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Coronation's earnings up 12% to 197.8c

14 Nov 2012

Coronation Fund Managers on Tuesday (13 November) reported diluted headline earnings per share of 197.8 cents for the year ended September 2012 - up 12% from the previous year's 176.1 cents.

Assets under management increased by 37% to R339bn‚ benefitting from net inflows of R41.5bn and strong capital markets.

The company described the results as "solid‚" with the business recording significant net inflows‚ entrenching its position within the institutional market and consolidating its standing as the second largest manager of long-term funds in the collective investment schemes sector.

Revenue increased by 14% to R2.0bn on the back of strong growth in assets under management. Total operating costs increased by 21% to R1.0bn.

The company said the institutional business enjoyed exceptional growth‚ attracting net inflows of R17.6bn - an increase of 77% over last year's strong R9.9bn. "This is a significant achievement given the relative maturity of the market‚" it said.

Accounting for projected cash requirements‚ a final gross dividend of 111 cents per share was declared‚ resulting in a net dividend of 94.35 cents a share. Together with the interim gross dividend of 95 cents‚ this amounts to a total gross dividend of 206 cents per share for the year.

Looking ahead‚ the group said it is investing for the long term across all client portfolios. In the current low growth‚ low inflation environment the search for dominance is crucial for achieving strong long-term returns for all stakeholders.

"In the year ahead‚ we will continue to consolidate our institutional business and nurture our international and retail franchises‚" it concluded.

Source: I-Net Bridge

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