Man Group plc (MNGPF.PK,MNGPY.PK,EMG.L) reported Tuesday that its fiscal 2020 profit before tax decreased 42 percent to $179 million from $307 million a year ago. Earnings per share fell 49% to 9.3 cents from prior year’s 18.4 cents.
Core profit before tax was $284 million, compared to $384 million last year. Core earnings per share were 16.2 cents, compared to 21.0 cents a year ago.
Core net revenues declined to $947 million from $1.11 billion in the previous year.
The company recorded funds under management or FUM at the end of the year of $123.6 billion, higher than previous year’s $117.7 billion.
Further, the Board confirmed that it will recommend a final dividend of 5.7 cents per share for the financial year 2020, giving a total dividend of 10.6 cents per share for the year, an increase of 8 percent.
Looking ahead, Luke Ellis, Chief Executive Officer, said, “We saw net inflows last year and we’ve seen that positive engagement with clients continue into 2021. We are confident in our growth trajectory and enter the year with good momentum, with the combination of our talented team and leading technology driving our strong competitive position.”
Separately, Man Group announced that Anne Wade will take over from Richard Berliand as Chair of the Remuneration Committee with effect from the conclusion of the Company’s 2021 AGM on May 7.
At that time she will also be appointed as a member of the Nomination Committee. Richard Berliand will continue to serve as the Company’s Senior Independent Director and as a member of the Remuneration Committee, Nomination Committee and Audit and Risk Committee.
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