British investment manager Ashmore Group has reported profit before tax of £167.5m for the year ending 30 June 2016, a fall of 8% compared to £181.3m a year ago.
Net revenues were £232.5m during the period, a slump of 18% from £283.3m a year earlier.
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The company maintained its interim dividend at 4.55p, while diluted earnings per share decreased by 7% to 18.1p.
Total operating expenses dropped 7% year-on-year to £92.3m from £99.5m.
The firm’s total assets under management (AuM) at the end of 30 June 2016 were $52.6bn, compared to $58.9bn a year ago.
The company’s adjusted earnings before interest, tax, depreciation and amortization stood at £130.9m during the period.
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By GlobalDataAshmore CEO Mark Coombs said: "Ashmore's strategy and business model are designed to deal with the fluctuations of market cycles, and while the past few years have presented challenges to Emerging Markets, these results for the financial year demonstrate that the Group has maintained its high profitability and continued to generate cash.
“In weaker markets, Ashmore's consistent investment processes acquire risk and these actions usually provide strong outperformance for clients as markets recover.”
