Rothschild & Co: 2022 – Half-year results release
Strong first half performance
- Business performance:
- Global Advisory: continued strong performance with record first-half revenue of €857 million, up 3% (H1 2021: €833 million). Profit before tax (PBT) of €163 million for the period (H1 2021: €165 million), representing a profit margin of 19%
- Wealth and Asset Management: solid first half-year performance despite declining markets, with revenue up 23% to €337 million (H1 2021: €274 million) and PBT of €71 million, up 22% (H1 2021: €58 million). Assets under Management (AuM) decreased to €99.6 billion (-4% versus December 2021) due to negative market performance (€9.1 billion) partly offset by strong Net New Assets (NNA) of €2.8 billion in Europe and an acquisition in France (+€3.0 billion)
- Merchant Banking: first-half revenue was €188 million (H1 2021: €235 million) reflecting continued solid investment performance combined with steadily increasing recurring revenue driven by AuM growth (€21.6 billion as at 30 June 2022, up 18% versus December 2021). Revenue was down 20% compared to H1 2021, a period which had benefited from exceptional investment performance revenue. This led to lower PBT of €121 million (H1 2021: €185 million)
- Revenue €1,375 million, up 2% (H1 2021: €1,350 million)
- Net income - Group share1 : €249 million, down 28% (H1 2021: €346 million)
- Earnings per share (EPS): €3.43, down 28% (H1 2021: €4.78)
- Foreign exchange translation effects increased revenue by €31 million and Net income – Group share by €1 million
Alexandre de Rothschild, Executive Chairman, commented:
“The performance in the first six months of 2022 has continued to be strong, after a record year in 2021.
“The strength of our business model, which is based on client focus and clear long-term strategies for each business, means that we are reasonably confident that the positive momentum seen in the first half will continue for the remainder of the year, but, as always, subject to the evolution of geopolitical events and the financial environment."
1 There were no exceptional items in H1 2022 or H1 2021
- ENDS -
Download the full Half year results release (PDF 341 KB)