Assets under Management Growth
Total AuM increased by 10% over the half to $52.5bn, driven by investment outperformance (+$2.6bn) and net inflows (+$2.3bn).
Strong Net Flows and Subscriptions
Subscriptions rose 39% year-on-year to $5.7bn while redemptions fell 35% to $3.4bn, producing net inflows of approximately $2.3bn for the period.
Robust Profitability Driven by Seed Gains
Seed capital delivered pretax gains of GBP 55.4m, contributing to profit before tax increasing 64% to GBP 81.9m and diluted EPS rising 89% to 10.1p (excluding seed returns diluted EPS was 3.1p).
Operating Efficiency and Margins
Adjusted EBITDA was GBP 20.9m with an operating margin of 31%; total operating costs were broadly flat, up ~1% year-on-year, reflecting tight cost control.
Balance Sheet Strength and Liquidity
Total financial resources of GBP 573.6m vs. capital requirements of GBP 93.3m, implying excess financial resources of GBP 480m (67p per share); cash at period end GBP 261m and seed investments market value GBP 391m.
Product and Geographic Expansion
Equities AUM grew 17% to $8.8bn and local offices AUM rose 8% to $8.4bn (equities 17% of group assets; local offices 16%), with new products launched (regional LatAm equity strategy) and new offices operational (Qatar; Mexico regulatory approval expected).
Investment Performance Outperformance
82% of the firm's assets outperformed peers over 1 year (70% over 3 years, 58% over 5 years); broader EM indices outperformed developed markets (EM Equity +30% vs MSCI World +20%; EM local currency bonds ~+20%).
Improving Pipeline and Client Demand
Management reports a healthier client pipeline versus prior periods, with stronger institutional interest and increasing retail engagement in equities and local currency products.