REG - Ninety One PLC - Final Results
Wed 07:00
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RNS Number : 2949L Ninety One PLC 04 June 2025
Ninety One plc
Ninety One Limited
Incorporated in England and Wales
Incorporated in the Republic of
South Africa
Registration number 12245293
Registration number
2019/526481/06
Date of registration: 4 October 2019
Date of registration: 18 October
2019
LSE share code: N91
JSE
share code: NY1
JSE share code: N91
ISIN: ZAE000282356
ISIN: GB00BJHPLV88
LEI: 549300G0TJCT3K15ZG14
4 June 2025
Results for the year ended 31 March 2025
Highlights
‒ Tough year with a significantly better second half:
- Full year net outflows of £(4.9) billion.
- Consisting of net outflows in H1 (of £5.3 billion) and net inflows in H2
(of £0.4 billion).
‒ Assets under management up by 4% to £130.8 billion.
‒ Robust financial performance, with adjusted operating profit margin of
31.2%.
‒ Adjusted operating profit down by 1%.
‒ Adjusted earnings per share down by 3%.
‒ Proposed final dividend of 6.8 pence per share, resulting in a full year
dividend of 12.2 pence per share.
‒ Committed and motivated staff, holding a 32.6% shareholding.
‒ Conditions remain challenging, but business momentum has improved.
Key financials((1)) 2025 2024 Change
%
AUM (£'bn) 130.8 126.0 4
Net flows (£'bn) (4.9) (9.4)
Average AUM (£'bn) 129.0 123.9 4
Profit before tax (£'m) 204.3 216.8 (6)
Adjusted operating profit (£'m) 187.9 190.5 (1)
Adjusted operating profit margin (%) 31.2 32.0
Basic earnings per share (p) 17.2 18.4 (7)
Adjusted earnings per share (p) 15.5 15.9 (3)
Dividend per share (p) 12.2 12.3 (1)
Note: (1) Please refer to explanations and definitions, including alternative
performance measures, on pages 13 to 14 and 160 to 161 of the Integrated
Annual Report.
Hendrik du Toit, Founder and Chief Executive Officer, commented:
"Ninety One regained positive flow momentum in the second half. Business
conditions have improved in the final quarter. These financial results reflect
the strength of our business.
Our previously-announced transaction with Sanlam remains on track.
While we expect the ongoing economic uncertainty and market volatility to
persist, we are encouraged by early indications that demand is shifting
towards our offering.
We are committed to our relentless drive to build a better, more focused
business. This motivates our top talent, and talent is key to the success of
Ninety One."
Availability of the Integrated Annual Report and Notices of Annual General
Meetings ("AGMs")
The Ninety One Integrated Annual Report for the year ended 31 March 2025,
containing the audited annual financial statements, and the Notices of the
AGMs have been published today, 4 June 2025. Copies of the documents listed
below can be viewed on the Ninety One website:
https://ninetyone.com/full-year-results-2025. In accordance with paragraphs
6.4.1R and 6.4.3R of the FCA Listing Rules and of the FCA Disclosure Guidance
and Transparency Rules ("DTC"), the documents have been submitted to the
National Storage Mechanism where they will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
‒ Ninety One Integrated Annual Report 2025
‒ Ninety One Limited Annual Financial Statements
‒ Ninety One plc and Ninety One Limited Notice of the 2025 Annual
General Meeting
‒ Ninety One Limited Form of Proxy for the 2025 Annual General Meeting
This announcement is made in accordance with DTR 6.3.5R(1A).
For further information please contact:
Investor relations
Varuni Dharma
varuni.dharma@ninetyone.com
(mailto:varuni.dharma@ninetyone.com) +44(0) 203 938 2486
Media
Media enquiries
Jeannie Dumas (for UK & International)
jeannie.dumas@ninetyone.com (mailto:jeannie.dumas@ninetyone.com) +44
(0) 203 938 3084
Kotie Basson (for South Africa)
kotie.basson@ninetyone.com +27 (0) 82 375 1317
Investor presentation
A presentation to investors and financial analysts will be held at our London
office (55 Gresham Street, EC2V 7EL) at 9.00am BST on 4 June 2025. There will
be a live webcast available for those unable to attend. The webcast
registration link is available https://ninetyone.com/full-year-results
(https://ninetyone.com/full-year-results) .
A copy of the presentation will be made available on the Company's website
https://ninetyone.com/full-year-results-2025 at 9.00 am BST.
Forward-looking statements
This announcement does not constitute or form part of any offer, advice,
recommendation, invitation or inducement to any person to underwrite,
subscribe for or otherwise acquire or dispose of securities in Ninety One plc
and its subsidiaries or Ninety One Limited and its subsidiaries (together,
"Ninety One"), nor should it be construed as legal, tax, financial, investment
or accounting advice.
This announcement may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking statements may
and often do differ materially from actual results. Any forward-looking
statements contained in the announcement reflect Ninety One's current view
with respect to future events and are subject to risks relating to future
events and other risks, uncertainties and assumptions relating to the Ninety
One's business, results of operations, financial position, liquidity,
prospects, growth and strategies. Forward-looking statements speak only as of
the date of this announcement.
Except as required by any applicable law or regulation, Ninety One expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this announcement or
any other forward-looking statements it may make whether as a result of new
information, future developments or otherwise.
About Ninety One
Ninety One is an active investment manager, investing capital on behalf of its
clients to help them achieve their long-term financial objectives. Ninety One
is listed on the London and Johannesburg Stock Exchanges.
OPERATING REVIEW
Assets under management ("AUM")
Closing AUM increased by 4% to £130.8 billion (31 March 2024: £126.0
billion). This increase was due to the positive market and foreign exchange
impact of £9.7 billion (2024: negative £6.1 billion), which outweighed the
net outflows.
AUM by asset class
£ million 31 March 2025 31 March 2024 Change %
Equities 60,108 58,367 3
Fixed income 31,791 31,920 0
Multi-asset 20,464 20,359 1
Alternatives 5,207 4,312 21
South African fund platform 13,211 11,068 19
Total 130,781 126,026 4
Our AUM remained well diversified across asset classes, with the mix of AUM
broadly unchanged from the prior year. All asset classes experienced positive
markets. There was good underlying growth in our alternatives asset class.
AUM by client group
£ million 31 March 2025 31 March 2024 Change %
United Kingdom 21,132 24,182 (13)
Africa 55,682 51,259 9
Europe 14,956 14,559 3
Americas 15,396 15,373 0
Asia Pacific 23,615 20,653 14
Total 130,781 126,026 4
AUM remains well diversified by client geography ("client groups") and the
split remained broadly in line with the prior year.
AUM by client type
£ million 31 March 2025 31 March 2024 Change %
Institutional 85,536 80,488 6
Advisor 45,245 45,538 (1)
Total 130,781 126,026 4
The split of AUM between the institutional and advisor channels remained
broadly consistent with the prior year.
Net flows
Ninety One experienced net outflows of £4.9 billion in the financial year
2025, representing a substantial improvement from the prior year (2024: net
outflows of £9.4 billion). Net flows improved in the second half relative to
the first half (H1 2025: £5.3 billion net outflows versus H2 2025: £0.4
billion net inflows) driven by increased gross inflows as well as some
reduction in gross outflows.
Net flows by asset class
£ million 31 March 2025 31 March 2024
Equities (2,390) (6,861)
Fixed income (1,754) (1,923)
Multi-asset (1,716) (1,231)
Alternatives 637 295
South African fund platform 359 304
Total (4,864) (9,416)
Equities were the main driver of net outflows and were mainly from global and
sustainable equities. This was followed by fixed income net outflows from
emerging market local currency and blended strategies as well as money market
strategies, and multi-asset net outflows. While alternatives and the fund
platform recorded positive net inflows in both halves, equities and fixed
income turned positive in the second half. Despite the net outflow position,
there was notable growth in certain equity strategies (emerging markets,
global core, international) and fixed income strategies. Alternative credit
strategies saw meaningful net flow gains during the year.
Net flows by client group
£ million 31 March 2025 31 March 2024
United Kingdom (3,896) (2,832)
Africa (289) 10
Europe (716) (1,740)
Americas (701) (2,810)
Asia Pacific 738 (2,044)
Total (4,864) (9,416)
The UK client group's net outflows were driven by certain large clients
rebalancing their portfolios with reduced allocations to certain equity
strategies (UK and sustainable equities). Within the Americas client group,
outflows were largely due to client restructurings but there was a return to
net inflows from Latin American institutional clients compared with the prior
year. In the remaining client groups, there were swings from net outflows in
the first half to net inflows in the second half. For the Africa client group,
the second half saw some sizeable client wins into global equities,
multi-asset and alternatives strategies. The Asia Pacific client group saw
increased demand by Asian clients into global and Asian equities, while the
Europe client group's positive second half was driven by fixed income and
European and Asian equity strategies.
Net flows by client type
£ million 31 March 2025 31 March 2024
Institutional (1,715) (6,690)
Advisor (3,149) (2,726)
Total (4,864) (9,416)
The institutional net outflows were mainly from fixed income (including money
market) and multi-asset strategies, whilst advisor net outflows were mainly
from equity strategies, followed by multi-asset. Although both channels had
net outflows for the full year, the institutional channel saw notable positive
net inflows in the second half compared to the previous year.
Investment performance
Firm-wide investment performance((1))
Our short- and medium-term performance has improved, with one- and three-year
outperformance closing at 68% and 59% respectively (31 March 2024: 46% and 43%
respectively).
Our long-term firm-wide investment performance remained competitive, with the
five- and ten-year outperformance closing at 72% and 81% respectively (31
March 2024: 64% and 76% respectively).
1 Year 3 Year 5 Year 10 Year Since inception
Outperformance 68% 59% 72% 81% 76%
Underperformance 32% 41% 28% 19% 24%
Note: (1) Firm-wide outperformance is calculated as the sum of the total
market values for individual portfolios that have positive active returns on a
gross basis expressed as a percentage of total AUM. Our percentage of firm
outperformance is reported on the basis of current AUM and therefore does not
include terminated funds. Total AUM excludes double-counting of pooled
products and third-party assets administered on our South African fund
platform. Benchmarks used for the above analysis include cash, peer group
averages, inflation and market indices as specified in client mandates or fund
prospectuses. For all periods shown, market values are as at the period end
date.
Alternative performance measures
Ninety One uses non-IFRS measures which include measures used by management to
monitor and assess the financial performance of Ninety One.
Items are included in or excluded from adjusted operating revenue and expenses
based on management's assessment of whether they contribute to the core
operations of the business. In particular:
- Share of profit from associates, as well as net gain or loss on
investments and other income, are included in adjusted operating revenue as
these items are directly attributable to operations;
- deferred employee benefit scheme movements are deducted from adjusted
operating revenue and adjusted operating expenses as the movements offset and
do not impact operating performance;
- subletting income is excluded from adjusted operating revenue and
deducted from adjusted operating expenses as it is a recovery of costs rather
than a core revenue item;
- corporate related professional fees are excluded from adjusted
operating expenses as they are not operating in nature;
- the share scheme net credit/expense is excluded from adjusted operating
expenses and employee remuneration so that they reflect the position as though
all awards during the year were fully expensed in the same year; and
- interest expense on lease liabilities is excluded from adjusted net
interest income and included in adjusted operating expenses to reflect the
operating nature of this expense.
Adjusted EPS is calculated on the after tax adjusted operating profit divided
by the number of shares in issue at the end of the year, as management's
assessment is that this is a reliable measure of Ninety One's operating
performance.
Due to the significant number of shares to be issued to Sanlam, for the
interim and full-year 2026 results we expect to amend the number of shares
used to determine adjusted EPS by weighting the shares issued to Sanlam. This
should be a one-off calculation adjustment for the Sanlam transaction.
These non-IFRS measures are considered additional disclosures and in no case
are intended to replace the financial information prepared in accordance with
the basis of preparation detailed in the consolidated financial statements.
Moreover, the way in which Ninety One defines and calculates these measures
may differ from the way in which these or similar measures are calculated by
other entities. Accordingly, they may not be comparable to measures used by
other entities in Ninety One's industry.
The non-IFRS measures are considered to be pro forma financial information,
have been compiled for illustrative purposes only and are the responsibility
of Ninety One's Board. Due to their nature, they may not fairly present Ninety
One's financial position, changes in equity, results of operations or cash
flows. The non-IFRS financial information has been prepared with reference to
JSE Guidance Letter: Presentation of pro forma financial information dated 4
March 2010 and in accordance with paragraphs 8.15 to 8.33 in the JSE Listings
Requirements, the Revised SAICA Guide on Pro forma Financial Information
(issued September 2014) and International Standard on Assurance Engagement
("ISAE") 3420 - Assurance Engagements to Report on the Compilation of Pro
Forma Financial Information included in a Prospectus, to the extent applicable
given the Non-IFRS Financial Information's nature. This pro forma financial
information has been reported on by PwC in terms of ISAE 3420 and their
unmodified report is available for inspection on the Ninety One website
(www.ninetyone.com (http://www.ninetyone.com) ).
These non-IFRS measures, including reconciliations to their nearest
consolidated financial statements equivalents, are as follows:
£ million 2025 2024
Net revenue 594.6 588.5
Share of profit from associates 2.4 1.3
Net gain on investments and other income 9.8 12.0
Adjustments:
Deferred employee benefit scheme gain((1)) (2.7) (4.0)
Subletting income (1.5) (2.0)
Adjusted operating revenue 602.6 595.8
(1) The deferred employee benefit scheme invests in
pooled vehicles managed by entities within the Group. Any gains or losses from
these investments result in corresponding increases or decreases in the
liability to employees, which are reflected as increases or decreases in
operating expenses.
£ million 2025 2024
Operating expenses 418.5 399.2
Adjustments:
Share scheme net credit 0.8 8.6
Corporate related professional fees (3.7) -
Deferred employee benefit scheme gain((1)) (2.7) (4.0)
Subletting income (1.5) (2.0)
Interest expense on lease liabilities 3.3 3.5
Adjusted operating expenses 414.7 405.3
£ million 2025 2024
Staff expenses 260.5 251.5
Adjustments:
Share scheme net credit 0.8 8.6
Employee remuneration 261.3 260.1
2025 2024
£ million
Adjusted operating revenue 602.6 595.8
Adjusted operating expenses (414.7) (405.3)
Adjusted operating profit 187.9 190.5
Adjusted operating profit margin 31.2% 32.0%
£ million 2025 2024
Net interest income 16.0 14.2
Adjustments:
Interest expense on lease liabilities 3.3 3.5
Adjusted net interest income 19.3 17.7
£ million (unless stated otherwise) 2025 2024
Profit after tax 150.1 163.9
Adjusted net interest income (19.3) (17.7)
Share scheme net credit (0.8) (8.6)
Corporate related professional fees 3.7 -
Tax on adjusting items 5.2 6.8
Adjusted earnings attributable to ordinary shareholders 138.9 144.4
Number of ordinary shares (m) 896.8 907.4
Adjusted earnings per share (p) 15.5 15.9
(1) The deferred employee benefit scheme invests in pooled vehicles managed
by entities within the Group. Any gains or losses from these investments
result in corresponding increases or decreases in the liability to employees,
which are reflected as increases or decreases in operating expenses.
SHAREHOLDER INFORMATION AND DIVIDEND ANNOUNCEMENT
In terms of the DLC structure, Ninety One plc shareholders registered on the
United Kingdom share register may receive all or part of their dividend
entitlements through dividends declared and paid by Ninety One plc on their
ordinary shares and/or through dividends declared and paid on the SA DAN share
issued by Ninety One Limited.
Ninety One plc shareholders registered on the South African branch register
may receive all or part of their dividend entitlements through dividends
declared and paid by Ninety One plc on their ordinary shares and/or through
dividends declared and paid on the SA DAS share issued by Ninety One Limited.
Ninety One plc dividend announcement
Notice is hereby given that a gross final dividend of 6.8 pence per ordinary
share has been recommended by the Board from income reserves in respect of the
financial year ended 31 March 2025. The final dividend will be paid on 7
August 2025 to shareholders recorded in the shareholders' registers of the
company on close of business 18 July 2025.
Ninety One plc shareholders registered on the United Kingdom share register,
will receive their dividend payment by Ninety One plc of 6.8 pence per
ordinary share.
Ninety One plc shareholders registered on the South African branch register,
will receive their dividend payment by Ninety One Limited, on the SA DAS
share, equivalent to 6.8 pence per ordinary share.
The relevant dates for the payment of the dividend are as follows:
Last day to trade cum-dividend
On the Johannesburg Stock Exchange ("JSE") Tuesday, 15 July 2025
On the London Stock Exchange ("LSE") Wednesday, 16 July 2025
Shares commence trading ex-dividend
On the JSE Wednesday, 16 July 2025
On the LSE Thursday, 17 July 2025
Record date (on the JSE and LSE) Friday, 18 July 2025
Payment date (on the JSE and LSE) Thursday, 7 August 2025
Share certificates on the South African branch register may not be
dematerialised or rematerialised between Wednesday, 16 July 2025 and Friday,
18 July 2025, both dates inclusive, nor may transfers between the United
Kingdom share register and the South African branch register take place
between Wednesday, 16 July 2025 and Friday, 18 July 2025, both dates
inclusive.
Additional information for Ninety One shareholders registered on the South
African branch register
‒ The final dividend paid by Ninety One plc to shareholders
registered on the South African branch register is a local payment derived
from funds sourced in South Africa.
‒ Shareholders registered on the South African branch register are
advised that the distribution of 6.80000 pence, equivalent to a gross dividend
of 164.23496 cents per share (rounded to 164.00000 cents per share), has been
arrived at using the rand/pound Sterling average buy/sell spot rate of
ZAR24.1522/GBP, as determined at 11:00 (SA time) on Tuesday, 3 June 2025.
Consequently, tax will be calculated on the gross dividend of 164.00000 cents
per share.
‒ Ninety One plc United Kingdom tax reference number: 623 59652
16053.
‒ The issued ordinary share capital of Ninety One plc is 615,191,874
ordinary shares.
‒ The dividend paid by Ninety One plc to South African resident
shareholders registered on the South African branch register and the dividend
paid by Ninety One Limited to Ninety One plc shareholders on the SA DAS share
are subject to South African Dividend Tax ("Dividend Tax") of 20% (subject to
any available exemptions as legislated).
‒ Shareholders registered on the South African branch register who
are exempt from paying the Dividend Tax will receive a net dividend of
164.00000 cents per share, paid by Ninety One Limited on the SA DAS share.
‒ Shareholders registered on the South African branch register who
are not exempt from paying the Dividend Tax will receive a net dividend of
131.20000 cents per share (gross dividend of 164.00000 cents per share less
Dividend Tax of 32.80000 cents per share) paid by Ninety One Limited on the SA
DAS share.
By order of the board
Amina Rasool
Company Secretary
3 June 2025
Ninety One Limited dividend announcement
Notice is hereby given that a gross final dividend of 164.00000 cents per
ordinary share has been recommended by the Board from income reserves in
respect of the financial year ended 31 March 2025. The final dividend will be
paid on 7 August 2025 to shareholders recorded in the shareholders' register
of the company on close of business 18 July 2025.
The relevant dates for the payment of the dividend are as follows:
Last day to trade cum-dividend Tuesday, 15 July 2025
Shares commence trading ex-dividend Wednesday, 16 July 2025
Record date Friday, 18 July 2025
Payment date Thursday, 7 August 2025
The final gross dividend of 164.23496 cents per ordinary share (rounded to
164.00000 cents per ordinary share) has been determined by converting the
Ninety One plc distribution of 6.80000 pence per ordinary share into rands
using the rand/pound sterling average buy/sell spot rate of ZAR24.1522/GBP, as
determined at 11:00 (SA time) on Tuesday, 3 June 2025. Consequently, tax will
be calculated on the gross dividend of 164.00000 cents per share.
Share certificates may not be dematerialised or rematerialised between
Wednesday, 16 July 2025 and Friday, 18 July 2025, both dates inclusive.
Additional information to take note of:
‒ The final dividend paid by Ninety One Limited to shareholders
registered on the South African register is a local payment derived from funds
sourced in South Africa.
‒ Ninety One Limited South African tax reference number: 9661 9311
71.
‒ The issued ordinary share capital of Ninety One Limited is
268,636,988 ordinary shares.
‒ The dividend paid by Ninety One Limited is subject to South
African Dividend Tax ("Dividend Tax") of 20% (subject to any available
exemptions as legislated).
‒ Shareholders who are exempt from paying the Dividend Tax will
receive a net dividend of 164.00000 cents per ordinary share.
‒ Shareholders who are not exempt from paying the Dividend Tax will
receive a net dividend of 131.20000 cents per ordinary share (gross dividend
of 164.00000 cents per ordinary share less Dividend Tax of 32.80000 cents per
ordinary share).
By order of the board
Ninety One Africa Proprietary Limited
Company Secretary
3 June 2025
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