Rothschild & Co: 2021 – Half-year results

  • Business performance:
    • Global Advisory: record first half-year revenue, up 57% to €833 million (H1 2020: €529 million), and profit before tax of €168 million1, up 105% (H1 2020: €82 million), reflecting very strong activity levels across our whole business. 
    • Wealth and Asset Management: very strong first half-year revenue, up 9% to €274 million (H1 2020: €252 million) and profit before tax of €58 million, up 31% (H1 2020: €44 million). Assets under Management (AuM) reached €87.5 billion (+12% versus December 2020) thanks to strong Net New Assets (NNA) of €3.4 billion combined with a significant positive market performance impact of €6.0 billion.
    • Merchant Banking: exceptional first half-year revenue, up 345% to €235 million (H1 2020: €53 million) and profit before tax of €185 million (H1 2020: €10 million), as a result of substantial realised and unrealised investment gains, combined with further growth in recurring revenues. AuM continues to grow and reached €17.1 billion (+9%).
  • Revenue increased by 61% to €1,350 million (H1 2020: €838 million).
  • Net income - Group share excluding exceptionals2 : €346 million (H1 2020: €65 million).
  • Earnings per share (EPS) excluding exceptionals2: €4.78 (H1 2020: €0.88).
  • Foreign exchange translation effects reduced revenue by €12 million and Net income – Group share by €1 million.
  • Subject to the lifting of regulatory restrictions, exceptional interim dividend in October 2021 of €1.04 per share to compensate for the difference between the dividend actually paid in respect of 2019 and 2020 and the dividend that would have been paid in accordance with our distribution policy, absent regulatory restrictions.
  • Considering strong 2021 performance, the Group intends to launch of a share buyback programme of an amount up to €70 million over a 12-month period, subject to ACPR approval.

Alexandre de Rothschild, Executive Chairman, commented:

“I would like to thank all of our colleagues who have worked so hard to contribute to our best performance ever. Our success is due to exceptional performances in all three of our businesses.

“Our Global Advisory business recorded its highest first half-year revenue ever, with strong activity across all our markets and different product offerings, reflecting our clients’ confidence in our trusted advice on a wide variety of strategic opportunities. The second half of the year has started well with our pipeline for the remainder of the year at peak levels."

1 Excluding ongoing investment in the development of our North American M&A franchise
2 Exceptional items are presented in Appendix B

- ENDS -

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