Jupiter Fund Management

JUP · Main Market · Financial Services · mcap £859m · 173.8p

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

Source: results 23 Jul 26 ↗

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

Market cap: £891.9m
Owner’s net cash: £345.3m
Net cash / market cap: 39%
EV ex leases: £544.9m
Revenue: £525.4m
Operating profit: £134.4m
Free cash flow after leases: £138.1m
EV / EBIT: 4.1×
FCF yield: 15.5%
Price / tangible book: 2.94×
ROCE: 14%
Net income (owners): £104.0m

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: H1 26 (six months to 30 Jun 26), published 23 Jul 26 · read the results ↗

Source ↗

	Six months ended 30 June 2026 £m	Six months ended 30 June 2025 £m	Year ended 31 December 2025 £m
Revenue	230.7	171.0	465.7
Fee and commission expenses	(17.4)	(17.1)	(34.7)
Net revenue	213.3	153.9	431.0
Administrative expenses	(177.2)	(128.8)	(306.7)
Other (losses)/gains	(0.9)	2.4	6.6
Amortisation of intangible assets	(2.8)	(1.4)	(2.8)
Operating profit	32.4	26.1	128.1
Finance income	3.8	3.5	7.2
Finance costs	(0.8)	(2.1)	(3.4)
Profit before taxation	35.4	27.5	131.9
Income tax expense	(10.3)	(6.0)	(31.5)
Profit for the period	25.1	21.5	100.4
Earnings per share
Basic	4.8p	4.1p	19.2p
Diluted	4.5p	3.9p	17.9p

Source ↗

	30 June 2026 £m	30 June 2025 £m	31 December 2025 £m
Non-current assets
Goodwill	523.6	494.4	494.4
Intangible assets	61.3	12.1	11.7
Property, plant and equipment	35.7	33.9	31.2
Investment in associates	1.7	1.5	1.7
Deferred tax assets	34.9	19.5	31.0
Trade and other receivables	0.5	0.4	0.4
Total non-current assets	657.7	561.8	570.4
Current assets
Financial assets	171.8	301.9	134.8
Trade and other receivables	151.4	142.1	216.9
Cash and cash equivalents	345.3	195.5	318.7
Current tax asset	10.2	6.5	1.8
Total current assets	678.7	646.0	672.2
Total assets	1,336.4	1,207.8	1,242.6
Equity attributable to shareholders
Share capital	10.4	10.9	10.9
Own share reserve	(0.4)	(0.7)	(0.9)
Other reserves	239.5	244.6	239.0
Foreign currency translation reserve	0.5	(0.3)	0.7
Retained earnings	638.5	586.5	656.4
Total equity	888.5	841.0	906.1
Non-current liabilities
Trade and other payables	59.9	58.0	63.1
Deferred tax liabilities	12.6	-	-
Total non-current liabilities	72.5	58.0	63.1
Current liabilities
Financial liabilities at fair value through profit or loss (FVTPL)	101.8	105.9	42.0
Trade and other payables	265.2	200.7	215.2
Provisions	3.2	0.5	0.6
Current tax liability	5.2	1.7	15.6
Total current liabilities	375.4	308.8	273.4
Total liabilities	447.9	366.8	336.5
Total equity and liabilities	1,336.4	1,207.8	1,242.6

Source ↗

	Six months ended 30 June 2026 £m	Six months ended 30 June 2025 £m	Year ended 31 December 2025 £m
Cash flows from operating activities
Cash generated from operations	142.6	36.7	88.4
Income tax paid	(31.6)	(16.2)	(29.1)
Net cash inflows from operating activities	111.0	20.5	59.3
Cash flows from investing activities
Net cash outflow from the acquisition of CCLA	(56.8)	-	-
Purchase of intangible assets	(0.5)	(1.2)	(2.2)
Purchase of property, plant and equipment	(3.6)	(0.3)	(0.5)
Purchase of financial assets at FVTPL 1	(291.0)	(80.4)	(306.2)
Proceeds from disposal of financial assets at FVTPL 1	282.1	72.7	390.2
Cash movement from funds and subsidiaries at the date they are no longer consolidated 2	-	(0.1)	(1.3)
Interest income received	3.9	3.7	7.3
Dividend income received	0.4	0.3	1.0
Net cash (outflows)/inflows from investing activities	(65.5)	(5.3)	88.3
Cash flows from financing activities
Dividends paid	(41.1)	(11.5)	(22.3)
Purchase of shares by EBT	(5.2)	(1.0)	(23.6)
Purchase of shares for cancellation	(11.9)	(10.6)	(13.7)
Cash inflows from exercise of share options	-	-	0.7
Finance costs paid	(0.1)	(4.5)	(5.1)
Cash paid in respect of lease arrangements	(3.7)	(3.0)	(5.7)
Third-party subscriptions into consolidated funds	43.9	22.7	71.1
Third-party redemptions from consolidated funds	(2.6)	(19.8)	(43.2)
Redemption of subordinated debt	-	(50.0)	(50.0)
Net cash outflows from financing activities	(20.7)	(77.7)	(91.8)
Net increase/(decrease) in cash and cash equivalents	24.8	(62.5)	55.8
Cash and cash equivalents at beginning of period	318.7	261.1	261.1
Effects of exchange rates on cash and cash equivalents	1.8	(3.1)	1.8
Cash and cash equivalents at end of period	345.3	195.5	318.7

Source ↗

	2025 £m	2024 £m
Revenue	465.7	402.5
Fee and commission expenses	(34.7)	(38.4)
Net revenue	431.0	364.1
Administrative expenses	(306.7)	(273.2)
Other gains	6.6	6.9
Amortisation of intangible assets	(2.8)	(11.4)
Operating profit	128.1	86.4
Finance income	7.2	8.0
Finance costs	(3.4)	(6.1)
Profit before taxation	131.9	88.3
Income tax expense	(31.5)	(23.1)
Profit for the year	100.4	65.2
Earnings per share
Basic	19.2p	12.5p
Diluted	17.9p	12.2p

Source ↗

	2025 £m	2024 £m
Non-current assets
Goodwill	494.4	494.4
Intangible assets	11.7	12.3
Property, plant and equipment	31.2	34.8
Investment in associates	1.7	1.8
Deferred tax assets	31.0	15.6
Trade and other receivables	0.4	0.4
Total non-current assets	570.4	559.3
Current assets
Financial assets	134.8	288.6
Trade and other receivables	216.9	145.9
Cash and cash equivalents Current tax asset	261.1	1.6
Total current assets	672.2	697.2
Total assets	1,242.6	1,256.5
Equity attributable to shareholders
Share capital	10.9	10.9
Own share reserve	(0.9)	(0.5)
Other reserves	239.0	244.6
Foreign currency translation reserve	0.7	0.7
Retained earnings	656.4	578.3
TOTAL EQUITY	906.1	834.0
Non-current liabilities
Loans and borrowings	-	49.9
Trade and other payables	63.1	61.5
Total non-current liabilities	63.1	111.4
Current liabilities
Financial liabilities at fair value through profit or loss (FVTPL)	42.0	100.5
Trade and other payables	215.2	201.1
Provisions	0.6	5.1
Current tax liability	15.6	4.4
Total current liabilities	273.4	311.1
Total liabilities	336.5	422.5
Total equity and liabilities	1,242.6	1,256.5

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Cash generated from operations	88.4	95.5
Income tax paid	(29.1)	(21.6)
Net cash inflows from operating activities	59.3	73.9
Cash flows from investing activities
Purchase of intangible assets	(2.2)	(6.2)
Purchase of property, plant and equipment	(0.5)	(1.4)
Purchase of financial assets 1	(306.2)	(478.7)
Proceeds from disposals of financial assets 1	390.2	302.1
Cash movement from funds and subsidiaries at the date they are no longer consolidated 2	(1.3)	(6.8)
Interest income received	7.3	7.9
Dividend income received	1.0	0.9
Net cash inflows/(outflows) from investing activities	88.3	(182.2)
Cash flow from financing activities
Dividends paid	(22.3)	(34.2)
Purchase of shares by EBT	(23.6)	(1.0)
Purchase of shares for cancellation	(13.7)	-
Cash inflows from exercise of share options	0.7	-
Finance costs paid	(5.1)	(4.6)
Cash paid in respect of lease arrangements	(5.7)	(5.6)
Third-party subscriptions into consolidated funds	71.1	248.8
Third-party redemptions from consolidated funds	(43.2)	(101.5)
Redemption of subordinated debt	(50.0)	-
Net cash (outflows)/inflows from financing activities	(91.8)	101.9
Net increase/(decrease) in cash and cash equivalents	55.8	(6.4)
Cash and cash equivalents at beginning of year	261.1	268.2
Effects of exchange rates on cash and cash equivalents	1.8	(0.7)
Cash and cash equivalents at end of year	318.7	261.1

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	525.4	465.7	402.5
Adjusted operating profit	158.6	138.3	–
Operating profit	134.4	128.1	86.4
Depreciation (owned assets)	7.3	6.3	–
Amortisation	(4.2)	(2.8)	(11.4)
Share-based payments	28.9	23.5	17.2
Operating profit to net income
Finance costs	(2.1)	(3.4)	(6.1)
Profit before tax	139.8	131.9	88.3
Tax	(35.8)	(31.5)	(23.1)
Net income (owners)	104.0	100.4	65.2
Per share
EPS basic	19.9p	19.2p	12.5p
EPS diluted	18.5p	17.9p	12.2p
Dividend per share	11.7p	10.1p	–

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	230.7	+35%	294.7	171.0
Adjusted operating profit	50.7	+67%	107.9	30.4
Operating profit	32.4	+24%	102.0	26.1
Depreciation (owned assets)	3.5	+40%	3.8	2.5
Amortisation	(2.8)	+100%	(1.4)	(1.4)
Share-based payments	13.8	+64%	15.1	8.4
Operating profit to net income
Finance costs	(0.8)	−62%	(1.3)	(2.1)
Profit before tax	35.4	+29%	104.4	27.5
Tax	(10.3)	+72%	(25.5)	(6.0)
Net income (owners)	25.1	+17%	78.9	21.5
Per share
EPS basic	4.8p	–	15.1p	4.1p
EPS diluted	4.5p	–	14.0p	3.9p
Dividend per share	3.7p	–	8.0p	2.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	149.8	59.3	73.9
Interest paid	(0.7)	(5.1)	(4.6)
Tax paid	(44.5)	(29.1)	(21.6)
Investing activities
Capex (PP&E)	(3.8)	(0.5)	(1.4)
Capex (intangibles)	(1.5)	(2.2)	(6.2)
Financing activities
Lease principal paid	(6.4)	(5.7)	(5.6)
Dividends paid	(51.9)	(22.3)	(34.2)
Share buybacks	(15.0)	(13.7)^r	(1.0)
Shares issued	0.7	0.7	0.0

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	111.0	+441%	38.8	20.5
Interest paid	(0.1)	−98%	(0.6)	(4.5)
Tax paid	(31.6)	+95%	(12.9)	(16.2)
Investing activities
Capex (PP&E)	(3.6)	n/m	(0.2)	(0.3)
Capex (intangibles)	(0.5)	−58%	(1.0)	(1.2)
Financing activities
Lease principal paid	(3.7)	+23%	(2.7)	(3.0)
Dividends paid	(41.1)	+257%	(10.8)	(11.5)
Share buybacks	(11.9)	+12%	(3.1)	(10.6)
Shares issued	0.0	n/m	0.7	0.0

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	523.6	494.4	494.4
Other intangibles	61.3	11.7	12.3
Property, plant & equipment	35.7	31.2	34.8
Associates & JVs	1.7	1.7	1.8
Other investments	171.8	134.8	288.6
Non-current assets	657.7	570.4	559.3
Current assets
Trade receivables	–	216.9	145.9
Cash	345.3	318.7	261.1
Current assets	678.7	672.2	697.2
Total assets	1,336.4	1,242.6	1,256.5
Current liabilities
Trade payables	–	215.2	201.1
Current liabilities	375.4	273.4	311.1
Non-current liabilities
Borrowings, non-current	–	0.0	49.9
Non-current liabilities	72.5	63.1	111.4
Total liabilities	447.9	336.5	422.5
Equity
Total equity	888.5	906.1	834.0
Net cash and other figures
Undrawn facilities	100.0	100.0	40.0

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	523.6	494.4	494.4	494.4
Other intangibles	61.3	11.7	12.1	12.3
Property, plant & equipment	35.7	31.2	33.9	34.8
Associates & JVs	1.7	1.7	1.5	1.8
Other investments	171.8	134.8	301.9	288.6
Non-current assets	657.7	570.4	561.8	559.3
Current assets
Trade receivables	–	216.9	–	145.9
Cash	345.3	318.7	195.5	261.1
Current assets	678.7	672.2	646.0	697.2
Total assets	1,336.4	1,242.6	1,207.8	1,256.5
Current liabilities
Trade payables	–	215.2	–	201.1
Current liabilities	375.4	273.4	308.8	311.1
Non-current liabilities
Borrowings, non-current	–	0.0	–	49.9
Non-current liabilities	72.5	63.1	58.0	111.4
Total liabilities	447.9	336.5	366.8	422.5
Equity
Total equity	888.5	906.1	841.0	834.0
Net cash and other figures
Undrawn facilities	100.0	100.0	–	40.0

Read automatically from each results announcement. Check the source before relying on a figure.

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Company filings. Not investment advice.