Robust performance in volatile times
​With the key figures from the 2015 results having been announced in July, yesterday's announcement contains no surprises. Earnings were up 27% on the 2014 figure, before allowing that the latter was a 13 month year. The unchanged dividend of 24p is 1.1 covered by earnings and conversion to cash was excellent as always. Margins were good, with the revenue margin decline slower than expected and the benefit of good cost control coming through in a much improved operating margin. The bad news has come after the year end, where weak markets have weighed on funds under management, bringing them down to $3.5bn.Â
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