Shares in Jupiter Asset Management have risen more than 8% on an upside surprise to underlying profits before tax, although the Matthew Beesley-headed fund house continues to struggle with retail outflows.
According to its full year results published this morning (22 February), the firm delivered a 36% uptick to year-on-year underlying profit before tax, to £105.2m, although statutory profit before tax came in 84% below 2022's figure, following a £76.2m impairment on goodwill. The firm explained the impairment test found the value in use of its 2007 Knightsbridge Asset Management and 2020 Merian acquisitions fell below the carrying value, leading to the recognised impairment charge. Jupiter suffers higher than anticipated outflows of £2.2bn This was largely attributed to lower demand...
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