This came despite a 22% rise in the asset manager’s total client assets to £25.5bn.
Earnings per share were 7.15p, down from 10.15p the year before. Adjusted underlying profit before tax was £11.1m, versus £12.4m the year before.
Overall, net management and advisory fees decreased by 2% year on year to £45.7m. Performance fees were down significantly to £1.5m, from £5.9m in the prior year. This reflects falling fixed income yields, the firm said.
In the first quarter of this financial year the firm said fee earning AUM increased by 9% to £27.9bn, while net inflows were £1.3bn.
Non-executive chairman Paul Bradshaw said: “The year to 30 June 2016 was challenging for our country, global equity markets, our clients and the investment industry generally. We believe we did a great job for our clients, achieved good growth in assets and acceptable – albeit reduced – profitability. This reduction arose as a result of continued investment in the business in expense and remuneration terms during a period in which advisory revenues and performance fees fell. We see the strength of in-force revenue at the end of the year as providing a solid foundation for 2017.”
Chief executive Mike Faulkner added that the firm has made ‘significant progress’ in executing against its strategy in what has been ‘a challenging year for markets’.
