|
Ninety One plc
Incorporated in England and
Wales
Registration number
12245293
Date of registration: 4 October
2019
LSE share code: N91
JSE share code: N91
ISIN: GB00BJHPLV88
|
Ninety One Limited
Incorporated in the Republic of
South Africa
Registration number
2019/526481/06
Date of registration: 18 October
2019
JSE share code: NY1
ISIN: ZAE000282356
|
Interim results for the six months
to 30 September 2024
20 November 2024
Highlights
‒
Positive markets, muted demand for risk-on
strategies.
‒
Extending market leadership in South Africa:
long-term agreement with Sanlam.
‒
Closing assets under management increased by 1%
to £127.4 billion.
‒
Net outflows of £5.3 billion.
‒
Management fees net of adjusted operating
expenses remained flat.
‒
Adjusted operating profit margin of
30.5%.
‒
Basic earnings per share decreased by 12% to 7.8
pence and adjusted earnings per share decreased by 11% to 7.3
pence.
‒
Interim dividend of 5.4 pence per
share.
‒
Competitive long-term investment
performance.
‒
Staff shareholding increased to 32.0%.
|
£ billion
|
30
September 2024
|
30
September 2023
|
31
March
2024
|
|
Assets under management
|
127.4
|
123.1
|
126.0
|
|
Net flows
|
(5.3)
|
(4.3)
|
(9.4)
|
|
Average assets under
management
|
126.7
|
125.3
|
123.9
|
|
|
|
|
|
|
Key
financials(1)
|
Six
months to 30 September
2024
|
Six
months to 30 September
2023
|
Change
%
|
|
Profit before tax (£'m)
|
93.3
|
104.0
|
(10)
|
|
Adjusted operating profit
(£'m)
|
88.6
|
97.9
|
(9)
|
|
Adjusted operating profit
margin
|
30.5%
|
32.6%
|
|
|
Basic earnings per share
(p)
|
7.8
|
8.9
|
(12)
|
|
Adjusted earnings per share
(p)
|
7.3
|
8.2
|
(11)
|
|
Interim dividend per share
(p)
|
5.4
|
5.9
|
(8)
|
Note: (1) Please refer to
explanations and definitions on pages 10-13.
Hendrik du Toit, Founder and Chief
Executive Officer, commented:
"During this reporting period, Ninety One benefited from
positive performance in equity and bond markets. Demand for risk-on
strategies, especially emerging markets, remained muted. This
affected our ability to produce new business at historic rates. It
is encouraging to note that we have experienced a significant
improvement in inflows and business opportunities since September.
In spite of cyclical demand headwinds, we remain committed to our
focus areas and chosen markets.
Today we announce a significant agreement with Sanlam, where
Ninety One will gain preferred access to its distribution network
and become Sanlam's primary active investment partner. Subject to
the necessary approvals, the agreement will bolster our market
leadership position in South Africa. This is a vote of confidence
in the future of South Africa.
Looking ahead we are encouraged by an environment of lower
interest rates, broadening markets and an improving new business
pipeline. This optimism should be tempered by the elevated levels
of political risk in the world in which we
operate."
For further information please
contact:
Investor relations
Varuni Dharma
varuni.dharma@ninetyone.com
+44(0) 203 938 2486
Media enquiries
Jeannie Dumas (for UK &
International)
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 9.00 am (UK time) on 20 November 2024. There
will be a live webcast available for those unable to attend. The
webcast registration link is available at
https://ninetyone.com/interim-results-webcast.
A copy of the presentation will be made available on the Company's
website at https://ninetyone.com/interim-results-presentation
at 8.00 am (UK time).
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, beliefs or opinions 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", "targets", "aims", "continues", "expects",
"intends", "hopes", "may", "will", "would", "could" 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. No representation or warranty
is made that any of these statements or forecasts will come to pass
or that any forecast results will be achieved. Forward-looking
statements may and often do differ materially from actual results.
Any forward-looking statements contained in the announcement speak
only as of their respective dates, 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 Ninety One's business, results of
operations, financial position, liquidity, prospects, growth and
strategies.
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 independent
investment manager, founded in South Africa in 1991, which operates
and invests globally.
Ninety One is listed on the London
and Johannesburg Stock Exchanges.
CHIEF EXECUTIVE OFFICER'S REVIEW
The reporting period was once
again characterised by challenging market conditions for active
managers and emerging markets alike, as elevated interest rates
continued to support investor preferences for lower-risk assets.
While demand for risk-on strategies remained muted, broader market
dynamics began to emerge, as it became increasingly clear that the
interest rate cycle had peaked. This has created a more supportive
backdrop, particularly in emerging markets, where performance was
robust. Emerging markets outperformed the S&P during the
reporting period, and net inflows were noted in actively managed
emerging market funds in September, suggesting a potential turning
point.
Markets were generally positive
over the period, resulting in a modest increase in assets under
management in spite of net outflows, and currency effects due to
Sterling strength. A disciplined approach to costs, notwithstanding
ongoing investment in growth initiatives and technology, enabled
the business to achieve flat underlying earnings excluding variable
income.
We have made significant progress
in building out our alternative credit platform. To date, Ninety
One has secured investment commitments in excess of $500 million
for our Emerging Markets Transition Debt strategy, as well as seed
capital for our second European Credit Opportunities strategy and
our South African Infrastructure Credit strategy. We are closing
our third Africa Credit Opportunities fund during this quarter and
preparing for an additional strategy to be launched before the end
of this financial year. The remit of our infrastructure credit team
has been expanded into Asia, with exciting deals in the pipeline.
Demand in the multi-asset credit space is also building. This is
supported by significant investment in skills and systems,
including key appointments. We are excited about the prospects in
this area.
Investment returns have improved
relative to the previous year. This helps to set us up to capture
flows when they return to the parts of the market in which we
operate.
Today we are announcing that
Sanlam and Ninety One have reached a significant agreement. Sanlam
is South Africa's largest non-bank financial services group. Ninety
One has been appointed as Sanlam's primary active investment
manager, resulting in the transfer of approximately R400bn (£17bn)
of assets. Ninety One will gain preferred access to Sanlam's
distribution network. This offers an opportunity to reach deeper
into the South African savings market than before. Sanlam has also
agreed to be an anchor investor in our private and specialist
credit strategies. The agreement is long-term in nature, and is a
significant vote of confidence in the future of South
Africa.
Over the period, Ninety One was
supported by positive markets, but experienced disappointing flows
for reasons relating to risk appetite and investor demand for most
of the areas in which we specialise. We are proud of the fact that
we have maintained the underlying levels of profitability and
contained costs while funding ambitious investment in future
growth. Since September, we have seen an improvement in flows and
pipeline, which gives us confidence that the worst is behind us.
While market conditions remain uncertain, we are focused on the
long-term. With strengthened investment performance and a
growing pipeline, Ninety One is optimistic about regaining business
momentum and capturing opportunities in emerging and global
markets.
OPERATING REVIEW
Assets under management ("AUM")
Closing AUM increased by 1% to
£127.4 billion (31 March 2024: £126.0 billion), reflecting net
outflows and positive markets. The market and foreign exchange
impact in the first half was positive £6.7 billion (H1 2024:
negative £1.9 billion).
AUM by asset class
|
£ million
|
30
September 2024
|
31 March
2024
|
Change
%
|
|
Equities
|
57,955
|
58,367
|
(1)
|
|
Fixed income
|
31,144
|
31,920
|
(2)
|
|
Multi-asset
|
21,199
|
20,359
|
4
|
|
Alternatives
|
4,622
|
4,312
|
7
|
|
South African fund
platform
|
12,462
|
11,068
|
13
|
|
Total
|
127,382
|
126,026
|
1
|
AUM decreased across equities and
fixed income, and increased across the other asset
classes.
AUM by client group
|
£ million
|
30
September 2024
|
31 March
2024
|
Change
%
|
|
United Kingdom
|
22,707
|
24,182
|
(6)
|
|
Africa
|
55,133
|
51,259
|
8
|
|
Europe
|
14,053
|
14,559
|
(3)
|
|
Americas
|
15,162
|
15,373
|
(1)
|
|
Asia
Pacific(1)
|
20,327
|
20,653
|
(2)
|
|
Total
|
127,382
|
126,026
|
1
|
Note: (1) Asia Pacific includes
Middle East.
Overall, AUM remains
well-diversified by client geography ("client groups") and split
broadly in line with the prior period. AUM reduced across the
majority of regions, with the exception of Africa.
AUM by client type
|
£ million
|
30
September 2024
|
31 March
2024
|
Change
%
|
|
Advisor
|
45,418
|
45,538
|
-
|
|
Institutional
|
81,964
|
80,488
|
2
|
|
Total
|
127,382
|
126,026
|
1
|
AUM remained relatively flat in
the advisor channel, but increased by 2% in the institutional
channel. The split between channels remains relatively unchanged
from the prior period.
Net flows
In the first half, we experienced
net outflows of £5.3 billion (H1 2024: net outflows of £4.3
billion). This was driven by limited appetite for both greater
risk-on asset classes and growth oriented strategies.
Net flows by asset
class
|
£ million
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
Equities
|
(2,799)
|
(3,041)
|
|
Fixed income
|
(1,886)
|
(928)
|
|
Multi-asset
|
(1,078)
|
(462)
|
|
Alternatives
|
208
|
87
|
|
South African fund
platform
|
260
|
93
|
|
Total
|
(5,295)
|
(4,251)
|
There were net inflows into the
South African fund platform and alternatives reflecting healthy
demand. These were outweighed by net outflows across the remaining
asset classes due to lower demand for risk-on strategies.
The largest contributor to net outflows,
equities, was driven mostly by global strategies. Net outflows in
fixed income were primarily from local currency emerging market
sovereign strategies. Multi-asset net outflows were driven by
income and total return strategies.
Net flows by client
group
|
£ million
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
United Kingdom
|
(1,818)
|
(1,675)
|
|
Africa
|
(820)
|
158
|
|
Europe
|
(959)
|
(533)
|
|
Americas
|
(322)
|
(1,137)
|
|
Asia
Pacific(1)
|
(1,376)
|
(1,064)
|
|
Total
|
(5,295)
|
(4,251)
|
Note: (1) Asia Pacific includes
Middle East.
Each client group saw net
outflows, due to reduced demand globally for risk-on strategies.
The largest net outflows were in the UK and Asia Pacific client
groups, driven by global equity strategies and emerging market
sovereign and currency strategies, respectively.
Net flows by client
type
|
£ million
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
Advisor
|
(1,983)
|
(864)
|
|
Institutional
|
(3,312)
|
(3,387)
|
|
Total
|
(5,295)
|
(4,251)
|
The institutional channel drove
the majority of net outflows, driven by reduced demand for global
equities and emerging market fixed income from the Asia Pacific and
Africa client groups. In the advisor channel, there were net
inflows in the Africa client group, but net outflows in all other
client groups.
Investment
performance
Firm-wide investment
performance(1)
During the first half of financial
year 2025, our short-, medium- and long-term firm-wide investment
performance improved compared to the levels reported at the end of
financial year 2024.
|
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
Since inception
|
|
Outperformance
|
68%
|
48%
|
68%
|
79%
|
74%
|
|
Underperformance
|
32%
|
52%
|
32%
|
21%
|
26%
|
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 30
September 2024.
FINANCIAL REVIEW
Financial results(1)
|
£ billion
|
Six
months to 30 September
2024
|
Six
months to 30 September
2023
|
Year
ended
31 March 2024
|
|
Closing AUM
|
127.4
|
123.1
|
126.0
|
|
Net flows
|
(5.3)
|
(4.3)
|
(9.4)
|
|
Average AUM
|
126.7
|
125.3
|
123.9
|
|
|
|
|
|
|
£ million (unless stated
otherwise)
|
Six
months to 30 September
2024
|
Six
months to 30 September
2023
|
Change
%
|
|
Management fees
|
282.4
|
282.2
|
0
|
|
Performance fees
|
7.9
|
12.1
|
(35)
|
|
Net revenue
|
290.3
|
294.3
|
(1)
|
|
Other income
|
0.2
|
5.3
|
(96)
|
|
Adjusted operating
revenue
|
290.5
|
299.6
|
(3)
|
|
Adjusted operating
expenses
|
(201.9)
|
(201.7)
|
0
|
|
Adjusted operating profit
|
88.6
|
97.9
|
(9)
|
|
Adjusted net interest
income
|
9.6
|
8.3
|
16
|
|
Share scheme net expense
|
(4.9)
|
(2.2)
|
n.m.
|
|
Profit before tax
|
93.3
|
104.0
|
(10)
|
|
Tax expense
|
(24.5)
|
(24.7)
|
(1)
|
|
Profit after tax
|
68.8
|
79.3
|
(13)
|
|
|
|
|
|
|
Average management fee rate (basis
points, "bps")
|
44.5
|
45.0
|
|
|
Adjusted operating profit
margin
|
30.5%
|
32.6%
|
|
|
Total full-time employees
|
1,190
|
1,180
|
1
|
Note: (1) Please refer to
explanations and definitions on pages 10 - 13.
Adjusted operating profit
decreased 9% to £88.6 million (H1 2024: £97.9 million). The
adjusted operating profit margin decreased to 30.5% (H1 2024:
32.6%). Profit before tax decreased 10% to £93.3 million (H1 2024:
£104.0 million).
This financial review covers
alternative performance measures to reflect the manner in which
management monitors and assesses the financial performance of
Ninety One. Reconciliations to equivalents of the IFRS® Accounting
Standards are provided in the alternative performance measures
section. Movements discussed as part of the commentary below apply
equally to the IFRS® Accounting Standards equivalent
movements.
Assets under
management
Closing AUM increased by 1% to
£127.4 billion (31 March 2024: £126.0 billion), reflecting net
outflows of £5.3 billion (H1 2024: £4.3 billion) and positive
market and foreign exchange movements of £6.7 billion (H1 2024:
negative £1.9 billion). Average AUM increased 1% to £126.7 billion
(H1 2024: £125.3 billion).
Adjusted operating
revenue
Management fees increased slightly
to £282.4 million (H1 2024: £282.2 million), against a 1% increase
in average AUM. The average management fee rate decreased to 44.5
bps (H1 2024: 45.0 bps).
Performance fees were lower at
£7.9 million (H1 2024: £12.1 million). Other income decreased to
£0.2 million (H1 2024: £5.3 million) and consists of operating
interest, gains or losses on FX and investments, and share of
profit from associates.
Adjusted operating
expenses
Adjusted operating expenses
increased marginally to £201.9 million (H1 2024: £201.7 million),
driven by increases in business expenses, partially offset by a
decrease in employee remuneration.
Employee remuneration represented
62% (H1 2024: 65%) of the total expense base and overall, decreased
by 4% to £124.6 million (H1 2024: £130.3 million). This was driven
mostly by a decrease in variable remuneration in line with
decreased adjusted operating profit. Average headcount over the
period remained flat at 1,190 (H1 2024: 1,189). Over 50% of
employee remuneration is variable and the resulting compensation
ratio was 42.9% (H1 2024: 43.5%).
Business expenses increased by 8%
to £77.3 million (H1 2024: £71.4 million). The period-on-period
split of business expenses was relatively unchanged from the prior
period and the largest expense item remained third party
administration.
Effective tax rate
The effective tax rate for the six
months to 30 September 2024 was 26.3% (H1 2024: 23.8%), against a
headline UK corporation tax rate of 25.0% (H1 2024: 25.0%) and a
headline South Africa corporation tax rate of 27.0% (H1 2024:
27.0%). The main reasons for the increase in the effective tax rate
were an increased proportion of profits in higher tax jurisdictions
as well as additional tax related to new global minimum tax
rules.
Assets and
liabilities
The following review refers to
shareholders' numbers only, and excludes the items that relate to
Ninety One's investment-linked insurance business (undertaken
through one of its South African entities, Ninety One
Assurance).
Total assets decreased to £698.5
million (31 March 2024: £761.4 million), mainly reflecting payment
of variable compensation in April 2024. Total liabilities decreased
to £350.6 million (31 March 2024: £393.8 million), as bonus
provisions are for a half year period only.
Ninety One's liquidity position
comprises cash and cash equivalents of £331.7 million (31 March
2024: £375.3 million). Ninety One maintains a consistent liquidity
management model, with liquidity requirements monitored carefully
against its existing and longer-term obligations. To meet the daily
requirements of the business and to mitigate its credit exposure,
Ninety One diversifies its cash and cash equivalents across a range
of suitably credit-rated corporate banks and money market
funds.
Capital and regulatory
position
|
£ million
|
30
September 2024
|
31 March
2024
|
|
Equity
|
347.9
|
367.6
|
|
Non-qualifying
assets2
|
(43.9)
|
(43.9)
|
|
Qualifying capital
|
304.0
|
323.7
|
|
Dividend
|
(48.6)
|
(58.2)
|
|
Estimated regulatory
requirement
|
(112.5)
|
(112.2)
|
|
Estimated capital
surplus
|
142.9
|
153.3
|
Notes:
(1) The above table represents the
amalgamated position across Ninety One plc and its subsidiaries and
Ninety One Limited and its subsidiaries, which for regulatory
capital purposes are separate groups. Both groups of companies had
an estimated capital surplus at 30 September 2024 and 31 March
2024.
(2) Non-qualifying assets comprise
assets that are not available to meet regulatory
requirements.
The estimated regulatory capital
requirement increased slightly to £112.5 million (31 March 2024:
£112.2 million). Ninety One has an expected capital surplus of
£142.9 million (31 March 2024: £153.3 million), which is consistent
with the commitment to a capital-light balance sheet. This resulted
in Ninety One having a capital coverage of 227% of its capital
requirement (31 March 2024: 237%). The capital requirements for all
Ninety One companies are monitored throughout the
year.
Dividends and returns of
capital
During the period, Ninety One
undertook a share buyback programme. Noting the share price and the
capital coverage, the Board considered it prudent to deploy the
surplus capital on the balance sheet in this manner.
The Board has considered the
strength of the balance sheet and the outlook for the remainder of
the period. In line with the stated dividend policy, the Board has
declared an interim dividend of 5.4 pence per share. The interim
dividend will be paid on 31 December 2024 to shareholders recorded
on the UK and South African share registers on 13 December
2024.
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 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;
‒ 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 period were fully
expensed in the same period; 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 earnings per share is
calculated on the after tax adjusted operating profit divided by
the number of shares in issue at the end of the period, as
management's assessment is that this is a reliable measure of
Ninety One's operating performance.
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 condensed 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 and the Revised SAICA Guide on Pro forma Financial
Information (issued September 2014), to the extent applicable given
the Non-IFRS Financial Information's nature. This pro forma
financial information has not been reviewed or reported on by
Ninety One's external auditors.
These non-IFRS measures, including
reconciliations to their nearest condensed consolidated financial
statements equivalents, are as follows:
|
£ million
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
Net revenue
|
290.3
|
294.3
|
|
Share of profit from
associates
|
0.5
|
0.8
|
|
Net gain on investments and other
income
|
1.1
|
4.9
|
|
Adjustments:
|
|
|
|
Deferred employee benefit scheme
(gain)/loss
|
(0.8)
|
0.2
|
|
Subletting income
|
(0.6)
|
(0.6)
|
|
Adjusted operating
revenue
|
290.5
|
299.6
|
|
£ million
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
Operating expenses
|
206.4
|
202.4
|
|
Adjustments:
|
|
|
|
Share scheme net
expense
|
(4.9)
|
(2.2)
|
|
Deferred employee benefit scheme
(gain)/loss
|
(0.8)
|
0.2
|
|
Subletting income
|
(0.6)
|
(0.6)
|
|
Interest expense on lease
liabilities
|
1.8
|
1.9
|
|
Adjusted operating
expenses
|
201.9
|
201.7
|
|
£ million
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
Staff expenses
|
129.5
|
132.5
|
|
Adjustments:
|
|
|
|
Share scheme net
expense
|
(4.9)
|
(2.2)
|
|
Employee remuneration
|
124.6
|
130.3
|
|
£ million
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
Adjusted operating
revenue
|
290.5
|
299.6
|
|
Adjusted operating
expenses
|
(201.9)
|
(201.7)
|
|
Adjusted operating
profit
|
88.6
|
97.9
|
|
Adjusted operating profit
margin
|
30.5%
|
32.6%
|
|
£ million
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
Net interest income
|
7.8
|
6.4
|
|
Adjustments:
|
|
|
|
Interest expense on lease
liabilities
|
1.8
|
1.9
|
|
Adjusted net interest
income
|
9.6
|
8.3
|
|
£ million (unless stated
otherwise)
|
Six
months to
30 September 2024
|
Six
months to
30 September 2023
|
|
Profit after tax
|
68.8
|
79.3
|
|
Adjusted net interest income
1
|
(9.6)
|
(8.3)
|
|
Share scheme net expense
1
|
4.9
|
2.2
|
|
Tax on adjusting items
1
|
1.3
|
1.6
|
|
Adjusted earnings attributable to
ordinary shareholders
|
65.4
|
74.8
|
|
|
|
|
|
Number of ordinary shares
(m)
|
900.2
|
911.5
|
|
Adjusted earnings per share
(p)
|
7.3
|
8.2
|
Note: 1 This comprises a component
of "non-operating items" per adjusted earnings per share definition
on page 13.
Foreign currency
Ninety One prepares its financial
information in British pound sterling. The results of operations
and the financial condition of Ninety One's individual companies
are reported in the local currencies of the countries in which they
are domiciled, including South African rand and US dollar. These
results are then translated into pound sterling at the applicable
foreign currency exchange rates for inclusion in the condensed
consolidated financial statements. The following table sets out the
movement in the relevant exchange rates against pound sterling for
the six month periods ended 30 September 2023 and 2024, and the
year ended 31 March 2024.
|
|
30
September 2024
|
31
March 2024
|
30
September 2023
|
|
|
Period
end
|
Average
|
Year
end
|
Average
|
Period
end
|
Average
|
|
South African rand
|
22.89
|
23.39
|
23.84
|
23.54
|
23.09
|
23.48
|
|
US dollar
|
1.34
|
1.28
|
1.26
|
1.26
|
1.22
|
1.26
|
DEFINITIONS
Adjusted earnings attributable to
shareholders: Calculated as profit after
tax adjusted to remove non-operating items.
Adjusted earnings per share
(Adjusted EPS): Adjusted earnings
attributable to shareholders divided by the number of ordinary
shares in issue at the end of the period.
Adjusted net interest
income: Calculated as net interest income
or expense adjusted to exclude interest expense on lease
liabilities for office premises.
Adjusted operating
expenses: Calculated as operating expenses
adjusted to exclude share scheme movements and deferred employee
benefit scheme movements, but adjusted to include subletting income
and interest expense on lease liabilities.
Adjusted operating profit:
Calculated as adjusted operating revenue less
adjusted operating expenses.
Adjusted operating profit
margin: Calculated as adjusted operating
profit divided by adjusted operating revenue.
Adjusted operating revenue:
Calculated as net revenue, adjusted to include
share of profit from associates, net gain/loss on investments and
other income, but adjusted to exclude deferred employee benefit
scheme movements and subletting income.
Assets under management
(AUM): The aggregate assets managed on
behalf of clients. For some private markets investments, the
aggregate value of assets managed is based on committed funds by
clients; this is changed to the lower of committed funds and net
asset value, in line with the fee basis. Where cross investment
occurs, assets and flows are identified, and the duplication is
removed.
Average AUM: Calculated as the average of opening AUM for the period, and
the month end AUM for each of the subsequent months in the
period.
Average exchange rate:
Calculated as the average of the daily closing
spot exchange rates in the relevant period.
Average management fee
rate: Management fees divided by average
AUM (annualised for non-twelve month periods), expressed in basis
points.
Basic earnings per share (Basic
EPS): Profit attributable to shareholders
divided by the weighted average number of ordinary shares
outstanding during the period, excluding own shares held by Ninety
One share schemes.
Compensation ratio:
Calculated as employee remuneration divided by
adjusted operating revenue.
Diluted earnings per share:
Profit for the period attributable to
shareholders divided by the weighted average number of ordinary
shares outstanding during the period, plus the weighted average
number of ordinary shares that would be issued on the conversion of
all the potentially dilutive shares into ordinary
shares.
Employee
remuneration: Calculated as staff expenses adjusted for share scheme
movements.
Headline earnings per share
(HEPS): Ninety One is required to
calculate HEPS in accordance with JSE Listings Requirements,
determined by reference to circular 1/2023 "Headline Earnings"
issued by the South African Institute of Chartered
Accountants.
JSE: Johannesburg Stock Exchange, the exchange operated by the JSE Limited, a public company
incorporated and registered in South Africa, under the Financial
Markets Act.
LSE: London Stock Exchange, the securities exchange operated by the London Stock Exchange plc under the
Financial Services and Markets Act 2000, as amended.
Management fees:
Recurring fees net of commission
expense.
Net flows: The increase in AUM received from clients, less the decrease
in AUM withdrawn by clients, during a given period. Where cross
investment occurs, assets and flows are identified, and the
duplication is removed.
Net revenue: Represents revenue in accordance with IFRS, less commission
expense.
Non-operating items:
Include gains/losses on disposal of subsidiaries,
adjusted net interest income, share scheme movements, and tax on
adjusting items.
Non-qualifying assets:
Comprise assets that are not available to meet
regulatory requirements.
PRINCIPAL RISKS AND UNCERTAINTIES
Ninety One faces a number of risks
in the normal course of business. The Board has the ultimate
responsibility for risk management. It approves Ninety One's risk
appetite and general risk management framework and monitors the
operation of the framework.
The risk management framework is
utilised across all categories of risk within Ninety One and
employs tools including risk assessments, key indicators, stress
and scenario tests and learnings from internal and external events.
This informs business decisions, helps direct resources and helps
to ensure Ninety One is appropriately capitalised.
There have been no significant
changes to Ninety One's risk management approach in the period. The
principal risks faced by Ninety One remain unchanged since the year
end and continue to be the principal risks for the second half of
the financial year. These comprise business and strategic risks,
investments risks and operational risks. A detailed description of
each, including an overview of the risk management and mitigation
approach, is disclosed on pages 27 to 33 of the Integrated Annual
Report 2024, which can be accessed via the Investor Relations home
page on the website at www.ninetyone.com.
In addition, Ninety One continues to monitor potential emerging
risks and the risk of financial loss resulting from the physical or
transitional impacts of climate change.
|
STATEMENT OF DIRECTORS'
RESPONSIBILITIES
|
|
For the six months ended 30
September 2024
|
The directors acknowledge their
responsibility for the preparation and presentation of the interim
condensed consolidated financial statements.
Each of the directors of Ninety
One plc and Ninety One Limited confirms to the best of his or her
knowledge and belief that:
‒ The condensed set of interim
consolidated financial statements, which
comprises the condensed consolidated statement of comprehensive
income, condensed consolidated statement of financial position,
condensed consolidated statement of changes in equity, condensed
consolidated statement of cash flows and the related explanatory
notes, has been prepared in accordance with the basis of
preparation, which includes the IAS 34 Interim Financial Reporting
as issued by the International Accounting Standards Board and as
adopted for use in the UK (which is identical in all material
respects to the version issued by the IASB) and presents fairly, in
all material respects, the assets, liabilities, financial position
and profits of Ninety One for the six months ended 30 September
2024.
‒ Under the UK Disclosure Guidance and Transparency Rules
("DTR"), the interim management report includes a fair review of
the information required by:
‒ DTR 4.2.7R, being an indication of important events that have
occurred during the first six months of the financial year and
their impact on the IFRS interim condensed consolidated financial
information and a description of the principal risks and
uncertainties for the remaining six months of the year;
and
‒ DTR 4.2.8R, being related party transactions that have taken
place in the first six months of the financial year and that have
materially affected the financial position or performance of the
entity during that period; and any changes in the related party
transactions described in Ninety One's Integrated Annual Report
2024, that could have had a material effect on the financial
position or performance of the enterprise in the first six months
of the current financial year.
‒ The results for the six months ended 30 September 2024, taken
as a whole, present a fair, balanced and understandable assessment
of Ninety One's position and prospects.
There was no change to the board
of directors during the six months ended 30 September 2024. A list
of current directors is maintained on the Ninety One
website: https://ninetyone.com.
On behalf of the board of
directors
Hendrik du Toit
Kim McFarland
Chief Executive Officer
Finance
Director
19 November 2024
19 November 2024
|
Independent review report of
PricewaterhouseCoopers LLP to Ninety One plc and
PricewaterhouseCoopers Inc. to the shareholders of Ninety One
Limited
|
For the purpose of this report,
the terms 'we' and 'our' denote PricewaterhouseCoopers LLP in
relation to UK legal, professional and regulatory responsibilities
and reporting obligations to Ninety One plc and
PricewaterhouseCoopers Inc. in relation to South African legal,
professional and regulatory responsibilities and reporting
obligations to the shareholders of Ninety One Limited. When we
refer to PricewaterhouseCoopers LLP or PricewaterhouseCoopers Inc.
such reference is to that specific entity to the exclusion of the
other.
The interim financial statements,
as defined below, consolidate the accounts of Ninety One plc and
Ninety One Limited and their respective subsidiaries (the "Group")
and include the Group's share of joint arrangements and
associates.
PricewaterhouseCoopers LLP is the
appointed auditor of Ninety One plc, a company incorporated in the
United Kingdom in terms of the United Kingdom Companies Act 2006.
PricewaterhouseCoopers Inc. is the appointed auditor of Ninety One
Limited, a company incorporated in South Africa in terms of the
Companies Act of South Africa. PricewaterhouseCoopers LLP and
PricewaterhouseCoopers Inc. reviewed the interim financial
statements of the Group.
Report on the condensed consolidated interim
financial statements
We have reviewed Ninety One plc and
Ninety One Limited's condensed consolidated interim financial
statements (the "interim financial statements") in the 'Interim
results for the six months to 30 September 2024' ("the interim
results") of Ninety One plc and Ninety One Limited for the six
month period ended 30 September 2024 (the "period").
The interim financial statements
comprise:
‒ the condensed consolidated statement of financial position as
at 30 September 2024;
‒ the condensed consolidated statement of comprehensive income
for the period then ended;
‒ the condensed consolidated statement of cash flows for the
period then ended;
‒ the condensed consolidated statement of changes in equity for
the period then ended; and
‒ the explanatory notes to the interim financial
statements.
The interim financial statements
included in the accompanying interim results of Ninety One plc and
Ninety One Limited have been prepared in accordance with UK adopted
International Accounting Standard 34, 'Interim Financial
Reporting', International Accounting Standard 34, 'Interim
Financial Reporting' as issued by the International Accounting
Standards Board (IASB), the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct
Authority, the South African Institute of Chartered Accountants
(SAICA) Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the
South African Financial Reporting Standards Council and the
requirements of the Companies Act of South Africa.
Conclusion of
PricewaterhouseCoopers LLP for Ninety One plc
Based on our review, nothing has
come to our attention that causes us to believe that the interim
financial statements are not prepared, in all material respects, in
accordance with UK adopted International Accounting Standard 34,
'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for PricewaterhouseCoopers
LLP's conclusion for Ninety One plc
We conducted our review in
accordance with International Standard on Review Engagements (UK)
2410, 'Review of Interim Financial Information Performed by the
Independent Auditor of the Entity' issued by the Financial
Reporting Council for use in the United Kingdom ("ISRE (UK) 2410").
A review of interim financial information in accordance with ISRE
(UK) 2410 consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures.
A review in accordance with ISRE
(UK) 2410 is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and,
consequently, does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit
opinion.
We have read the other information
contained in the interim results and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the interim financial statements.
Conclusions of
PricewaterhouseCoopers LLP relating to going concern
Based on our review procedures,
which are less extensive than those performed in an audit as
described in the Basis for PricewaterhouseCoopers LLP's conclusion
for Ninety One plc section of this report, nothing has come to our
attention to suggest that the directors have inappropriately
adopted the going concern basis of accounting or that the directors
have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on
the review procedures performed in accordance with ISRE (UK) 2410.
However, future events or conditions may cause the group to cease
to continue as a going concern.
Conclusion of
PricewaterhouseCoopers Inc. to the shareholders of Ninety One
Limited
Based on our review, nothing has
come to our attention that causes us to believe that the
accompanying interim financial statements of Ninety One Limited for
the six months ended 30 September 2024 are not prepared, in all
material respects, in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as issued by the IASB,
the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the
South African Financial Reporting Standards Council and the
requirements of the Companies Act of South Africa.
Basis for PricewaterhouseCoopers
Inc.'s conclusion to the shareholders of Ninety One
Limited
We conducted our review in
accordance with International Standard on Review Engagements (ISRE)
2410, 'Review of Interim Financial Information Performed by the
Independent Auditor of the Entity' ('ISRE 2410') as issued by the
International Auditing and Assurance Standards Board. ISRE 2410
requires us to conclude whether anything has come to our attention
that causes us to believe that the interim financial statements are
not prepared in all material respects in accordance with the
applicable financial reporting framework. This standard also
requires us to comply with relevant ethical
requirements.
A review of interim financial
statements in accordance with ISRE 2410 is a limited
assurance engagement. We perform procedures, primarily consisting
of making inquiries of management and others within the entity, as
appropriate, and applying analytical procedures, and evaluate the
evidence obtained. The procedures performed in a review are
substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing. Accordingly,
we do not express an audit opinion on these interim financial
statements.
Responsibilities for the interim
financial statements and the review
Our responsibilities and those of
the directors
The interim results, including the
interim financial statements, is the responsibility of, and has
been approved by the directors. The directors are responsible for
preparation and presentation of the accompanying interim financial
statements in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting',
International Accounting Standard 34, 'Interim Financial Reporting'
as issued by the IASB, the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct
Authority, the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as
issued by the South African Financial Reporting Standards Council
and the requirements of the Companies Act of South Africa, and for
such internal control as the directors determine is necessary to
enable the preparation of interim financial statements that are
free from material misstatement, whether due to fraud or error. In
preparing the accompanying interim results, including the interim
financial statements, the directors of Ninety One plc are
responsible for assessing the Ninety One plc's ability to continue
as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the group or to
cease operations, or have no realistic alternative but to do
so.
Our responsibility is to express a
conclusion on the interim financial statements in the interim
results based on our review.
Use of the review report of
PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP's
conclusions, including the Conclusions relating to going concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for PricewaterhouseCoopers
LLP's conclusion for Ninety One plc paragraph of this report. This
report, including the conclusions, has been prepared for and only
for the company for the purpose of complying with the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority and for no other purpose.
PricewaterhouseCoopers LLP does not, in giving these conclusions,
accept or assume responsibility for any other purpose or to any
other person to whom this report is shown or into whose hands it
may come save where expressly agreed by our prior consent in
writing.
PricewaterhouseCoopers LLP
PricewaterhouseCoopers
Inc.
Chartered Accountants
Director: NA Jacobs
London, UK
Registered Auditor
19 November 2024
Cape Town, South Africa
19
November 2024
The examination of controls over
the maintenance and integrity of the Group's website is beyond the
scope of the review of the financial statements. Accordingly, we
accept no responsibility for any changes that may have occurred to
the financial statements since they were initially presented on the
website.
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
For the six months ended 30
September 2024
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
|
30
September 2024
|
|
30
September 2023
|
|
|
|
£'m
|
|
£'m
|
|
|
|
Notes
|
(Reviewed)
|
|
(Reviewed)
|
|
|
|
|
|
Revenue
|
2
|
343.0
|
|
350.2
|
|
|
Commission expense
|
|
(52.7)
|
|
(55.9)
|
|
|
Net revenue
|
|
290.3
|
|
294.3
|
|
|
|
|
|
Operating expenses
|
3
|
(206.4)
|
|
(202.4)
|
|
|
Share of profit from
associates
|
|
0.5
|
|
0.8
|
|
|
Net gain on investments and other
income
|
4
|
1.1
|
|
4.9
|
|
|
Operating profit
|
|
85.5
|
|
97.6
|
|
|
|
|
|
Interest income
|
5
|
9.6
|
|
8.3
|
|
|
Interest expense
|
5
|
(1.8)
|
|
(1.9)
|
|
|
Profit before tax
|
|
93.3
|
|
104.0
|
|
|
|
|
|
Tax expense
|
6
|
(24.5)
|
|
(24.7)
|
|
|
Profit after tax
|
|
68.8
|
|
79.3
|
|
|
|
|
|
Other comprehensive
income/(expense)
|
|
|
|
|
Items that will not be
reclassified to profit or loss:
|
|
|
|
|
|
|
Net remeasurements on pension
fund
|
|
(1.2)
|
|
-
|
|
|
|
|
|
Items that may be reclassified
subsequently to profit or loss:
|
|
|
|
|
|
|
Foreign exchange differences on
translation of foreign subsidiaries
|
|
4.1
|
|
(3.7)
|
|
|
Other comprehensive
income/(expense) for the period
|
|
2.9
|
|
(3.7)
|
|
|
|
|
|
Total comprehensive income for the
period
|
|
71.7
|
|
75.6
|
|
|
|
|
|
Earnings per share
(pence)
|
|
|
|
|
|
|
Basic
|
7(a)
|
7.8
|
|
8.9
|
|
|
Diluted
|
7(a)
|
7.8
|
|
8.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
At 30 September 2024
|
|
|
30
September 2024
|
|
30
September 2023
|
|
31
March
2024
|
|
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
|
Notes
|
(Reviewed)
|
|
(Reviewed)
|
|
(Audited)
|
|
|
Assets
|
|
|
|
|
|
|
Investments
|
9
|
47.2
|
|
43.0
|
|
49.4
|
|
|
Investment in
associates
|
|
1.3
|
|
1.4
|
|
1.4
|
|
|
Property and equipment
|
|
20.4
|
|
22.1
|
|
21.3
|
|
|
Right-of-use assets
|
|
66.6
|
|
73.8
|
|
72.0
|
|
|
Deferred tax assets
|
|
28.1
|
|
23.9
|
|
28.5
|
|
|
Other receivables
|
|
2.4
|
|
3.4
|
|
2.5
|
|
|
Pension fund asset
|
|
0.9
|
|
2.5
|
|
2.7
|
|
|
Total non-current
assets
|
|
166.9
|
|
170.1
|
|
177.8
|
|
|
|
|
|
Investments
|
9
|
20.6
|
|
16.7
|
|
25.4
|
|
|
Linked investments backing
policyholder funds
|
12
|
11,330.0
|
|
9,724.8
|
|
10,298.3
|
|
|
Income tax recoverable
|
|
4.9
|
|
13.4
|
|
11.6
|
|
|
Trade and other
receivables
|
|
239.5
|
|
230.2
|
|
230.1
|
|
|
Cash and cash
equivalents
|
|
331.7
|
|
319.5
|
|
375.3
|
|
|
Total current assets
|
|
11,926.7
|
|
10,304.6
|
|
10,940.7
|
|
|
|
|
|
Total assets
|
|
12,093.6
|
|
10,474.7
|
|
11,118.5
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Other liabilities
|
10
|
30.7
|
|
33.7
|
|
33.0
|
|
|
Lease liabilities
|
|
78.9
|
|
89.7
|
|
84.7
|
|
|
Deferred tax
liabilities
|
|
46.6
|
|
29.3
|
|
38.3
|
|
|
Total non-current
liabilities
|
|
156.2
|
|
152.7
|
|
156.0
|
|
|
|
|
|
Policyholder investment contract
liabilities
|
12
|
11,319.5
|
|
9,709.6
|
|
10,278.5
|
|
|
Other liabilities
|
10
|
19.7
|
|
15.2
|
|
24.2
|
|
|
Lease liabilities
|
|
10.1
|
|
9.8
|
|
10.0
|
|
|
Trade and other
payables
|
|
230.7
|
|
240.4
|
|
272.8
|
|
|
Income tax payable
|
|
9.5
|
|
9.2
|
|
9.4
|
|
|
Total current
liabilities
|
|
11,589.5
|
|
9,984.2
|
|
10,594.9
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Share capital
|
11(a)
|
408.1
|
|
424.7
|
|
418.7
|
|
|
Demerger reserves
|
11(b)
|
(321.3)
|
|
(321.3)
|
|
(321.3)
|
|
|
Own share reserve
|
11(c)
|
(63.3)
|
|
(53.0)
|
|
(49.8)
|
|
|
Other reserves
|
11(b)
|
(12.7)
|
|
(13.4)
|
|
(10.7)
|
|
|
Retained earnings
|
|
336.9
|
|
300.6
|
|
330.5
|
|
|
Shareholders' equity excluding
non-controlling interests
|
|
347.7
|
|
337.6
|
|
367.4
|
|
|
Non-controlling
interests
|
|
0.2
|
|
0.2
|
|
0.2
|
|
|
Total equity
|
|
347.9
|
|
337.8
|
|
367.6
|
|
|
|
|
|
Total equity and
liabilities
|
|
12,093.6
|
|
10,474.7
|
|
11,118.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
For the six months ended 30
September 2024
|
|
|
Attributable to shareholders of parent companies
|
|
|
|
Share
capital
|
|
Demerger
reserves
|
|
Own
share reserve
|
|
Other
reserves
|
|
Retained
earnings
|
|
Total
|
|
Non-controlling interests
|
|
Total
equity
|
|
|
Notes
|
£'m
|
|
£'m
|
|
£'m
|
|
£'m
|
|
£'m
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
|
At 1 April 2024
|
|
418.7
|
|
(321.3)
|
|
(49.8)
|
|
(10.7)
|
|
330.5
|
|
367.4
|
|
0.2
|
|
367.6
|
|
|
|
Profit for the period
|
|
-
|
|
-
|
|
-
|
|
-
|
|
68.8
|
|
68.8
|
|
-
|
|
68.8
|
|
Other comprehensive
income
|
-
|
|
-
|
|
-
|
|
4.1
|
|
(1.2)
|
|
2.9
|
|
-
|
|
2.9
|
|
Total comprehensive
income
|
-
|
|
-
|
|
-
|
|
4.1
|
|
67.6
|
|
71.7
|
|
-
|
|
71.7
|
|
|
|
Transactions with
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment charges
related to Ninety One share scheme
|
11(b)
|
-
|
|
-
|
|
-
|
|
8.6
|
|
-
|
|
8.6
|
|
-
|
|
8.6
|
|
Own shares purchased
|
11(c)
|
-
|
|
-
|
|
(25.4)
|
|
-
|
|
-
|
|
(25.4)
|
|
-
|
|
(25.4)
|
|
Vesting and release of share
awards
|
11(b),(c)
|
-
|
|
-
|
|
11.9
|
|
(14.7)
|
|
-
|
|
(2.8)
|
|
-
|
|
(2.8)
|
|
Share buyback
transactions
|
11(a)
|
(10.6)
|
|
-
|
|
-
|
|
-
|
|
(2.5)
|
|
(13.1)
|
|
-
|
|
(13.1)
|
|
Dividends paid
|
8
|
-
|
|
-
|
|
-
|
|
-
|
|
(58.7)
|
|
(58.7)
|
|
-
|
|
(58.7)
|
|
Total transactions with
shareholders
|
(10.6)
|
|
-
|
|
(13.5)
|
|
(6.1)
|
|
(61.2)
|
|
(91.4)
|
|
-
|
|
(91.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2024
|
|
408.1
|
|
(321.3)
|
|
(63.3)
|
|
(12.7)
|
|
336.9
|
|
347.7
|
|
0.2
|
|
347.9
|
|
|
|
At 1 April 2023
|
|
441.2
|
|
(321.3)
|
|
(51.4)
|
|
(6.6)
|
|
287.9
|
|
349.8
|
|
0.1
|
|
349.9
|
|
|
|
Profit for the period
|
|
-
|
|
-
|
|
-
|
|
-
|
|
79.2
|
|
79.2
|
|
0.1
|
|
79.3
|
|
Other comprehensive
expense
|
-
|
|
-
|
|
-
|
|
(3.7)
|
|
-
|
|
(3.7)
|
|
-
|
|
(3.7)
|
|
Total comprehensive
income
|
-
|
|
-
|
|
-
|
|
(3.7)
|
|
79.2
|
|
75.5
|
|
0.1
|
|
75.6
|
|
|
|
Transactions with
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment charges
related to Ninety One share scheme
|
11(b)
|
-
|
|
-
|
|
-
|
|
7.1
|
|
-
|
|
7.1
|
|
-
|
|
7.1
|
|
Own shares purchased
|
11(c)
|
-
|
|
-
|
|
(12.0)
|
|
-
|
|
-
|
|
(12.0)
|
|
-
|
|
(12.0)
|
|
Vesting and release of share
awards
|
11(b),(c)
|
-
|
|
-
|
|
10.4
|
|
(10.2)
|
|
-
|
|
0.2
|
|
-
|
|
0.2
|
|
Share buyback
transactions
|
(16.5)
|
|
-
|
|
-
|
|
-
|
|
(4.3)
|
|
(20.8)
|
|
-
|
|
(20.8)
|
|
Dividends paid
|
8
|
-
|
|
-
|
|
-
|
|
-
|
|
(62.2)
|
|
(62.2)
|
|
-
|
|
(62.2)
|
|
Total transactions with
shareholders
|
(16.5)
|
|
-
|
|
(1.6)
|
|
(3.1)
|
|
(66.5)
|
|
(87.7)
|
|
-
|
|
(87.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2023
|
|
424.7
|
|
(321.3)
|
|
(53.0)
|
|
(13.4)
|
|
300.6
|
|
337.6
|
|
0.2
|
|
337.8
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
For the six months ended 30
September 2024
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
|
30
September 2024
|
|
30
September 2023
|
|
|
|
£'m
|
|
£'m
|
|
|
|
Notes
|
(Reviewed)
|
|
(Reviewed)
|
|
|
|
(Restated)1
|
|
|
Cash flows from operations -
shareholders
|
13(a)
|
59.0
|
|
57.2
|
|
|
Cash flows from operations -
policyholders1
|
13(a)
|
(20.6)
|
|
(36.1)
|
|
|
Cash flows from
operations1
|
|
38.4
|
|
21.1
|
|
|
|
|
|
Interest received
|
|
9.6
|
|
8.4
|
|
|
Interest paid in respect of lease
liabilities
|
13(b)
|
(1.8)
|
|
(1.9)
|
|
|
Dividends received from
associates
|
|
0.6
|
|
0.6
|
|
|
Income tax paid
|
|
(29.6)
|
|
(31.6)
|
|
|
Net cash flows from operating
activities1
|
|
17.2
|
|
(3.4)
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
Acquisition of
investments
|
|
(14.8)
|
|
(12.5)
|
|
|
Disposal of investments
|
|
22.2
|
|
21.2
|
|
|
Additions to property and
equipment
|
|
(1.2)
|
|
(1.2)
|
|
|
Net cash flows from investing
activities
|
|
6.2
|
|
7.5
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
Principal elements of lease
payments
|
13(b)
|
(4.8)
|
|
(4.9)
|
|
|
Purchase of own shares
|
11(c)
|
(25.4)
|
|
(12.0)
|
|
|
Share buyback
|
11(a)
|
(11.8)
|
|
(18.8)
|
|
|
Dividends paid
|
8
|
(58.7)
|
|
(62.2)
|
|
|
Net cash flows from financing
activities
|
|
(100.7)
|
|
(97.9)
|
|
|
|
|
|
Cash and cash equivalents at 1
April1
|
|
457.1
|
|
470.9
|
|
|
Net change in cash and cash
equivalents1
|
|
(77.3)
|
|
(93.8)
|
|
|
Effect of foreign exchange rate
changes1
|
|
17.2
|
|
(2.2)
|
|
|
Cash and cash equivalents at 30
September1
|
|
397.0
|
|
374.9
|
|
|
|
|
|
Cash and cash equivalents at 30
September consist of:
|
|
|
|
|
|
|
Cash and cash equivalents
available for use by the Group
|
|
331.7
|
|
319.5
|
|
|
Cash and cash equivalents
presented within other assets:
|
|
|
|
|
|
|
Cash and cash equivalents
presented within linked investments backing policyholder
funds1
|
|
65.3
|
|
55.4
|
|
|
Cash and cash equivalents at 30
September1
|
|
397.0
|
|
374.9
|
|
|
|
|
|
1.The comparative amounts have
been restated to remove the impact of an unrecognised policyholder
reduction which was offset against cash and cash equivalents
presented within linked investments backing policyholder funds at 1
April 2023 and 30 September 2023. Accordingly, the prior period
numbers have been amended as follows:
- Cash and cash equivalents at 1 April and 30 September have
changed from £450.9 million to £470.9 million and £352.5 million to
£374.9 million respectively;
- Cash and cash equivalents presented within linked investments
backing policyholder funds has changed from £33.0 million to £55.4
million;
- Cash flows from operations - policyholders has changed from net
outflow of £39.3 million to £36.1 million;
- Cash flows from operations has changed from net inflow of £17.9
million to £21.1 million;
- Net cash flows from operating activities has changed from net
outflow of £6.6 million to £3.4 million;
- Net change in cash and cash equivalents has changed from net
outflow of £97.0 million to £93.8 million; and
- Effect of foreign exchange rate changes has changed from (£1.4)
million to (£2.2) million.
|
|
|
|
|
|
|
|
|
|
|
NOTES TO THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30
September 2024
General information
Ninety One operates as a
dual-listed company ("DLC") under a DLC structure. The DLC
structure comprises Ninety One plc, a public company incorporated
in England and Wales under the UK Companies Act 2006 and Ninety One
Limited, a public company incorporated in South Africa under the
South African Companies Act 71 of 2008. Under the DLC structure,
Ninety One plc and Ninety One Limited, together with their direct
and indirect subsidiaries, effectively form a single economic
enterprise (the "Group") in which the economic and voting rights of
ordinary shareholders of the companies are maintained in
equilibrium relative to each other. The Group is listed on the
London and Johannesburg Stock Exchanges.
The interim condensed consolidated
financial statements for the six months ended 30 September 2024
("Interim financial statements") have been prepared in accordance
with:
- IAS 34
Interim Financial Reporting as issued by the International
Accounting Standards Board ("IASB") and UK-adopted International
Accounting Standard 34 Interim Financial Reporting, which as it
applies to the Group's Interim financial statements, is identical
in all material respects to the version issued by the
IASB;
- the accounting
policies and significant judgements and estimates applied in the
preparation of these Interim financial statements are consistent
with those applied to the Group's consolidated financial statements
for the year ended 31 March 2024;
- the South African
Institute of Chartered Accountants ("SAICA") Financial Reporting
Guides as issued by the Accounting Practices Committee and
Financial Pronouncements as issued by the Financial Reporting
Standards Council and the requirements of the Companies Act of
South Africa; and
- the
Disclosure Guidance and Transparency Rules ("DTR") of the Financial
Conduct Authority in the UK.
The Interim financial statements
have been prepared on the historical cost basis with the exception
of linked investments backing policyholder funds, policyholder
investment contract liabilities, investments, money market funds
within cash and cash equivalents, other liabilities and the pension
fund asset which are measured at fair value through profit or
loss.
The Interim financial statements
do not constitute statutory accounts as defined in Section 435 of
the Companies Act 2006 in the UK. The results for the full year 31
March 2024 have been taken from the Group's Integrated Annual
Report 2024. Therefore, these interim results should be read in
conjunction with the Integrated Annual Report 2024 which were
prepared in accordance with UK-adopted international accounting
standards, International Financial Reporting Standards as issued by
the IASB and under the DTR at that time. PricewaterhouseCoopers LLP
reported on the 31 March 2024 financial statements, and their
report was unmodified and did not contain a statement under Section
498(2) or (3) of the Companies Act 2006 in the UK. The Integrated
Annual Report 2024 has been filed with the Registrar of Companies
in the UK.
The Interim financial statements
are unaudited but have been reviewed by PricewaterhouseCoopers LLP
and PricewaterhouseCoopers Inc., who expressed unmodified review
conclusions.
The presentation currency of the
Group is Pounds Sterling ("£"), being the functional currency of
Ninety One plc. The functional currency of Ninety One Limited is
South African Rand. All values are rounded to the nearest million
("£'m"), unless otherwise indicated.
The functional currencies of
subsidiary undertakings are determined based on the primary
economic environment in which the entity operates. Foreign currency
transactions are translated into the functional currency of the
entity in which the transactions arise, based on rates of exchange
ruling at the date of the transactions.
Going concern
The Board of Directors has
considered the resilience of the Group and taken into account its
current financial position and the principal and emerging risks
facing the business, including the impacts that climate change,
current events and market conditions have had on the Group's
financial performance and outlook. The Board of Directors has
performed a going concern assessment by applying various stressed
scenarios, including plausible downside assumptions, about the
impact on assets under management, profitability of the Group and
known commitments. All scenarios show that the Group would maintain
sufficient resources to enable it to continue operating profitably
for a period of at least 12 months from the date of the release of
these results. The Interim financial statements have therefore been
prepared on a going concern basis.
Revenue primarily consists of
management fees and performance fees derived from investment
management activities. As an integrated global investment manager,
the Group operates a single-segment investment management business.
All financial, business and strategic decisions are made centrally
by the chief operating decision maker (the "CODM") of the Group.
The CODM is the Chief Executive Officer of the Group. Reporting
provided to the CODM is on an aggregated basis which is used for
evaluating the Group's performance and the allocation of resources.
The CODM monitors operating profit for the purpose of making
decisions about resource allocation and performance assessment.
Given that only one segment exists, no additional information is
presented in relation to it, as it is disclosed throughout the
Interim financial statements. Revenue is disaggregated by
geographic location of contractual entities, as this best depicts
how the nature, amount, timing and uncertainty of the Group's
revenue and cash flows are affected by economic factors. Revenue is
generated from a diversified customer base and the Group has no
single customer that it relies on. Non-current assets other
than financial instruments and deferred tax assets are allocated
based on where the assets are physically located.
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
|
Revenue from external
clients
|
Notes
|
£'m
|
|
£'m
|
|
|
United Kingdom
|
|
215.6
|
|
229.6
|
|
|
South Africa
|
|
82.1
|
|
77.8
|
|
|
Rest of the world
|
|
45.3
|
|
42.8
|
|
|
343.0
|
|
350.2
|
|
|
|
|
|
Performance fees included in
revenue above
|
|
7.9
|
|
12.1
|
|
|
Non-current
assets
|
|
|
|
|
|
|
United Kingdom
|
|
65.8
|
|
70.7
|
|
|
South Africa
|
|
3.0
|
|
2.3
|
|
|
Rest of the world
|
|
19.5
|
|
24.3
|
|
|
88.3
|
|
97.3
|
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
3
|
Operating expenses by
nature
|
|
£'m
|
|
£'m
|
|
|
Staff expenses
|
|
129.5
|
|
132.5
|
|
|
Deferred employee benefit scheme
gain/(loss)
|
|
0.8
|
|
(0.2)
|
|
|
Depreciation of right-of-use
assets
|
13(a)
|
4.6
|
|
4.6
|
|
|
Depreciation of property and
equipment
|
13(a)
|
2.1
|
|
2.0
|
|
|
Auditors'
remuneration
|
|
1.0
|
|
0.9
|
|
|
Third party
administration1
|
|
21.2
|
|
18.9
|
|
|
Other administrative
expenses1
|
|
47.2
|
|
43.7
|
|
|
206.4
|
|
202.4
|
|
|
1. The comparative amounts have
been re-presented to provide further disaggregation of expenses by
nature, thus resulting in a split out of the "Third party
administration". The total operating expenses amount remains
unchanged.
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
4
|
Net gain on investments and other
income
|
|
£'m
|
|
£'m
|
|
|
Deferred employee benefit scheme
gain/(loss)
|
|
0.8
|
|
(0.2)
|
|
|
(Loss)/gain on other
investments
|
|
(0.5)
|
|
0.9
|
|
|
Net gain on investments
|
13(a)
|
0.3
|
|
0.7
|
|
|
Foreign exchange
(loss)/gain
|
|
(2.5)
|
|
0.5
|
|
|
Subletting income
|
|
0.6
|
|
0.6
|
|
|
Other income
|
|
2.7
|
|
3.1
|
|
|
1.1
|
|
4.9
|
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
5
|
Interest income/expense
|
|
£'m
|
|
£'m
|
|
|
Interest income from financial
assets measured at amortised cost
|
|
1.9
|
|
2.0
|
|
|
Interest income from money market
funds measured at fair value through profit or loss
|
7.7
|
|
6.3
|
|
|
Interest income
|
13(a)
|
9.6
|
|
8.3
|
|
|
|
|
Interest expense on lease
liabilities
|
13(b)
|
(1.8)
|
|
(1.9)
|
|
|
Interest expense
|
13(a)
|
(1.8)
|
|
(1.9)
|
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
6
|
Tax expense
|
|
£'m
|
|
£'m
|
|
|
Current tax - current
year
|
|
22.7
|
|
23.9
|
|
|
Current tax - adjustment for prior
years
|
|
0.1
|
|
(0.4)
|
|
|
Current tax expense
|
|
22.8
|
|
23.5
|
|
|
|
|
Deferred tax - current
year
|
|
1.6
|
|
1.2
|
|
|
Deferred tax - adjustment for
prior years
|
|
0.1
|
|
-
|
|
|
Deferred tax expense
|
|
1.7
|
|
1.2
|
|
|
|
|
24.5
|
|
24.7
|
The estimated average annual
effective tax rate used for the six months ended 30 September 2024
is 26.3% (30 September 2023: 23.8%). The increase is largely driven
by the increase in profit in higher tax jurisdictions and the
recognition of the global minimum tax under Pillar Two
legislation.
The Group calculates earnings per
share ("EPS") on a number of different bases in accordance with
IFRS and prevailing South African requirements.
|
7(a)
|
Basic and diluted earnings per
share
|
The calculations of basic and
diluted EPS are based on IAS 33 Earnings Per Share.
Basic EPS is calculated by
dividing profit attributable to shareholders by the weighted
average number of ordinary shares outstanding during the period,
excluding own shares held by the Group.
Diluted EPS is calculated by
dividing profit attributable to shareholders by the weighted
average number of ordinary shares outstanding during the period,
plus the weighted average number of ordinary shares that would be
issued on the conversion of all the potentially dilutive shares
into ordinary shares.
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
|
£'m
|
|
£'m
|
|
|
Profit attributable to
shareholders
|
|
68.8
|
|
79.3
|
|
|
|
|
|
|
The calculation of the weighted
average number of ordinary shares for the purpose of calculating
basic and diluted earnings per share is:
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
|
Number
of shares
|
|
Number
of shares
|
|
|
Millions
|
|
Millions
|
|
|
Weighted average number of
ordinary shares for the purpose of calculating basic EPS
|
|
879.1
|
|
895.5
|
|
|
Effect of dilutive potential
shares - share awards
|
|
4.2
|
|
-
|
|
|
Weighted average number of
ordinary shares for the purpose of calculating diluted
EPS
|
883.3
|
|
895.5
|
|
|
|
|
Basic EPS (pence)
|
|
7.8
|
|
8.9
|
|
|
Diluted EPS (pence)
|
|
7.8
|
|
8.9
|
|
7(b)
|
Headline earnings and diluted
headline earnings per share
|
The Group is required to calculate
headline earnings per share ("HEPS") in accordance with the JSE
Listings Requirements, determined by reference to circular 1/2023
"Headline Earnings" issued by the South African Institute of
Chartered Accountants.
There are no adjustments between
profit attributable to shareholders and headline earnings for the
six months ended 30 September 2024 and 2023. As a result, HEPS and
diluted HEPS are the same as basic EPS and diluted EPS.
|
|
|
Six
months ended
30 September 2024
|
|
Six
months ended
30 September 2023
|
|
8
|
Dividends
|
|
Pence
per share
|
|
£'m
|
|
Pence
per share
|
|
£'m
|
|
|
Prior year's final dividend
paid
|
|
6.4
|
|
58.7
|
|
6.7
|
|
62.2
|
On 19 November 2024, the Board of
Directors declared an interim dividend for the six months ended 30
September 2024 of 5.4 pence per ordinary share, an estimated £48.6
million in total. The dividend is expected to be paid on 31
December 2024 to shareholders on the register at the close of
business on 13 December 2024.
|
|
|
30
September 2024
|
|
30
September 2023
|
|
31
March
2024
|
|
9
|
Investments
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
Non-current
|
|
|
|
Investment in unlisted investment
vehicles
|
|
18.6
|
|
8.8
|
|
16.1
|
|
|
Deferred compensation
investments
|
|
24.4
|
|
30.3
|
|
29.3
|
|
|
Other investments
|
|
4.2
|
|
3.9
|
|
4.0
|
|
|
47.2
|
|
43.0
|
|
49.4
|
|
|
Current
|
|
|
|
Deferred compensation
investments
|
|
17.3
|
|
13.7
|
|
22.2
|
|
|
Seed investments
|
|
3.3
|
|
3.0
|
|
3.2
|
|
|
20.6
|
|
16.7
|
|
25.4
|
|
|
|
|
|
|
30
September 2024
|
|
30
September 2023
|
|
31
March
2024
|
|
10
|
Other liabilities
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
Non-current
|
|
|
|
Deferred compensation
liabilities
|
|
25.7
|
|
32.1
|
|
31.2
|
|
|
Third party interests in
consolidated funds1
|
|
5.0
|
|
1.6
|
|
1.8
|
|
|
30.7
|
|
33.7
|
|
33.0
|
|
|
Current
|
|
|
|
Deferred compensation
liabilities
|
|
19.7
|
|
15.2
|
|
24.2
|
|
|
50.4
|
|
48.9
|
|
57.2
|
|
|
1. This was referred to as "Other
liabilities" in prior periods and has been renamed to reflect the
nature of this liability.
|
|
|
11
|
Share capital and other
reserves
|
|
|
|
|
|
|
|
|
|
|
During the six months ended 30
September 2024, the Group bought back and cancelled 7.2 million
shares in Ninety One Limited on-market for a total consideration of
R276.1 million (equivalent to £11.8 million) including transaction
costs. These transactions have resulted in a reduction in share
capital of R216.8 million (equivalent to £10.6 million) and
retained earnings of R59.3 million (equivalent to £2.5 million).
Total ordinary shares in issue and share capital of the Group at 30
September 2024 were 900.2 million shares with nominal value of
£408.1 million (30 September 2023: 911.5 million shares with a
nominal value of £424.7 million; 31 March 2024: 907.4 million
shares with a nominal value of £418.7 million).
To maintain the same equalisation
ratio in the DLC structure, an equal amount of special converting
shares in Ninety One plc were redeemed following the cancellation
of ordinary shares in Ninety One Limited.
|
11(b)
|
Demerger reserves and other
reserves
|
Demerger reserves
The Group demerged from Investec
in March 2020 and reserves were created during the demerger process
as below:
|
|
|
30
September 2024
|
|
30
September 2023
|
|
31
March
2024
|
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
Distributable reserve
|
|
732.2
|
|
732.2
|
|
732.2
|
|
|
Merger reserve
|
|
183.0
|
|
183.0
|
|
183.0
|
|
|
DLC reserve
|
|
(1,236.5)
|
|
(1,236.5)
|
|
(1,236.5)
|
|
|
(321.3)
|
|
(321.3)
|
|
(321.3)
|
Other reserves
The movements in other reserves
during the period/year were:
|
|
|
Share-based payment reserve
|
|
Foreign
currency translation reserve
|
|
Total
|
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
At 1 April 2024
|
|
32.0
|
|
(42.7)
|
|
(10.7)
|
|
|
Foreign exchange differences on
translation of foreign subsidiaries
|
|
-
|
|
4.1
|
|
4.1
|
|
|
Share-based payment
charges
|
|
8.6
|
|
-
|
|
8.6
|
|
|
Vesting and release of share
awards
|
|
(14.7)
|
|
-
|
|
(14.7)
|
|
|
At 30 September 2024
|
|
25.9
|
|
(38.6)
|
|
(12.7)
|
|
|
|
|
|
|
|
|
|
At 1 April 2023
|
|
29.6
|
|
(36.2)
|
|
(6.6)
|
|
|
Foreign exchange differences on
translation of foreign subsidiaries
|
|
-
|
|
(3.7)
|
|
(3.7)
|
|
|
Share-based payment
charges
|
|
7.1
|
|
-
|
|
7.1
|
|
|
Vesting and release of share
awards
|
|
(10.2)
|
|
-
|
|
(10.2)
|
|
|
At 30 September 2023
|
|
26.5
|
|
(39.9)
|
|
(13.4)
|
|
|
|
|
|
|
|
|
At 1 April 2023
|
|
29.6
|
|
(36.2)
|
|
(6.6)
|
|
|
Foreign exchange differences on
translation of foreign subsidiaries
|
|
-
|
|
(6.5)
|
|
(6.5)
|
|
|
Share-based payment
charges
|
|
16.5
|
|
-
|
|
16.5
|
|
|
Vesting and release of share
awards
|
|
(14.1)
|
|
-
|
|
(14.1)
|
|
|
At 31 March 2024
|
|
32.0
|
|
(42.7)
|
|
(10.7)
|
|
|
|
|
|
|
|
Movements in the own shares
reserve during the period/year were:
|
|
|
30
September 2024
|
|
30
September 2023
|
|
31 March
2024
|
|
|
Number
of shares
|
|
Number
of shares
|
|
Number
of shares
|
|
|
|
Millions
|
|
£'m
|
|
Millions
|
|
£'m
|
|
Millions
|
|
£'m
|
|
|
Opening balance
|
23.3
|
|
49.8
|
|
22.6
|
|
51.4
|
|
22.6
|
|
51.4
|
|
|
Own shares
purchased
|
13.9
|
|
25.4
|
|
7.1
|
|
12.0
|
|
7.4
|
|
12.5
|
|
|
Own shares vested and
released
|
(5.8)
|
|
(11.9)
|
|
(4.7)
|
|
(10.4)
|
|
(6.7)
|
|
(14.1)
|
|
|
Closing balance
|
31.4
|
|
63.3
|
|
25.0
|
|
53.0
|
|
23.3
|
|
49.8
|
|
12
|
Fair values of financial
instruments
|
The fair values of all financial
instruments are substantially similar to carrying values reflected
in the condensed consolidated statement of financial position as
they are short-term in nature, subject to variable, market-related
interest rates or stated at fair value in the condensed
consolidated statement of financial position. The Group measures
fair values including policyholders' assets and liabilities using
the following fair value hierarchy that reflects the significance
of the inputs used in making the measurements:
Level 1: Quoted market price
(unadjusted) in an active market for an identical
instrument.
Level 2: Prices that are not
traded in an active market but are determined using valuation
techniques, which are based on observable inputs. The Group's level
2 financial instruments principally comprise unquoted investments
including mutual funds, collective investment schemes, debt
securities, derivatives and policyholder investment contract
liabilities. Valuation techniques may include using a broker quote
in an active market or an evaluated price based on a compilation of
primarily observable market information utilising information
readily available via external sources.
Level 3: Valuation techniques that
include significant inputs that are unobservable. Unobservable
inputs are only used to measure fair value to the extent that
relevant observables inputs are not available.
Financial instruments measured at
fair value at the end of the reporting period by the level in the
fair value hierarchy were:
|
|
|
Level
1
|
|
Level
2
|
|
Level
3
|
|
Total
|
|
|
At 30 September 2024
|
Notes
|
£'m
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
Deferred compensation
investments
|
9
|
41.7
|
|
-
|
|
-
|
|
41.7
|
|
|
Seed investments
|
9
|
3.3
|
|
-
|
|
-
|
|
3.3
|
|
|
Unlisted investment
vehicles
|
9
|
-
|
|
2.6
|
|
16.0
|
|
18.6
|
|
|
Other investments
|
9
|
-
|
|
4.2
|
|
-
|
|
4.2
|
|
|
Money market funds
|
|
258.8
|
|
-
|
|
-
|
|
258.8
|
|
|
Investments backing policyholder
funds
|
|
918.0
|
|
10,340.3
|
|
71.7
|
|
11,330.0
|
|
|
Total financial assets measured at
fair value
|
|
1,221.8
|
|
10,347.1
|
|
87.7
|
|
11,656.6
|
|
|
Policyholder investment contract
liabilities
|
|
-
|
|
(11,319.5)
|
|
-
|
|
(11,319.5)
|
|
|
Other liabilities
|
10
|
-
|
|
(50.4)
|
|
-
|
|
(50.4)
|
|
|
Total financial liabilities
measured at fair value
|
|
-
|
|
(11,369.9)
|
|
-
|
|
(11,369.9)
|
|
|
|
|
At 30 September 2023
(Restated)
|
|
|
|
Deferred compensation
investments
|
9
|
44.0
|
|
-
|
|
-
|
|
44.0
|
|
|
Seed investments
|
9
|
3.0
|
|
-
|
|
-
|
|
3.0
|
|
|
Unlisted investment
vehicles
|
9
|
-
|
|
-
|
|
8.8
|
|
8.8
|
|
|
Other investments
|
9
|
-
|
|
3.9
|
|
-
|
|
3.9
|
|
|
Money market funds
|
|
236.8
|
|
-
|
|
-
|
|
236.8
|
|
|
Investments backing policyholder
funds
|
|
724.5
|
|
8,943.0
|
|
57.3
|
|
9,724.8
|
|
|
Total financial assets measured at
fair value
|
|
1,008.3
|
|
8,946.9
|
|
66.1
|
|
10,021.3
|
|
|
Policyholder investment contract
liabilities
|
|
-
|
|
(9,709.6)
|
|
-
|
|
(9,709.6)
|
|
|
Other
liabilities1
|
10
|
-
|
|
(48.9)
|
|
-
|
|
(48.9)
|
|
|
Total financial liabilities
measured at fair value
|
|
-
|
|
(9,758.5)
|
|
-
|
|
(9,758.5)
|
|
|
|
|
|
|
|
|
Level
1
|
|
Level
2
|
|
Level
3
|
|
Total
|
|
|
At 31 March 2024
|
Notes
|
£'m
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
Deferred compensation
investments
|
9
|
51.5
|
|
-
|
|
-
|
|
51.5
|
|
|
Seed investments
|
9
|
3.2
|
|
-
|
|
-
|
|
3.2
|
|
|
Unlisted investment
vehicles
|
9
|
-
|
|
2.4
|
|
13.7
|
|
16.1
|
|
|
Other investments
|
9
|
-
|
|
4.0
|
|
-
|
|
4.0
|
|
|
Money market funds
|
|
294.0
|
|
-
|
|
-
|
|
294.0
|
|
|
Investments backing policyholder
funds
|
|
743.9
|
|
9,485.9
|
|
68.5
|
|
10,298.3
|
|
|
Total financial assets measured at
fair value
|
|
1,092.6
|
|
9,492.3
|
|
82.2
|
|
10,667.1
|
|
|
Policyholder investment contract
liabilities
|
|
-
|
|
(10,278.5)
|
|
-
|
|
(10,278.5)
|
|
|
Other liabilities
|
10
|
-
|
|
(57.2)
|
|
-
|
|
(57.2)
|
|
|
Total financial liabilities
measured at fair value
|
|
-
|
|
(10,335.7)
|
|
-
|
|
(10,335.7)
|
|
|
|
|
1. The comparative amount was
reclassified from level 1 to level 2 to correctly reflect the
measurement of these liabilities.
|
During all of the above reporting
periods, there were no transfers between level 1 and level 2. The
Group's policy is to recognise transfers between levels of fair
value hierarchy as at the end of the reporting period in which they
occur. Carrying amounts of the financial assets and financial
liabilities measured at amortised cost approximate fair
value.
Information about level 3 fair
value measurements
Unlisted investment vehicles
represent the Group's investment in Ninety One Africa Private
Equity Fund 2 L.P. and Ninety One Global Alternative Fund 2 SCSp
RAIF - European Credit Opportunities Fund 1 at 30 September 2024,
30 September 2023 and 31 March 2024. The key unobservable
input used in measuring their fair values is the value of the
underlying investments of these funds which are calculated by the
General Partners using multiple valuation techniques such as
amortised cost, EBITDA multiple or NPV.
If the value of the underlying
level 3 investments within unlisted investment vehicles increased
by 10% (30 September 2023: 10%, 31 March 2024:10%) at period/year
end, the Group estimates that the fair value measurement of these
reported level 3 assets would have increased by £1.6 million (30
September 2023: £0.9 million, 31 March 2024: £1.4 million). A
decrease of 10% would have had the equal but opposite
effect.
Investments backing policyholder
funds include credit exposures that are not actively traded and
where the principal input in their valuation (i.e. credit spreads)
is unobservable. Accordingly, an alternative valuation methodology
has been applied being an EBITDA multiple, discounted cashflow
models with spread adjustments for any credit rating downgrades or
expected cost recovery. All of the investment risk associated with
these assets is borne by policyholders and that the value of these
assets is exactly matched by a corresponding liability due to
policyholders. The Group bears no risk from a change in the market
value of these assets except to the extent that it has an impact on
management fees earned.
If the value of the underlying
level 3 investments within investments backing policyholder funds
increased by 10% (30 September 2023: 10%, 31 March 2024: 10%) at
period/year end, the Group estimates that the fair value
measurement of these reported level 3 assets would have increased
by £7.2 million (30 September 2023: £5.7 million, 31 March 2024:
£6.9 million). A decrease of 10% would have had the equal but
opposite effect.
The movements during the
period/year in the balance of the level 3 fair value measurements
were:
|
|
|
30
September 2024
|
|
30
September 2023
|
|
31
March
2024
|
|
|
Unlisted investment
vehicles
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
Opening balance
|
|
13.7
|
|
8.0
|
|
8.0
|
|
|
Purchase
|
|
3.0
|
|
-
|
|
5.1
|
|
|
Unrealised (loss)/gain
|
|
(0.7)
|
|
0.8
|
|
0.6
|
|
|
Closing balance
|
|
16.0
|
|
8.8
|
|
13.7
|
|
|
|
|
|
|
30
September 2024
|
|
30
September 2023
|
|
31
March
2024
|
|
|
Investments backing policyholder
funds
|
|
£'m
|
|
£'m
|
|
£'m
|
|
|
Opening balance
|
|
68.5
|
|
45.9
|
|
45.9
|
|
|
Purchase/(disposal)
|
|
6.0
|
|
17.0
|
|
(7.9)
|
|
|
Transfer from level 2
|
|
-
|
|
-
|
|
27.8
|
|
|
Unrealised (loss)/gain
|
|
(5.6)
|
|
(3.9)
|
|
6.4
|
|
|
Foreign exchange
adjustment
|
|
2.8
|
|
(1.7)
|
|
(3.7)
|
|
|
Closing balance
|
|
71.7
|
|
57.3
|
|
68.5
|
|
13
|
Notes to the condensed
consolidated statement of cash flows
|
|
13(a)
|
Reconciliation of cash flows from
operations
|
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
|
Notes
|
£'m
|
|
£'m
|
|
|
(Restated)
|
|
|
Cash flows from operations -
shareholders
|
|
|
|
|
|
Profit before tax
|
|
93.3
|
|
104.0
|
|
|
|
|
Adjusted for:
|
|
|
|
|
|
|
Net gain on investments
|
4
|
(0.3)
|
|
(0.7)
|
|
|
Depreciation of right-of-use
assets
|
3
|
4.6
|
|
4.6
|
|
|
Depreciation of property and
equipment
|
3
|
2.1
|
|
2.0
|
|
|
Interest income
|
5
|
(9.6)
|
|
(8.3)
|
|
|
Interest expense
|
5
|
1.8
|
|
1.9
|
|
|
Net loss of pension
fund
|
|
0.2
|
|
0.1
|
|
|
Share of profit from
associates
|
|
(0.5)
|
|
(0.8)
|
|
|
Share-based payment charges
related to Ninety One share scheme
|
11(b)
|
8.6
|
|
7.1
|
|
|
|
|
Working capital
changes:
|
|
|
|
|
|
|
Trade and other
receivables
|
|
(3.1)
|
|
33.4
|
|
|
Trade and other
payables
|
|
(31.3)
|
|
(79.6)
|
|
|
Other liabilities
|
|
(6.8)
|
|
(6.5)
|
|
|
59.0
|
|
57.2
|
|
|
|
|
Cash flows from operations -
policyholders
|
|
|
|
|
Net fair value (gains)/losses on
linked investments backing policyholder funds
|
(475.8)
|
|
62.1
|
|
|
Net fair value change on
policyholder investment contract liabilities
|
|
665.7
|
|
128.0
|
|
|
Net (withdrawal by)/contribution
received from policyholders
|
|
(66.8)
|
|
37.4
|
|
|
Net acquisition of linked
investments backing policyholder funds1
|
|
(132.7)
|
|
(278.2)
|
|
|
|
|
Working capital
changes:
|
|
|
|
|
|
|
Trade and other
receivables
|
|
(6.3)
|
|
(3.1)
|
|
|
Trade and other
payables
|
|
(10.8)
|
|
17.7
|
|
|
Other movements
|
|
6.1
|
|
-
|
|
|
(20.6)
|
|
(36.1)
|
|
|
1. The comparative amounts have
been restated to remove the impact of unrecognised policyholder
reduction which was offset against cash and cash equivalents
presented within linked investments backing policyholder
funds.
|
|
13(b)
|
Reconciliation of liabilities
arising from financing activities
|
The table below details changes in
the Group's liabilities from financing activities, including both
cash and non-cash changes. Liabilities arising from financing
activities are liabilities for which cash flows were, or future
cash flows will be, classified in the condensed consolidated
statement of cash flows as cash flows from financing
activities.
|
|
|
Lease
liabilities
|
|
|
Six
months ended
|
|
Six
months ended
|
|
|
30
September 2024
|
|
30
September 2023
|
|
|
£'m
|
|
£'m
|
|
|
At 1 April
|
|
94.7
|
|
102.7
|
|
|
Changes from cash
flows:
|
|
|
|
|
|
|
Principal elements of lease
payments
|
|
(4.8)
|
|
(4.9)
|
|
|
Interest paid in respect of lease
liabilities
|
|
(1.8)
|
|
(1.9)
|
|
|
Payment of lease
liabilities
|
|
(6.6)
|
|
(6.8)
|
|
|
Other changes:
|
|
|
|
|
|
|
Additions and remeasurement of
lease liabilities
|
|
0.1
|
|
1.5
|
|
|
Interest expense on lease
liabilities
|
5
|
1.8
|
|
1.9
|
|
|
Foreign exchange
adjustment
|
|
(1.0)
|
|
0.2
|
|
|
At 30 September
|
|
89.0
|
|
99.5
|
|
14
|
Events after the reporting
date
|
Other than the dividend declared
by the Board presented in note 8, no event was noted after the
reporting date that would require disclosures in or adjustments to
the condensed consolidated financial statements.
Annexure to the condensed
consolidated financial statements
Condensed consolidated statement
of financial position (including policyholder figures) -
Unaudited
|
|
At 30
September 2024
|
|
At 30
September 2023
|
|
At 31
March 2024
|
|
|
Policy-holders
|
Share-holders
|
Total
|
|
Policy-holders
|
Share-holders
|
Total
|
|
Policy-holders
|
Share-holders
|
Total
|
|
|
£'m
|
£'m
|
£'m
|
|
£'m
|
£'m
|
£'m
|
|
£'m
|
£'m
|
£'m
|
|
Assets
|
|
|
Investments
|
-
|
47.2
|
47.2
|
|
-
|
43.0
|
43.0
|
|
-
|
49.4
|
49.4
|
|
Investment in
associates
|
-
|
1.3
|
1.3
|
|
-
|
1.4
|
1.4
|
|
-
|
1.4
|
1.4
|
|
Property and equipment
|
-
|
20.4
|
20.4
|
|
-
|
22.1
|
22.1
|
|
-
|
21.3
|
21.3
|
|
Right-of-use assets
|
-
|
66.6
|
66.6
|
|
-
|
73.8
|
73.8
|
|
-
|
72.0
|
72.0
|
|
Deferred tax assets
|
-
|
28.1
|
28.1
|
|
-
|
23.9
|
23.9
|
|
-
|
28.5
|
28.5
|
|
Other receivables
|
-
|
2.4
|
2.4
|
|
-
|
3.4
|
3.4
|
|
-
|
2.5
|
2.5
|
|
Pension fund asset
|
-
|
0.9
|
0.9
|
|
-
|
2.5
|
2.5
|
|
-
|
2.7
|
2.7
|
|
Total non-current
assets
|
-
|
166.9
|
166.9
|
|
-
|
170.1
|
170.1
|
|
-
|
177.8
|
177.8
|
|
|
|
Investments
|
-
|
20.6
|
20.6
|
|
-
|
16.7
|
16.7
|
|
-
|
25.4
|
25.4
|
|
Linked investments backing
policyholder funds
|
11,330.0
|
-
|
11,330.0
|
|
9,724.8
|
-
|
9,724.8
|
|
10,298.3
|
-
|
10,298.3
|
|
Income tax recoverable
|
-
|
4.9
|
4.9
|
|
-
|
13.4
|
13.4
|
|
-
|
11.6
|
11.6
|
|
Trade and other
receivables
|
65.1
|
174.4
|
239.5
|
|
67.8
|
162.4
|
230.2
|
|
58.8
|
171.3
|
230.1
|
|
Cash and cash
equivalents
|
-
|
331.7
|
331.7
|
|
-
|
319.5
|
319.5
|
|
-
|
375.3
|
375.3
|
|
Total current assets
|
11,395.1
|
531.6
|
11,926.7
|
|
9,792.6
|
512.0
|
10,304.6
|
|
10,357.1
|
583.6
|
10,940.7
|
|
|
|
Total assets
|
11,395.1
|
698.5
|
12,093.6
|
|
9,792.6
|
682.1
|
10,474.7
|
|
10,357.1
|
761.4
|
11,118.5
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
-
|
30.7
|
30.7
|
|
-
|
33.7
|
33.7
|
|
-
|
33.0
|
33.0
|
|
Lease liabilities
|
-
|
78.9
|
78.9
|
|
-
|
89.7
|
89.7
|
|
-
|
84.7
|
84.7
|
|
Deferred tax
liabilities
|
45.8
|
0.8
|
46.6
|
|
29.2
|
0.1
|
29.3
|
|
38.0
|
0.3
|
38.3
|
|
Total non-current
liabilities
|
45.8
|
110.4
|
156.2
|
|
29.2
|
123.5
|
152.7
|
|
38.0
|
118.0
|
156.0
|
|
|
|
Policyholder investment contract
liabilities
|
11,319.5
|
-
|
11,319.5
|
|
9,709.6
|
-
|
9,709.6
|
|
10,278.5
|
-
|
10,278.5
|
|
Other liabilities
|
-
|
19.7
|
19.7
|
|
-
|
15.2
|
15.2
|
|
-
|
24.2
|
24.2
|
|
Lease liabilities
|
-
|
10.1
|
10.1
|
|
-
|
9.8
|
9.8
|
|
-
|
10.0
|
10.0
|
|
Trade and other
payables
|
29.8
|
200.9
|
230.7
|
|
53.8
|
186.6
|
240.4
|
|
40.6
|
232.2
|
272.8
|
|
Income tax payable
|
-
|
9.5
|
9.5
|
|
-
|
9.2
|
9.2
|
|
-
|
9.4
|
9.4
|
|
Total current
liabilities
|
11,349.3
|
240.2
|
11,589.5
|
|
9,763.4
|
220.8
|
9,984.2
|
|
10,319.1
|
275.8
|
10,594.9
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
-
|
408.1
|
408.1
|
|
-
|
424.7
|
424.7
|
|
-
|
418.7
|
418.7
|
|
Demerger reserves
|
-
|
(321.3)
|
(321.3)
|
|
-
|
(321.3)
|
(321.3)
|
|
-
|
(321.3)
|
(321.3)
|
|
Own share reserve
|
-
|
(63.3)
|
(63.3)
|
|
-
|
(53.0)
|
(53.0)
|
|
-
|
(49.8)
|
(49.8)
|
|
Other reserves
|
-
|
(12.7)
|
(12.7)
|
|
-
|
(13.4)
|
(13.4)
|
|
-
|
(10.7)
|
(10.7)
|
|
Retained earnings
|
-
|
336.9
|
336.9
|
|
-
|
300.6
|
300.6
|
|
-
|
330.5
|
330.5
|
|
Shareholders' equity excluding
non-controlling interests
|
-
|
347.7
|
347.7
|
|
-
|
337.6
|
337.6
|
|
-
|
367.4
|
367.4
|
|
Non-controlling
interests
|
-
|
0.2
|
0.2
|
|
-
|
0.2
|
0.2
|
|
-
|
0.2
|
0.2
|
|
Total equity
|
-
|
347.9
|
347.9
|
|
-
|
337.8
|
337.8
|
|
-
|
367.6
|
367.6
|
|
|
|
Total equity and
liabilities
|
11,395.1
|
698.5
|
12,093.6
|
|
9,792.6
|
682.1
|
10,474.7
|
|
10,357.1
|
761.4
|
11,118.5
|
Condensed consolidated statement
of cash flows (including policyholder figures) -
Unaudited
|
|
Six
months ended 30 September 2024
|
|
Six
months ended 30 September 2023
|
|
|
Policy-holders
|
Share-holders
|
Total
|
|
Policy-holders
|
Share-holders
|
Total
|
|
|
£'m
|
£'m
|
£'m
|
|
£'m
|
£'m
|
£'m
|
|
Cash flows from
operations
|
(20.6)
|
59.0
|
38.4
|
|
(36.1)
|
57.2
|
21.1
|
|
Interest received
|
-
|
9.6
|
9.6
|
|
-
|
8.4
|
8.4
|
|
Interest paid in respect of lease
liabilities
|
-
|
(1.8)
|
(1.8)
|
|
-
|
(1.9)
|
(1.9)
|
|
Dividends received from
associates
|
-
|
0.6
|
0.6
|
|
-
|
0.6
|
0.6
|
|
Income tax paid
|
-
|
(29.6)
|
(29.6)
|
|
-
|
(31.6)
|
(31.6)
|
|
Net cash flows from operating
activities
|
(20.6)
|
37.8
|
17.2
|
|
(36.1)
|
32.7
|
(3.4)
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
|
|
Acquisition of
investments
|
-
|
(14.8)
|
(14.8)
|
|
-
|
(12.5)
|
(12.5)
|
|
Disposal of investments
|
-
|
22.2
|
22.2
|
|
-
|
21.2
|
21.2
|
|
Additions to property and
equipment
|
-
|
(1.2)
|
(1.2)
|
|
-
|
(1.2)
|
(1.2)
|
|
Net cash flows from investing
activities
|
-
|
6.2
|
6.2
|
|
-
|
7.5
|
7.5
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
|
|
Principal elements of lease
payments
|
-
|
(4.8)
|
(4.8)
|
|
-
|
(4.9)
|
(4.9)
|
|
Purchase of own
shares
|
-
|
(25.4)
|
(25.4)
|
|
-
|
(12.0)
|
(12.0)
|
|
Share buyback
|
-
|
(11.8)
|
(11.8)
|
|
-
|
(18.8)
|
(18.8)
|
|
Dividends paid
|
-
|
(58.7)
|
(58.7)
|
|
-
|
(62.2)
|
(62.2)
|
|
Net cash flows from financing
activities
|
-
|
(100.7)
|
(100.7)
|
|
-
|
(97.9)
|
(97.9)
|
|
|
|
Cash and cash equivalents at 1
April
|
81.8
|
375.3
|
457.1
|
|
91.3
|
379.6
|
470.9
|
|
Net change in cash and cash
equivalents
|
(20.6)
|
(56.7)
|
(77.3)
|
|
(36.1)
|
(57.7)
|
(93.8)
|
|
Effect of foreign exchange rate
changes
|
4.1
|
13.1
|
17.2
|
|
0.2
|
(2.4)
|
(2.2)
|
|
Cash and cash equivalents at 30
September
|
65.3
|
331.7
|
397.0
|
|
55.4
|
319.5
|
374.9
|
|
|
SHAREHOLDER INFORMATION AND DIVIDEND
DECLARATION
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
declaration
The Board has declared a gross
interim dividend of 5.4 pence per share. The interim dividend will
be paid on 31 December 2024 to shareholders recorded in the
shareholder registers of the company at close of business on 13
December 2024.
Ninety One plc shareholders
registered on the United Kingdom share register, will receive their
dividend payment by Ninety One plc of 5.4 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 5.4 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,
10 December 2024
|
|
On the London Stock Exchange
("LSE")
|
Wednesday, 11 December 2024
|
|
Shares commence trading
ex-dividend
|
|
|
On the JSE
|
Wednesday, 11 December 2024
|
|
On the LSE
|
Thursday, 12 December 2024
|
|
Record date (on the JSE and LSE)
|
Friday,
13 December 2024
|
|
Payment date (on the JSE and LSE)
|
Tuesday,
31 December 2024
|
Share certificates on the South
African branch register may not be dematerialised or rematerialised
between Wednesday, 11 December 2024 and Friday 13, December 2024,
both dates inclusive, nor may transfers between the United Kingdom
share register and the South African branch register take place
between Wednesday, 11 December 2024 and Friday, 13 December 2024,
both dates inclusive.
Additional information for Ninety
One shareholders registered on the South African branch
register
· The interim dividend declared 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 5.40000 pence, equivalent to a
gross dividend of 123.42564 cents per share (rounded to 123.00000
cents per share), has been arrived at using the rand/pound sterling
average buy/sell spot rate of ZAR22.8566/£, as determined at 11:00
(SA time) on Tuesday, 19 November 2024. Consequently, tax will be
calculated on the gross dividend of 123.00000 cents per
share.
·
Ninety One plc United Kingdom tax reference
number: 623 59652 16053.
·
The issued ordinary share capital of Ninety One
plc is 622,624,622 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 dividend
of 123.00000 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
dividend of 98.40000 cents per share (gross dividend of 123.00000
cents per share less Dividend Tax of 24.60000 cents per share) paid
by Ninety One Limited on the SA DAS share.
By order of the board
Amina Rasool
Company Secretary
19 November 2024
Ninety One Limited dividend
declaration
The Board has declared a gross
interim dividend of 123.00000 cents per share. The interim dividend
will be paid on 31 December 2024 to shareholders recorded in the
shareholder register of the company at close of business on 13
December 2024.
The relevant dates for the payment
of the dividend are as follows:
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Last day to trade
cum-dividend
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Tuesday,
10 December 2024
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Shares commence trading
ex-dividend
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Wednesday, 11 December 2024
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Record date
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Friday,
13 December 2024
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Payment date
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Tuesday,
31 December 2024
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The interim gross dividend of
123.42564 cents per ordinary share (rounded to
123.00000 cents
per ordinary share) has been determined by converting the Ninety
One plc distribution of 5.40000
pence per ordinary share into rands using the
rand/pound sterling average buy/sell spot rate of ZAR22.8566/£, as determined at 11:00 (SA time) on Tuesday, 19 November 2024. Consequently,
tax will be calculated on the gross dividend of 123.00000 cents per
share.
Share certificates may not be
dematerialised or rematerialised between Wednesday 11 December 2024 and Friday 13 December
2024, both dates inclusive.
Additional information to take
note of:
· The interim dividend declared 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 276,411,375 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 dividend of 123.00000 cents per ordinary
share.
· Shareholders who are not exempt from paying the Dividend Tax
will receive a dividend of 98.40000
cents per ordinary share (gross dividend
of 123.00000 cents per ordinary share less Dividend Tax of
24.60000 cents per
ordinary share).
By order of the board
Ninety One Africa Proprietary
Limited
Company Secretary
19 November 2024
Date of
release: 20 November 2024
JSE
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd