(RTTNews) - Shares of Schroders Plc (SDR.L) were gaining around 6 percent in the morning trading in London after the British asset management company on Thursday reported higher profit and assets under management in fiscal 2024. The company also announced new three-year targets in a clear plan to return the business to profitable growth.
Over the next three years, the company plans to deliver 150 million pounds of annualised net cost savings, and stabilise revenues in Public Markets, among others.
Further, the Board proposes an unchanged final dividend of 15.0 pence per share.
For fiscal 2024, the company's profit before tax grew 14 percent to 558.1 million pounds from last year's 487.6 million pounds. Basic earnings per share were 26.4 pence, up 7 percent from last year's 24.6 pence.
Operating profit, meanwhile, dropped 3 percent to 640.5 million pounds from 661.0 million pounds a year ago.
Net operating revenue excluding performance fees and net carried interest went up 2 percent to 2.29 billion pounds from 2.25 billion pounds a year ago, driven by strong performance in Wealth Management and Schroders Capital.
AUM including joint ventures and associates grew 4 percent to 778.7 billion pounds from prior year's 750.6 billion pounds.
Separately, Schroders announced that Deborah Waterhouse, having served on the Board for six years, has decided not to stand for re-election at Annual General Meeting on May 1.
The Company also announced that Ian King will step down from the role of Senior Independent Director and be succeeded by Iain Mackay with effect from the conclusion of the AGM.
In London, Schroders shares were trading at 402.00 pence, up 5.73 percent.
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