Ninety One Group (N91) H2 2024 earnings summary

Executive summary

• Assets under management (AUM) declined to GBP 126 billion from GBP 129 billion, a 3% year-over-year decrease, with net outflows of GBP 9.4 billion, an improvement from GBP 10.6 billion outflows in FY 2023.

• Basic EPS rose 1% to 18.4p, while adjusted EPS fell 8% to 15.9p; proposed full-year dividend is GBP 0.123 per share, down 7%.

• Maintained solid financial performance and disciplined cost management amid challenging market conditions, focusing on core competencies and growth, especially in emerging markets and private credit.

• Staff engagement and ownership increased, supporting a people-centric and owner culture.

Financial highlights

• Adjusted operating revenue decreased 6% to GBP 595.8 million; adjusted operating expenses fell 5% to GBP 405.3 million.

• Adjusted operating profit declined 8% to GBP 190.5 million; profit before tax increased 2% to GBP 216.8 million.

• Adjusted operating profit margin was 32.0%, down from 32.7%.

• Management fees dropped 8% to GBP 557.9 million, while performance fees rose 58% to GBP 30.6 million.

• Capital coverage improved to 237% from 219% year-over-year.

Outlook and guidance

• Pipeline of opportunities has grown, but outflows have slowed without a decisive turn; gradual market improvement is anticipated.

• Cautious optimism for improved conditions as risk appetite returns, though emerging market demand remains subdued and competition for flows intensifies.

• Focus remains on global and international equity, EM equity, EM fixed income, and sustainability/impact strategies.

• No specific forecast for positive net flows in FY2025, but consensus expectations are not deemed unreasonable.