Jupiter Fund Management, an investment holding company, has reported a rise in its full year revenue by 8 percent to £248.5 million from £230.5 million recorded in 2010.
The group's earnings before interest, tax, depreciation and amortisation (EBITDA) also rose by 8 percent to £134.9 million from £124.6 million in 2010. Pre-tax profit for the year was £70.3 million, up 66 percent from £42.4 million in 2010. This increase was driven by increased operating earnings, the absence of exceptional costs and a reduction in finance expenses.
While commenting on the results, Edward Bonham Carter, Chief Executive said: "2011 was a positive year for Jupiter, despite the significant headwinds presented by the Eurozone crisis and increased pressure on household finances. Revenues and profits improved over the period due to the benefits of the last two years' net inflows, continued operational efficiencies and reduced financing costs. Furthermore, our balance sheet position strengthened significantly through continued deleveraging and it was pleasing to see the group move into a net cash position in advance of the year end as a result."
The group's basic and diluted EPS measures were 15.6 pence and 15.0 pence respectively in 2011, compared to 10.8p and 7.6p in 2010. Jupiter's assets under management were £22.8 billion from £24.1 billion in 2010.
"This improved financial performance and balance sheet resilience has allowed a 13 per cent. Increase in the final dividend. While financial assets have rallied sharply since the end of the year, the economic outlook remains uncertain. Markets are likely to remain volatile and fund flows subdued in the near term as a result. However, the long term growth drivers for the savings market remain in tact and so we remain focused on delivering strong fund performance for our clients and investing in our business to capitalise on these opportunities when sentiment improves," he added.