Schroders Plc proposed a final dividend of 79.0 pence per share in 2017, 23% higher than the year-ago 64.0 pence per share, as its after tax profit for the year rose to £594.4 million from £490.2 million in 2016.
The final dividend will be paid out May 3 to shareholders on the register March 23, bringing the total dividend for the year to 113.0 pence per share, up 22% from 93.0 pence per share a year ago.
EPS increased on a yearly basis to 211.0 pence from 174.5 pence.
As of 2017-end, assets under management and administration stood at £447.0 billion, 13% higher than £395.3 billion at the end of 2016, driven by investments, acquisitions and £9.6 billion of net new business from clients.
The British firm's net income came in at £2.07 billion, compared to £1.79 billion a year ago. Pretax profit before exceptional items stood at £800.3 million, compared to £644.7 million in 2016.
For the firm's asset management arm, profit before tax and exceptional items rose 23% to £705.9 million from £572.4 million a year prior, while profit before tax and exceptional items at the wealth management business increased 36% year over year to £90.3 million from £66.4 million.
Separately, Schroders announced that Philip Howard will step down from its board after nine years at the end of its April 26 annual general meeting. Ian King and Nichola Pease, who have been independent nonexecutive directors since January 2017 and September 2012, respectively, will replace Howard as senior independent director and remuneration committee chairman, respectively.
For 2018, the firm will continue investing for long-term growth, whether through allocating more resources for product offering diversification, geographical footprint expansion or leveraging opportunities via new technology.
