Shareholders have seen a large increase in earnings per share at London-listed F&C Asset Management.
The increase results from increased revenues and cost reductions, though assets that the company manages have fallen since the end of 2012.
The interim dividend remains at 1p – the same at the end of June 2012 and December 2012.
Earnings per share, which were 2.9p at the end of the first half of last year, have increased 66% to 4.8p, F&C says this week in its first-half 2013 results.
Net revenue increased to £126.1m (€144.5m) – up 4.8% from £120.3 million at 30 June last year – and operating expenses were down from £88.1 million to £78.9 million.
Richard Wilson, chief executive, says in a statement: “These are solid results which demonstrate the significant progress being made in delivering the company’s strategic objectives.
“The 66% increase in our earnings per share, to 4.8p, was driven by a combination of increased revenue, together with the delivery of planned cost reductions.”
A year ago, assets under management were £98.2 billion. By the end of 2012 they were £95.2 billion and at the end of the first half, £92.3 billion.
The company says its net pipeline has doubled to £1.6 billion from £0.8 billion at 31 December 2012. Wilson says there are encouraging signs for the second half.
©2013 funds europe
