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Q3 Interim Management Statement 2015 - Press Release

05/11/2015

Interim management statement

5 November 2015

Schroders plc today issues its interim management statement covering the nine months to 30 September 2015.

  • Profit before tax and exceptional items up 12 per cent. to £453.2 million (2014: £404.4 million)
  • Profit before tax up 21 per cent. to £438.9 million (2014: £364.2 million)
  • Net inflows £8.3 billion (2014: £7.0 billion)
  • Assets under management £294.8 billion (30 September 2014: £276.2 billion)

Michael Dobson, Chief Executive, commented: In the first nine months of the year profit before tax increased to £438.9 million and we generated £8.3 billion of net new business. These results reflect the resilience of our diversified business at a time of heightened market volatility.”

Asset Management

Asset Management net revenue for the first nine months was £1,032.8 million (2014: £950.5 million) including performance fees of £12.7 million (2014: £11.7 million). Profit before tax and exceptional items was £400.4 million (2014: £354.8 million) and profit before tax was £391.3 million (2014: £341.6 million).  Net inflows for the nine months were £8.1 billion, comprising £3.5 billion in Institutional and £4.6 billion in Intermediary.  Assets under management at 30 September were £263.9 billion (30 September 2014: £245.7 billion).  On 1 October a further £2.3 billion of net new business was funded in Institutional.

Wealth Management

Wealth Management net revenue for the first nine months was £157.3 million (2014: £162.2 million).  Net revenue in 2014 included the release of a £7.5 million loan loss provision and performance fees of £2.8 million.  Profit before tax and exceptional items was £46.5 million (2014: £49.2 million) and profit before tax was £47.7 million (2014: £33.6 million). Net inflows for the nine months were £0.2 billion (2014: £0.4 billion) and assets under management at 30 September were £30.9 billion (30 September 2014: £30.5 billion).

Group

The Group segment comprises central costs and returns on investment capital including seed capital invested in new strategies.  Profit before tax and exceptional items for the first nine months was £6.3 million (2014: £0.4 million).  The loss before tax for the first nine months was £0.1 million (2014 loss: £11.0 million).

Shareholders’ equity at 30 September 2015 was £2.6 billion (30 September 2014: £2.4 billion).

For further information please contact:

Investors

James Grant, Investor Relations
+44 (0) 20 7658 6744
james.grant@schroders.com

Alex James, Investor Relations
+44 (0) 20 7658 4308
alex.james@schroders.com

Press

Estelle Bibby, Senior PR Manager
+44 (0) 20 7658 3431
estelle.bibby@schroders.com

Anita Scott, Brunswick
+44 (0) 20 7404 5959
schroders@brunswickgroup.com

Forward-looking statements

This interim management statement may contain forward-looking statements with respect to the financial condition, performance and position, strategy, results of operations and businesses of the Schroders Group. Such statements and forecasts involve risk and uncertainty because they are based on current expectations and assumptions but relate to events and depend upon circumstances in the future and you should not place reliance on them. Without limitation, any statements preceded or followed by or that include the words ‘targets’, ‘plans’, ‘sees’, ‘believes’, ‘expects’, ‘aims’, ‘will have’, ‘will be’, ‘estimates’ or ‘anticipates’ or the negative of these terms or other similar terms are intended to identify such forward-looking statements. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors’ current view and information known to them at the date of this interim management statement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this interim management statement should be construed as a forecast, estimate or projection of future financial performance.

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