NINETY ONE LIMITED - Interim results for the six months to 30 September 2020

            
NY1 N91
Interim results for the six months to 30 September 2020

Ninety One plc                                    Ninety One Limited
Incorporated in England and Wales                 Incorporated in the Republic of South Africa
Registration number 12245293                      Registration number 2019/526481/06
Date of registration: 4 October 2019              Date of registration: 18 October 2019
LSE share code: N91                               JSE share code: NY1
JSE share code: N91                               ISIN: ZAE000282356
ISIN: GB00BJHPLV88


Interim results for the six months to 30 September 2020

17 November 2020

This short form announcement is the responsibility of the directors and represents only a summary of the information contained in the full
announcement. Any investment decisions made by investors and/or shareholders should be based on consideration of the full announcement.

This summarised report is extracted from reviewed information but is not itself reviewed. The full announcement is available on the JSE website at:
https://senspdf.jse.co.za/documents/2020/JSE/ISSE/Ny1E/HY21Result.pdf and on companys website at: https://ninetyone.com/reports-
presentations.

Copies of the full announcement may be requested by contacting investor relations at IR@ninetyone.com.

Highlights
-     Solid performance despite challenging operating conditions.
-     Assets under management increased 15% to #119.0 billion, though average AUM decreased by 3%.
-     Net outflows of #0.3 billion.
-     Significant improvement in investment performance during the period.
-     Net revenue decreased 1% to #297.3 million, although performance fees increased substantially (to #18.0 million).
-     Profit before tax increased 3% to #94.8 million.
-     Basic earnings per share increased 1% to 7.9p and adjusted earnings per share remained flat.
-     Declared an interim dividend of 5.9p per share.
-     Staff shareholding increased to 22.5%.


 # billion                                                 30 September 2020             30 September 2019            31 March 2020
 Assets under management                                                119.0                         120.8                    103.4
 Net flows                                                              (0.3)                           3.2                      6.0
 Average assets under management                                        114.2                         117.8                    118.3

                                                                Six months to                Six months to                    Change
                                                            30 September 2020             30 September 2019                        %
 Key Financials                                                        
 Net revenue (#m)                                                      297.3                         299.4                      (1)
 Adjusted operating revenue (#m)                                       288.8                         292.4                      (1)
 Profit before tax (#m)                                                 94.8                          91.9                        3
 Basic earnings per share (p)                                             7.9                           7.8                        1
 Headline earnings per share (p)                                          7.9                           7.8                        1
 Adjusted earnings per share (p)                                          8.0                           8.0                        -
 Adjusted operating profit margin                                       33.3%                         32.2%
 Ordinary dividend per share (p)                                          5.9                          n.a.


Hendrik du Toit, Founder and Chief Executive Officer, commented:

In the face of challenging operating conditions, the people of Ninety One remained focused on what really matters: serving and
supporting our clients in these unprecedented times. We are mindful of the fact that the communities we serve have suffered from the
health and economic consequences of the pandemic.

These results evidence the resilience of our diversified, capital-light, organic business model. Our sustained investment in technology
over many years and the positive mindset of our people supported the shift to virtual client engagement and remote working and then
a partial return to the office over the reporting period. Although aggregate investment performance has improved, flows were
impacted by a few large mandate losses relating to past performance. The initial risk-off approach from clients in the advisor channel
and lower than usual levels of pipeline visibility in parts of the institutional market affected new business momentum.

We believe in the considerable long-term opportunity for Ninety One to grow organically. Our strategy is clear and our focus remains
on execution.

Outlook
We are in a better place than at the beginning of the reporting period in terms of performance and pipeline visibility, but we
expect flows to remain performance sensitive for the near-term.

The current market environment remains uncertain, but we are a resilient business that has successfully dealt with many
challenges over the past three decades. We continue to see long-term growth opportunities in markets in which we operate.
We are ready and energised to increase our intensity and continue to deliver value for our clients, while investing to support our
long-term growth.

Adjusted measures presented in this announcement
Adjusted operating revenue is calculated as net revenue, less Silica third-party revenue, and adjusted for foreign exchange
gains/losses, deferred employee benefit scheme movements, net gain on investments and other items.

Adjusted operating profit margin is calculated as adjusted operating profit divided by adjusted operating revenue.

A full description of alternative performance measures, including the reconciliation to their nearest condensed consolidated
financial statements equivalents, is included on pages 12-14 of the full announcement.

Shareholder information and dividend declaration
In line with our stated dividend policy the Board has declared an interim dividend of 5.9 pence per share, of which 3.9 pence per
share represents 50% of profit after tax and 2.0 pence per share represents after-tax earnings after ensuring we have sufficient
capital to meet current or expected changes in the regulatory capital requirements and investment needs, as well as a reasonable
buffer to protect against fluctuations in those requirements.

In terms of the DLC structure, Ninety One plc shareholders registered on the United Kingdom share register may receive all or
part of their dividend entitlements through dividends declared and paid by Ninety One plc on their ordinary shares and/or through
dividends declared and paid on the SA DAN share issued by Ninety One Limited.

Ninety One plc shareholders registered on the South African branch register may receive all or part of their dividend entitlements
through dividends declared and paid by Ninety One plc on their ordinary shares and/or through dividends declared and paid on
the SA DAS share issued by Ninety One Limited.

Ninety One plc dividend declaration

The Board has declared a gross interim dividend of 5.9 pence per share. The interim dividend will be paid on 23 December 2020
to shareholders recorded in the shareholders registers of the company on close of business 11 December 2020.

Ninety One plc shareholders registered on the United Kingdom share register, will receive their dividend payment by Ninety One
plc of 5.9 pence per ordinary share.

Ninety One plc shareholders registered on the South African branch register, will receive their dividend payment by Ninety One
Limited, on the SA DAS share, equivalent to 5.9 pence per ordinary share.


 The relevant dates for the payment of dividend are as follows:
 Last day to trade cum-dividend
 On the Johannesburg Stock Exchange (JSE)                                                      Tuesday, 08 December 2020
 On the London Stock Exchange (LSE)                                                          Wednesday, 09 December 2020
 Shares commence trading ex-dividend
 On the JSE                                                                                    Wednesday, 09 December 2020
 On the LSE                                                                                     Thursday, 10 December 2020
 Record date (on the JSE and LSE)                                                                 Friday, 11 December 2020
 Payment date (on the JSE and LSE)                                                             Wednesday, 23 December 2020


Share certificates on the South African branch register may not be dematerialised or rematerialised between Wednesday, 
9 December 2020 and Friday, 11 December 2020, both dates inclusive, nor may transfers between the United Kingdom share
register and the South African branch register take place between Wednesday, 9 December 2020 and Friday, 11 December 2020,
both dates inclusive.

Additional information for Ninety One shareholders registered on the South African branch register
-  The interim dividend declared by Ninety One plc to shareholders registered on the South African branch register is a local
   payment derived from funds sourced in South Africa.
-  Shareholders registered on the South African branch register are advised that the distribution of 5.90000 pence, equivalent
   to a gross dividend of 119.00000 cents per share, has been arrived at using the Rand/Pound Sterling average buy/sell forward
   rate, as determined at 18:00 (UK time) on Monday, 16 November 2020.
-  Ninety One plc United Kingdom tax reference number: 623 59652 16053.
-  The issued ordinary share capital of Ninety One plc is 622,624,622 ordinary shares.
-  The dividend paid by Ninety One plc to South African resident shareholders registered on the South African branch register
   and the dividend paid by Ninety One Limited to Ninety One plc shareholders on the SA DAS share are subject to South African
   Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions as legislated).
-  Shareholders registered on the South African branch register who are exempt from paying the Dividend Tax will receive a
   net dividend of 119.00000 cents per share, paid by Ninety One Limited on the SA DAS share.
-  Shareholders registered on the South African branch register who are not exempt from paying the Dividend Tax will receive
   a net dividend of 95.20000 cents per share (gross dividend of 119.00000 cents per share less Dividend Tax of 23.80000 cents
   per share) paid by Ninety One Limited on the SA DAS share.


Ninety One Limited dividend declaration

The Board has declared a gross interim dividend of 119.0 cents per share. The interim dividend will be paid on 23 December 2020
to shareholders recorded in the shareholders register of the company on close of business 11 December 2020.


The relevant dates for the payment of dividend are as follows:
 Last day to trade cum-dividend                                                                  Tuesday, 08 December 2020
 Shares commence trading ex-dividend                                                           Wednesday, 09 December 2020
 Record date                                                                                      Friday, 11 December 2020
 Payment date                                                                                  Wednesday, 23 December 2020


The interim gross dividend of 119.0 cents per ordinary share has been determined by converting the Ninety One plc distribution
of 5.9 pence per ordinary share into Rands using the Rand/Pounds Sterling average buy/sell forward rate at 18:00 (UK time) on
Monday, 16 November 2020.

Share certificates may not be dematerialised or rematerialised between Wednesday, 9 December 2020 and Friday, 11 December
2020, both dates inclusive.

Additional information to take note of:
-  The interim dividend declared by Ninety One Limited to shareholders registered on the South African register is a local
   payment derived from funds sourced in South Africa.
-  Ninety One Limited South African tax reference number: 9661 9311 71.
-  The issued ordinary share capital of Ninety One Limited is 300,089,454 ordinary shares.
-  The dividend paid by Ninety One Limited is subject to South African Dividend Tax (Dividend Tax) of 20% (subject to any
   available exemptions as legislated).
-  Shareholders who are exempt from paying the Dividend Tax will receive a net dividend of 119.00000 cents per ordinary
   share.
-  Shareholders who are not exempt from paying the Dividend Tax will receive a net dividend of 95.20000 cents per ordinary.
   share (gross dividend of 119.00000 cents per ordinary share less Dividend Tax of 23.80000 cents per ordinary share).

For further information please contact:

Investor Relations
Varuni Dharma                                           varuni.dharma@ninetyone.com          +44(0) 203 938 2486
Eva Hatfield                                            eva.hatfield@ninetyone.com           +44(0) 203 938 2908

Media enquiries
Neil Doyle, FTI Consulting (UK)                         neil.doyle@fticonsulting.com         +44 (0) 777 197 8220
Daniel Thole, Fletcher Advisory (South Africa)          daniel@fletcheradvisory.com          +27 (0) 61 400 2939

Investor presentation
A presentation to investors and financial analysts will be made via live webcast at 9.00 am (UK time) on 17 November 2020. The
webcast link is available at https://ninetyone.com/interim-results.

A copy of the presentation will be made available on the Companys website at https://ninetyone.com/reports-presentations.

About Ninety One

Ninety One is an independent investment manager, founded in South Africa in 1991. It now operates and invests globally and
offers a range of active strategies to its global client base.

Ninety One is listed on the London and Johannesburg Stock Exchanges.

Forward-looking statements
This announcement does not constitute or form part of any offer, advice, recommendation, invitation or inducement to any
person to underwrite, subscribe for or otherwise acquire or dispose of securities in Ninety One plc and its subsidiaries or Ninety
One Limited and its subsidiaries (together, Ninety One), nor should it be construed as legal, tax, financial, investment or
accounting advice.
This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-
looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates",
"plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations
or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking
statements may and often do differ materially from actual results. Any forward-looking statements contained in the
announcement reflect Ninety One's current view with respect to future events and are subject to risks relating to future events
and other risks, uncertainties and assumptions relating to the Ninety One's business, results of operations, financial position,
liquidity, prospects, growth and strategies. Forward-looking statements speak only as of the date of this announcement.
Except as required by any applicable law or regulation, Ninety One expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained in this announcement or any other forward-
looking statements it may make whether as a result of new information, future developments or otherwise.

JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd

Date: 17-11-2020 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
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