Jupiter Fund Management has recently reported a significant decrease in pretax profit for the year 2023. The decline was primarily attributed to one-off impairments related to past acquisitions, while outflows showed signs of moderation.
Financial Overview
Pretax Profit: The pretax profit dropped to 9.4 million pounds ($11.9 million) from GBP58.0 million in 2022, with a significant portion being a GBP76.2 million impairment on goodwill stemming from previous acquisitions.
Adjusted Basis: Despite the decline, on an adjusted basis excluding exceptional items, pretax profit actually saw a commendable 36% increase, reaching GBP105.2 million.
Assets Under Management: As of December 31, the assets under management witnessed a 4% growth, amounting to GBP52.2 billion compared to the previous year.
Business Performance
The total net outflows reduced to GBP2.2 billion from GBP3.5 billion, mainly due to positive net inflows from institutional clients. The Chief Executive Officer, Matthew Beesley, expressed confidence in the company's underlying business strength and growth strategy amid uncertain market conditions.
Dividend and Share Performance
The company's board declared a final dividend of 3.4 pence per share, resulting in a total dividend of 9.8 pence per share—higher than the previous year's total dividend payout of 8.4 pence. Consequently, shares saw a 6.5% rise at 87.35 pence as of 0841 GMT.
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