Pre-tax statutory profit slumps 84% at Jupiter


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Pre-tax statutory profit slumps 84% at Jupiter

Statutory pre-tax profit at Jupiter Asset Management slumped by 84% to £9.4m for the year ended 31 December 2023 (2022: £58m) against a tough economic backdrop.

The firm saw total net outflows of £2.2bn (2022: net outflows of £3.5bn) although Assets Under Management rose by 4% by year end from £50.2bn to £52.2bn.

Net revenue during the year fell 7% from £397.3m to £368.8m.

The company said the macroeconomic environment had been challenging but it had still delivered a “robust” set of financial results and underlying profit before tax rose 36% to £105.2m (2022: £77.6m).

Statutory profit before tax, a key measure of profit, was down to £9.4m (2022: £58m), as a result of a £76.2m impairment on goodwill. Further details will be published in its Annual Report in March.

The final dividend declared was 3.4p per share, bringing total dividend for the year to 9.8p per share (2022: 8.4p per share), comprising an ordinary dividend of 6.9p per share and a special dividend of 2.9p per share.

Jupiter chief executive Matthew Beesley said investment performance at Jupiter had improved over the period and the firm had made progress on its key strategies.

He said: “We have delivered robust performance this year, despite the challenges faced by our industry. Investment performance improved over all time periods, and our AUM increased by 4%, with positive market and other movements offsetting net outflows, which continued to moderate in the year.”

“This time last year, we announced four key strategic objectives and I’m pleased to report that we have made significant progress in each of these areas. Notably, we have built scale in our institutional and international businesses, while driving efficiencies through a focus on reducing undue complexity. We have broadened our appeal to clients by launching our Client Group and are investing in technology, which is designed to modernise and enhance our client experience. We’ve continued to invest in our people and have recently announced new, high-quality additions to our UK equity investment expertise.”

“Our strong capital position means that we are well-placed to invest for the future. The market outlook continues to be uncertain but I am confident that we have a strong underlying business and a strategy that can deliver growth over the medium term.”

In early trading today Jupiter’s share price was up 4.95p to 86.95p however the share price has fallen significantly over the past year from a peak of 135.4p one year ago in February 2023.

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