By Christian Moess Laursen Ashmore Group's pretax profit fell in fiscal 2023 due to a weaker first half-year amid tightening policy rates, banking failures...
Ashmore Group's pretax profit fell in fiscal 2023 due to a weaker first half-year amid tightening policy rates, banking failures and geopolitical tensions, but market conditions in emerging markets are recovering, it said Wednesday.
The emerging markets assets manager said pretax profit fell to 111.8 million pounds in the year ended June 30 from GBP118.4 million in fiscal 2022. Analysts had seen a pretax profit of GBP114.1 million, based on a company-provided consensus of nine brokers' estimates. Net revenue--which is total revenue adjusted for distribution costs and foreign exchange--fell to GBP196.4 million from GBP262.5 million a year prior.
Net management fees were down to GBP183.2 million from GBP243.5 million, reflecting the already-reported 13% fall in assets under management as well as the net management fee margin-drop of 1 basis point to 38 basis points."There is mounting evidence that the negative cycle has turned and, while the recovery may not be a straight line, it is well-supported by improving fundamentals across the larger emerging countries," Chief Executive Mark Coombs said.
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