Ashmore sees a 36 per cent hike in profits

first_img Tuesday 14 September 2010 8:40 pm Tags: NULL Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp KCS-content Emerging markets fund manager Ashmore smashed forecasts with an astonishing 36 per cent rise in full-year profit.It was boosted by a sharp increase in investor appetite for its core debt products. The British-based specialist manager reported a pre-tax profit of £217m for the year to June, compared with a forecast for £196m.Performance fees were up 58 per cent to £82.9m, and total net revenues were up 41 per cent to £286m.Graeme Dell, group finance director, told City A.M.: “Revenue has been the driving force but we maintain a very strong operating margin which has dropped through to make for some very positive results.“Performance fees for this year have started strongly and we have revenue growth on management fees.”Dell said local currency products were attractive to emerging market institutions as a hedge against the long-term structural decline in the US dollar. Emerging market central banks have large US dollar reserves.As a result of this appetite for Ashmore’s specialist products, net inflows reached $7.6bn (£4.3bn), with assets under management at $35.3bn at the end of June.Ashmore shares have risen 12 per cent in the last three weeks. It trades at a premium to peers, but analysts at Arden said this is warranted due to its continued high margin and strong net inflows.Execution Noble analysts said: “Given its market leading position in an asset class which is seeing both long-term and short-term structural drivers along with its best in class investment performance, Ashmore deserves to trade at a premium”.Ashmore, which derives the bulk of its assets from institutions, said that it is now stepping up its targeting of the global retail market. Further marketing and distribution hires are planned to support the roll-out of its Luxembourg-domiciled retail-friendly funds across the UK and Europe. center_img Ashmore sees a 36 per cent hike in profits Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo whatsapp Sharelast_img read more

Serco forecasts revenue jump

first_img Share Serco forecasts revenue jump Monday 15 November 2010 5:14 am whatsapp whatsapp Show Comments ▼ Outsourcing firm Serco said it expected revenues to increase to about £5bn by the end of 2012, buoyed by strong demand from cost-cutting governments and local authorities.Serco, which runs London’s cycle hire scheme, several prisons in Britain and Dubai’s recently-opened metro, said it had signed £3.7bn worth of contracts over the course of the year, including contracts with the United States Navy.Last week Serco said it had struck a deal with the British government to cut the cost of its contracts after an earlier attempt to make its smaller suppliers shoulder the burden of savings backfired on the group.Shares in Serco climbed 4.3 per cent after the announcement.“In the current economic environment, there remains strong global demand for the efficient delivery of essential services,” Serco said. “We continue to expect an increase in revenue to approximately £5bn and in adjusted operating profit margin to approximately 6.3 per cent by the end of 2012,” the firm added.Execution Noble analyst David Brockton said the statement, as well as last week’s memorandum of understanding with the government, should help plough confidence back into the firm. center_img John Dunne Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndo More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Tags: NULLlast_img read more