Fleming sees profits halve after autumn market crash
Saturday 26 June 1999
Its pre-tax profits slumped to pounds 70m in the year ending 31 March, from pounds 136m in 1998.
William Garrett, chief executive, said the figures reflected the group's strong bias towards Asian markets and masked a significant improvement in the second half which has continued into the current year.
Some pounds 50m was made in the second half alone as Fleming benefited from the recovery in Asia. But the performance of both the corporate finance and the securities business lost pounds 5m overall, with pounds 75m profit coming from the more resilient asset management business.
"We had a workmanlike recovery in the second half and a spectacular recovery in March and April, particularly in the Asian markets," Mr Garrett said. He pointed out that the group had led some major deals including the flotations of South African Breweries with a pounds 3.2bn price tag. During the year Fleming advised on transactions worth over pounds 22bn, including 42 cross-border deals, and raised more than pounds 11bn for companies in 23 countries through equity and equity-related issues.
Mr Garrett defended the decision to hold its dividend at 25.5p a share, even though this would result in the dividend being uncovered and the firm having to dip into reserves to meet it. He said the decision reflected the firm's confidence. Fleming had budgeted for a covered dividend in the coming year and was ahead of budget in the first two months.
- 1 Stephen Fry explains what he would say if he was 'confronted by God'
- 2 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Ball pool for adults opens in London
- 5 Rashida Jones speaks out against male-centric porn saying 'women should have sex and feel good about it'
Stephen Fry explains what he would say if he was 'confronted by God'
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
Hard line on immigration could cost Tories the election
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...