Investment manager Henderson Group (LON:HGG) has bounced back into the black with first half pre-tax profits of £41.6m compared with a loss of £2.9m a year ago. The group's underlying pre-tax profits rose to £48.5m in the six months tom the end of June - up from £27.1m last time - with recurring pre-tax profits up at £41.6m from £23.6m. Shares in the company fell by 3.6% to 132p.
Chief executive Andrew Formica said: "Henderson has delivered a strong first half, despite market volatility and fragile investor confidence, with revenues growing by 50% and underlying profits by some 80% compared to 1H09. Our competitive investment performance, our skilled sales teams, improved brand awareness and a proven ability to capitalise on diverse investment opportunities have all contributed to this good result. We expect market volatility to continue in the second half, though the business trends seen so far this year remain intact. We are also alert to the potential impact of regulatory changes on our business as regulators and governments seek to rebuild trust and confidence."
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