The FY23 outturn was well flagged at the Q4 trading update, so the £87.1m adj. PBT (-10% yoy) was not a surprise. The results reflect headwinds in flows/performance from wider markets, a full year of Majedie costs and higher performance fees. The balance sheet is liquid and the board has maintained the dividend payout yoy. AuMA has ticked down to £30.5bn in Q1 (FY23 £31.4bn) with flat market performance. The GAM transaction remains subject to shareholder approval and as such we remain “restricted”. We will revisit our forecasts and valuation following the shareholder vote to approve the acquisition scheduled for 7th July.
