Ashmore enjoys change in fortunes as profits double

Ashmore Group has seen its shares soar this morning as it reveals pre-tax profits doubling in the six months ended December.

Assets under management now sit at £52.2bn up 5 per cent from £52.6bn in June.

Revenue increased 24 per cent to £144.1m while Ebitda was up 32 per cent to £89.7m. Pre-tax profits jumped 94 per cent to £121.5m.

Shares rallied 7 per cent on the news.

The above-forecast results represent a change in fortunes for the group, which revealed assets had dropped 11 per cent in its last full year results, released in September last year.

Ashmore Group chief executive Mark Coombs says investor sentiment has given the emerging market specialist a boost.

“While the US election outcome interrupted the improvement in sentiment towards emerging markets, the effect has been short-lived with asset prices strengthening into 2017.

“The combination of attractive absolute and relative returns, accelerating GDP growth, and low allocations all support the expectation of further strong performance in 2017 and a return to the improving flow trend seen for most of 2016.”