

Profit before tax (£’m)

204.1

198.5

3

Adjusted operating profit (£’m)

206.2

189.9

9

Basic earnings per share (p)

16.9

16.8

1

Basic headline earnings per share (p)

16.9

16.8

1

Adjusted earnings per share (p)

17.0

16.1

6

Adjusted operating profit margin

34.2%

32.3%

Dividend per share (p)

12.6

n.a.

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