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Schroders H1 profit falls YOY on higher expenses

U.K. asset manager Schroders PLC reported unaudited first-half profit after tax of £255.0 million, down from the year-ago £292.6 million.

EPS for the period was 90.9 pence, compared to 104.2 pence a year earlier.

Net income for the first half fell on a yearly basis to £1.03 billion from £1.08 billion. Net operating revenue also decreased, to £993.3 million from £1.05 billion.

Pretax profit before exceptional items stood at £340.4 million, compared to £397.1 million a year earlier. Including exceptional items, pretax profit for the first half was £319.3 million compared to £371.1 million.

Operating expenses rose year over year to £711.3 million from £706.6 million.

The company's total assets under management and administration reached £444.4 billion at June-end, compared to £407.2 billion at the end of 2018.

Schroders saw net outflows of £1.2 billion in the first half, compared to net inflows of £1.2 billion in the first six months of 2018.

The company's board declared an interim dividend of 35.0 pence per share, unchanged from 2018. The dividend will be payable Sept. 26 to shareholders on the register Aug. 23.