02 | BUSINESS REVIEW|
Our year in brief Net revenue
£267.0m £47.0m 5.5p 3.0p
Total dividend per share Assets under management*
£100.1bn 2011
Group underlying profit before tax Net revenue Underlying earnings per share
£267.0m 2011
£243.2m 2010
Underlying operating margin
24.4% 2011
27.6% 2010
Group underlying profit before taxation 2011 Financial and Business Highlights
• First phase of the strategic review completed, second phase expected in May 2012
• £33.2 million cost reduction programme is ahead of plan and remains on track to be substantially achieved by the end of 2012
• Assets under management of £100.1 billion (2010: £105.8 billion)*
• £7.8 billion of gross new third-party business (2010: £5.7 billion)
• Three-year investment performance track record remains competitive, particularly in the Group’s largest asset class of fixed income
• Consultant buy ratings at record levels • Net debt reduced to £77.8 million (2010: £95.9 million)*
• Underlying earnings per share of 5.5 pence (2010: 5.7 pence)
• Unchanged total dividends of 3.0 pence per share (2010: 3.0 pence)
Reconciliations of reported to underlying earnings and calculations of key performance indicators are given on page 124.
Reconciliations between reported earnings/(loss) and underlying earnings and between basic loss per share and underlying earnings per share are given in note 10 to the Consolidated Financial Statements.
* As at the end of the reporting period.
£47.0m 2011
£44.7m 2010
Reported profit/(loss) after tax £2.6m
2011
(£13.4m) 2010
Underlying earnings per Ordinary Share
5.5p 2011
5.7p 2010
Basic loss per Ordinary Share (0.1)p
2011
(3.3)p 2010
Total dividend per Ordinary Share
3.0p 2011
3.0p 2010
£105.8bn 2010
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147