Ashmore Group

ASHM · Main Market · Financial Services · mcap £1,433m · 225.8p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 07 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,470m
Owner’s net cash: £311.9m
Net cash / market cap: 21%
EV ex leases: £1,169m
Revenue: £144.3m
Operating profit: £71.7m
Free cash flow after leases: £3.7m
EV / EBIT: 16.3×
FCF yield: 0.3%
Price / tangible book: 2.02×
ROCE: 8%
Net income (owners): £103.3m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Jun 26 (twelve months to 30 Jun 26), published 07 Sep 26 · read the results ↗

Source ↗

	2026 £m	2025 £m
Management fees	133.2	131.7
Performance fees	1.4	10.2
Other revenue	9.7	2.5
Total revenue	144.3	144.4
Distribution and sub-advisory costs	(5.0)	(2.0)
Foreign exchange gains	1.2	1.7
Net revenue	140.5	144.1
Net gains on investment securities	38.1	11.8
Personnel expenses	(77.9)	(71.0)
Other expenses	(29.0)	(27.7)
Operating profit	71.7	57.2
Finance income	54.8	51.1
Share of profit from associate	0.4	0.3
Profit before tax	126.9	108.6
Tax expense	(19.6)	(23.5)
Profit for the year	107.3	85.1
Other comprehensive income/(loss), net of related tax effect
Items that may be reclassified subsequently to profit or loss
Foreign currency translation differences arising on foreign operations	20.5	(47.8)
Cash flow hedge intrinsic value gains/(losses)	(0.6)	0.6
Other comprehensive income/(loss), net of tax	19.9	(47.2)
Total comprehensive income for the year	127.2	37.9
Profit attributable to
Equity holders of the parent	103.3	81.2
Non-controlling interests	4.0	3.9
Profit for the year	107.3	85.1
Total comprehensive income attributable to
Equity holders of the parent	122.6	34.7
Non-controlling interests	4.6	3.2
Total comprehensive income for the year	127.2	37.9
Earnings per share attributable to equity holders of the parent
Basic	15.67p	12.17p
Diluted	15.04p	11.77p

Source ↗

	2026 £m	2025 £m
Assets
Non-current assets
Goodwill	83.0	80.5
Property, plant and equipment 1	66.3	33.8
Investment in associate	3.6	2.8
Financial assets at fair value	60.1	66.3
Deferred acquisition costs	-	0.1
Trade and other receivables 1	4.3	3.0
Deferred tax assets	21.7	16.2
Total non-current assets	239.0	202.7
Current assets
Investment securities 1	297.5	310.4
Financial assets at fair value	16.9	17.0
Derivative financial instruments	-	0.9
Trade and other receivables 1	55.3	50.2
Current tax	8.3	3.2
Cash and deposits 1	364.7	348.8
Total current assets	742.7	730.5
Assets held for sale	89.2	-
Total assets	1,070.9	933.2
Equity and liabilities
Capital and reserves - attributable to equity holders of the parent
Issued capital	0.1	0.1
Share premium	15.6	15.6
Retained earnings	802.2	809.5
Foreign exchange reserve 1	(23.6)	(43.5)
Cash flow hedging reserve	-	0.6
Total capital and reserves - attributable to equity holders of the parent	794.3	782.3
Non-controlling interests 1	15.4	11.9
Total equity	809.7	794.2
Liabilities
Non-current liabilities
Lease liabilities	16.2	2.6
Deferred tax liabilities	12.9	9.5
Other financial liabilities 1 20e	30.1	18.0
Total non-current liabilities	59.2	30.1
Current liabilities
Derivative financial instruments	0.2	-
Lease liabilities	0.6	2.0
Current tax	3.1	2.7
Third-party interests in consolidated funds 1	104.1	72.9
Trade and other payables 1	34.9	31.3
Total current liabilities	142.9	108.9
Liabilities held for sale	59.1	-
Total liabilities	261.2	139.0
Total equity and liabilities	1,070.9	933.2

Source ↗

	2026 £m	2025 £m
Operating activities
Profit for the year	107.3	85.1
Adjustments for non-cash items
Depreciation and amortisation	3.6	3.1
Share-based payments	22.1	20.5
Foreign exchange gains	(1.2)	(1.7)
Net gains on investment securities	(38.1)	(11.8)
Finance income	(54.8)	(51.1)
Tax expense	19.6	23.5
Share of profit from associate	(0.4)	(0.3)
Cash generated from operations before working capital changes	58.1	67.3
Changes in working capital
Increase in trade and other receivables 1	(3.9)	(1.6)
Decrease/(increase) in derivative financial instruments	1.1	(0.7)
Decrease in trade and other payables 1	(3.1)	(4.0)
Cash generated from operations	52.2	61.0
Taxes paid	(25.0)	(17.4)
Net cash generated from operating activities	27.2	43.6
Investing activities
Interest received	14.8	23.1
Investment income received	20.7	29.7
Proceeds from term deposits 1	146.6	342.8
Placement of term deposits 1	(71.8)	(266.6)
Purchase of non-current financial assets measured at fair value	(1.5)	(11.1)
Purchase of financial assets measured at fair value	(6.5)	(61.6)
Purchase of investment securities 1	(58.7)	(54.5)
Purchase of assets held for sale	(28.7)	-
Sale of non-current financial assets measured at fair value	1.0	2.1
Sale of financial assets measured at fair value	45.5	10.2
Sale of investment securities	116.6	26.6
Cash movement on reclassification of consolidated funds	0.4	3.8
Purchase of property, plant and equipment 1	(20.8)	(27.4)
Net cash generated from investing activities	157.6	17.1
Financing activities
Dividends paid to equity holders	(118.8)	(120.1)
Drawdown of financial liabilities 1	11.4	19.0
Increase in non-controlling interests 1	0.2	2.6
Dividends paid to non-controlling interests	(1.6)	(3.5)
Third-party subscriptions into consolidated funds	45.2	22.8
Third-party redemptions from consolidated funds	(19.5)	(16.3)
Distributions paid by consolidated funds	(1.0)	(1.0)
Payment of lease liabilities	(1.9)	(2.3)
Interest paid on lease liabilities	(0.8)	(0.3)
Purchase of own shares	(13.9)	(35.4)
Net cash used in financing activities	(100.7)	(134.5)
Net increase/(decrease) in cash and cash equivalents 1	84.1	(73.8)
Cash and cash equivalents at beginning of year	221.2	308.0
Effect of exchange rate changes on cash and cash equivalents	6.6	(13.0)
Cash and cash equivalents at end of year	311.9	221.2
Cash and deposits at end of year comprise the following
Cash at bank and in hand	26.7	55.8
Daily dealing liquidity funds and short-term deposits	285.2	165.4
Cash and cash equivalents	311.9	221.2
Term deposits	52.8	127.6
Cash and deposits	364.7	348.8

Source ↗

	Unaudited 6 months to 31 December 2025 £m	Unaudited 6 months to 31 December 2024 £m	Audited 12 months to 30 June 2025 £m
Management fees	64.6	69.3	131.7
Performance fees	0.8	7.9	10.2
Other revenue	4.6	1.3	2.5
Total revenue	70.0	78.5	144.4
Distribution and sub-advisory costs	(2.5)	(1.0)	(2.0)
Foreign exchange gains	0.5	3.5	1.7
Net revenue	68.0	81.0	144.1
Net gains/(losses) on investment securities	34.2	(1.5)	11.8
Personnel expenses	(35.9)	(35.4)	(71.0)
Other expenses	(14.6)	(13.8)	(27.7)
Operating profit	51.7	30.3	57.2
Finance income	30.0	19.4	51.1
Share of profit from associate	0.2	0.2	0.3
Profit before tax	81.9	49.9	108.6
Tax expense	(11.1)	(10.8)	(23.5)
Profit for the period	70.8	39.1	85.1
Other comprehensive income/(loss), net of related tax effect
Items that may be reclassified subsequently to profit or loss
Foreign currency translation differences arising on foreign operations	10.1	2.1	(47.3)
Cash flow hedge intrinsic value gains/(losses)	(0.6)	−	0.6
Other comprehensive income/(loss), net of tax	9.5	2.1	(46.7)
Total comprehensive income for the period	80.3	41.2	38.4
Profit attributable to
Equity holders of the parent	69.4	37.1	81.2
Non-controlling interests	1.4	2.0	3.9
Profit for the period	70.8	39.1	85.1
Total comprehensive income attributable to
Equity holders of the parent	78.6	39.0	35.0
Non-controlling interests	1.7	2.2	3.4
Total comprehensive income for the period	80.3	41.2	38.4
Earnings per share attributable to equity holders of the parent
Basic	10.51p	5.52p	12.17p
Diluted	10.13p	5.36p	11.77p

Source ↗

	Unaudited 31 December 2025 £m	Unaudited 31 December 2024 £m	Audited 30 June 2025 £m
Assets
Non-current assets
Goodwill	82.0	87.8	80.5
Property, plant and equipment	17.8	6.7	5.1
Investment in associates	3.2	2.9	2.8
Financial assets at fair value	79.2	58.8	66.3
Deferred acquisition costs	−	0.1	0.1
Deferred tax assets	17.5	18.1	16.2
Total non-current assets	199.7	174.4	171.0
Current assets
Investment securities	421.2	329.7	321.5
Financial assets at fair value	11.0	19.0	17.0
Derivative financial instruments	0.1	0.4	0.9
Trade and other receivables	52.2	58.4	49.0
Cash and deposits	277.3	347.5	348.7
Total current assets	761.8	755.0	737.1
Total assets	961.5	929.4	908.1
Equity and liabilities
Capital and reserves - attributable to equity holders of the parent
Issued capital	0.1	0.1	0.1
Share premium	15.6	15.6	15.6
Retained earnings	789.5	796.9	809.5
Foreign exchange reserve	(33.4)	5.5	(43.2)
Cash flow hedging reserve	−	−	0.6
Total capital and reserves - attributable to equity holders of the parent	771.8	818.1	782.6
Non-controlling interests	9.0	8.9	8.2
Total equity	780.8	827.0	790.8
Liabilities
Non-current liabilities
Lease liabilities	15.8	3.5	2.6
Deferred tax liabilities	11.5	9.4	9.5
Total non-current liabilities	27.3	12.9	12.1
Current liabilities
Lease liabilities	1.1	2.5	2.0
Derivative financial instruments	−	0.1	−
Third-party interests in consolidated funds	130.2	65.2	73.3
Trade and other payables	22.1	21.7	29.9
Total current liabilities	153.4	89.5	105.2
Total liabilities	180.7	102.4	117.3
Total equity and liabilities	961.5	929.4	908.1

Source ↗

	Unaudited 6 months to 31 December 2025 £m	Unaudited 6 months to 31 December 2024 £m	Audited 12 months to 30 June 2025 £m
Operating activities
Profit after tax	70.8	39.1	85.1
Adjustments for non-cash items
Depreciation and amortisation	1.7	1.6	3.1
Share-based payments	9.5	9.8	20.5
Foreign exchange gains	(0.5)	(3.5)	(1.7)
Net (gains)/losses on investment securities	(34.2)	1.5	(11.8)
Finance income	(30.0)	(19.4)	(51.1)
Tax expense	11.1	10.8	23.5
Share of profit from associate	(0.2)	(0.2)	(0.3)
Cash generated from operations before working capital changes	28.2	39.7	67.3
Changes in working capital
Decrease/(increase) in trade and other receivables	(1.8)	3.1	6.4
Decrease/(increase) in derivative financial instruments	0.8	0.3	(0.7)
(Decrease)/increase in trade and other payables	(7.5)	(16.2)	(7.0)
Cash generated from operations	19.7	26.9	66.0
Taxes paid	(9.7)	(11.1)	(17.4)
Net cash generated from operating activities	10.0	15.8	48.6
Investing activities
Interest received	9.6	16.6	23.1
Investment income received	10.5	10.7	29.7
Proceeds from matured term deposits	108.5	68.0	76.2
Purchase of non-current financial assets measured at fair value	(1.3)	(3.0)	(11.1)
Purchase of current financial assets measured at fair value	(0.2)	(61.6)	(61.6)
Purchase of investment securities	(83.7)	(43.0)	(65.2)
Sale of non-current financial assets measured at fair value	0.7	1.4	2.1
Sale of current financial assets measured at fair value	9.6	7.3	10.2
Sale of investment securities	43.3	5.1	26.6
Cash movements on consolidation or deconsolidation of funds and subsidiaries	(0.7)	1.0	3.8
Purchase of property, plant and equipment	(0.4)	(0.2)	(0.2)
Net cash generated from investing activities	95.9	2.3	33.6
Financing activities
Dividends paid to equity holders	(85.1)	(86.2)	(120.1)
Dividends paid to non-controlling interests	(0.9)	(1.5)	(3.5)
Third-party subscriptions into consolidated funds	44.0	7.0	22.8
Third-party redemptions from consolidated funds	(13.2)	(4.8)	(16.3)
Distributions paid by consolidated funds	(0.6)	(0.4)	(1.0)
Payment of lease liabilities	(1.3)	(1.1)	(2.3)
Interest paid on lease liabilities	(0.2)	(0.2)	(0.3)
Purchase of own shares	(13.8)	(27.1)	(35.4)
Net cash used in financing activities	(71.1)	(114.3)	(156.1)
Net increase/(decrease) in cash and cash equivalents	34.8	(96.2)	(73.9)
Cash and cash equivalents at the beginning of the period	221.1	308.0	308.0
Effect of exchange rate changes on cash and cash equivalents	2.3	(0.1)	(13.0)
Cash and cash equivalents at the end of the period	258.2	211.7	221.1

	FY Jun 26	FY Jun 25
Revenue to operating profit
Revenue	144.3	144.4
Adjusted EBITDA	35.7	52.5
Operating profit	71.7	57.2
Share-based payments	22.1	20.5
Operating profit to net income
Profit before tax	126.9	108.6
Tax	(19.6)	(23.5)
Net income (owners)	103.3	81.2
Per share
EPS basic	15.7p	12.2p
EPS diluted	15.0p	11.8p

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Revenue to operating profit
Revenue	74.3	70.0	65.9	78.5
Adjusted EBITDA	14.8	20.9	18.8	33.7
Operating profit	20.0	51.7	26.9	30.3
Share-based payments	12.6	9.5	10.7	9.8
Operating profit to net income
Profit before tax	45.0	81.9	58.7	49.9
Tax	(8.5)	(11.1)	(12.7)	(10.8)
Net income (owners)	33.9	69.4	44.1	37.1
Per share
EPS basic	5.2p	10.5p	6.7p	5.5p
EPS diluted	4.9p	10.1p	6.4p	5.4p
Dividend per share	–	4.8p	–	4.8p

	FY Jun 26	FY Jun 25
Operating activities
Cash from operations	27.2	43.6^r
Tax paid	(25.0)	(17.4)
Investing activities
Capex (PP&E)	(20.8)	(27.4)^r
Financing activities
Lease principal paid	(1.9)	(2.3)
Lease interest paid	(0.8)	(0.3)
Dividends paid	(118.8)	(120.1)
Share buybacks	(13.9)	(35.4)

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Operating activities
Cash from operations	17.2	10.0	27.8	15.8
Tax paid	(15.3)	(9.7)	(6.3)	(11.1)
Investing activities
Capex (PP&E)	(20.4)	(0.4)	(27.2)	(0.2)
Financing activities
Lease principal paid	(0.6)	(1.3)	(1.2)	(1.1)
Lease interest paid	(0.6)	(0.2)	(0.1)	(0.2)
Dividends paid	(33.7)	(85.1)	(33.9)	(86.2)
Share buybacks	(0.1)	(13.8)	(8.3)	(27.1)

	30 Jun 26	30 Jun 25
Non-current assets
Goodwill	83.0	80.5
Property, plant & equipment	66.3	33.8^r
Associates & JVs	3.6	2.8
Non-current assets	328.2	202.7
Current assets
Trade receivables	55.3	50.2^r
Cash	311.9	221.2^r
Current assets	742.7	730.5^r
Total assets	1,070.9	933.2^r
Current liabilities
Trade payables	34.9	31.3^r
Lease liabilities, current	0.6	2.0
Current liabilities	142.9	108.9^r
Non-current liabilities
Lease liabilities, non-current	16.2	2.6
Non-current liabilities	118.3	30.1
Total liabilities	261.2	139.0^r
Equity
Non-controlling interests	15.4	11.9^r
Total equity	809.7	794.2

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	83.0	82.0	80.5	87.8
Property, plant & equipment	66.3	17.8	33.8^r	6.7
Associates & JVs	3.6	3.2	2.8	2.9
Non-current assets	328.2	199.7	202.7	174.4
Current assets
Trade receivables	55.3	52.2	50.2^r	58.4
Cash	311.9	277.3	221.2^r	347.5
Current assets	742.7	761.8	730.5^r	755.0
Total assets	1,070.9	961.5	933.2^r	929.4
Current liabilities
Trade payables	34.9	22.1	31.3^r	21.7
Lease liabilities, current	0.6	1.1	2.0	2.5
Current liabilities	142.9	153.4	108.9^r	89.5
Non-current liabilities
Lease liabilities, non-current	16.2	15.8	2.6	3.5
Non-current liabilities	118.3	27.3	30.1	12.9
Total liabilities	261.2	180.7	139.0^r	102.4
Equity
Non-controlling interests	15.4	9.0	11.9^r	8.9
Total equity	809.7	780.8	794.2	827.0

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