Schroders first half profits rise by 7 percent |
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Published
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Fri, 11 Aug 2006 10:45
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LONDON - Schroders PLC, the fund manager, turned in a strong first half performance thanks largely to the robust performance of it private banking arm. However the group admitted that assets under management slipped marginally during the period.
Pre-tax profit for the six months ending June 30 increased to £132.3 million from £123.5 million reported at the same time last year. Underlying profit increased by 28 percent after adjusting for the one-off gain in 2005 of £20.4 million, which was possible through a discontinued contract. The private banking division traded heavily and profits rose to £11.2 million from £2.2 million reported at the same time last year.
Pre tax profits at the group's asset management division slipped to £96.8 million from £99.8 million a year ago. In the funds under management profits dropped to £122.3 billion from £122.5 billion on December 31 last year. Chief Executive Officer Michael Dobson has concentrated on building up investments from individuals in order to compensate for the redemptions in the company's pensions division.
Revenue at asset management increased 21 percent to £377.3 million. Schroders said this was due to “higher margins and overall market levels.'' The company has announced an interim dividend of 7.5 pence per share, up from the 7 pence handed out last year.
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Pension deficit of FTSE 100 companies at 75 billion pounds: study 