Touche boost for Henderson

RISING stock markets and the inclusion of Touche Remnant enabled Henderson Administration to raise pre-tax profits 39 per cent to pounds 20.3m in the year to March.

The advance was not reflected in the final dividend, which edged up from 29.5p to 31.5p, giving 44p for the year against 42p.

Funds under management reached pounds 13.5bn, an increase of 18 per cent, partly because the group's retail funds went up by pounds 1bn, while pension funds under management fell by pounds 650m.

Ben Wrey, chairman, said: 'The contribution from Touche Remnant has met our best expectations. I don't rule out further expansion by acquisition.'

Revenues increased by 38 per cent to pounds 65.7m, operating profit by 82 per cent to pounds 17.6m and earnings per share by 43 per cent to 65.30p. Sabre, in which Henderson has a 25 per cent stake, contributed pounds 2.5m at pre-tax level.