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Schroders reports 16% increase in YTD profit before tax and exceptional items

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Schroders has reported an increase in profit before tax and exceptional items for the three months to 30 September of 18 per cent to GBP142.9 million (Q3 2013: GBP121.6 million), taking profit before tax and exceptional items for the first nine months of the year up 16 per cent to GBP404.4 million (2013: GBP349.6 million).

Michael Dobson, Chief Executive, says: “These are strong results with profit before tax up 16 per cent. to GBP404.4 million, despite an adverse impact on profit of GBP27 million due to the strength of sterling. We have won net new business of GBP7.0 billion in the first nine months of the year and have continued to generate net inflows across all channels in October, despite market volatility. Inflows in Intermediary have been strong in Continental Europe and Asia-Pacific, particularly in income products across a number of different asset classes. In Institutional, we have a significant pipeline of business won but which has not yet been funded.”
 
Asset Management net revenue for the three months to 30 September was GBP329.5 million (Q3 2013: GBP315.0 million), including performance fees of GBP3.4 million (Q3 2013: GBP17.5 million) and profit before tax and exceptional items was GBP119.7 million (Q3 2013: GBP109.6 million).  For the first nine months of 2014, Asset Management profit before tax and exceptional items was GBP354.8 million (2013: GBP321.7 million).  Net inflows in the three months to 30 September were GBP2.1 billion, comprising GBP1.3 billion in Intermediary and GBP0.8 billion in Institutional, taking net inflows for the nine months to GBP6.6 billion. Assets under management at 30 September were GBP245.7 billion (30 September 2013: GBP226.8 billion).
 
Wealth Management net revenue for the three months to 30 September was GBP61.7 million (Q3 2013: GBP47.0 million), including performance fees of GBP2.7 million (Q3 2013: GBPnil) and the release of a GBP7.5 million loan loss provision. Profit before tax and exceptional items was GBP22.9 million (Q3 2013: GBP10.4 million).  For the first nine months of 2014, Wealth Management profit before tax and exceptional items was GBP49.2 million (2013: GBP21.0 million).  Net inflows in the three months to 30 September were GBP0.1 billion, taking net inflows year to date to GBP0.4 billion.  Assets under management at the end of September were GBP30.5 billion (30 September 2013: GBP29.9 billion).
 
The Group segment comprises central costs and returns on investment capital including seed capital invested in new products.  The result for the Group segment for the three months to 30 September was a profit before tax and exceptional items of GBP0.3 million (Q3 2013: GBP1.6 million). For the first nine months of 2014 the profit before tax and exceptional items was GBP0.4 million (2013: GBP6.9 million).
 
Shareholders’ equity at 30 September 2014 was GBP2.4 billion (30 September 2013: GBP2.2 billion).

 

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