F&C profits rise 11% as restructuring programme ends

Underlying pre-tax profit at F&C rose 11% to £52.4m in 2012 as the group's 18 month restructuring programme drew to a close.

Reporting full-year results for 2012, executive chairman Edward Bramson (pictured) said the asset manager "is now in a position to invest for growth" following the "hard work" of restructuring seen over the past 18 months. Maintaining a total dividend per share of 3p, F&C reported net revenue of £243.5m, down from £267m in 2011 but slightly ahead of consensus estimates. Underlying operating profit rose from £65.2m to £71.2m, in line with consensus, while assets under management fell from £100.1bn to £95.2bn over the 12-month period, as previously disclosed. F&C's restructuring has...