The Janus (ASX: JHG) share price has rocketed over 10% today after releasing an announcement.
What is Janus?
Janus is a global asset management business headquartered in London, UK. It offers a wide range of financial products to individuals, advisors and institutional investors around the world including in the US, UK and Australia. It currently manages more than US$325 billion of assets, it has more than 2,000 employees worldwide and has 28 offices across the globe.
What Janus announced
The global fund manager released its first quarter results yesterday after the market had closed.
The first quarter of 2020 saw an operating income loss of US$332.4 million which includes goodwill and intangible asset impairment charges of US$487.3 million. ‘Adjusted’ operating income, which excludes those impairments, grew 15% to US$164.5 million.
Janus Henderson saw assets under management (AUM) drop 21% compared to the prior quarter, reflecting the impact of COVID-19 and net outflows. However, average AUM of $352.7 million was only down by 3% compared to the last quarter.
The Janus Henderson Board has declared a quarterly dividend of US$0.36 per share and it completed US$31 million of share buybacks during the first quarter.
Discussing the good stability of the company during the current crisis, CEO Dick Well said:
“This is supported by our financial foundation which remains very strong with solid first quarter financial results, US$800 million of cash on the balance sheet and little debt. As you would expect, we are managing our expenses carefully and the focus we have had on cost discipline will also support our positioning through this period. We continue to be a highly cash generative business, which supports the ongoing needs of the business whilst returning cash to shareholders.”
A solid performance by Janus Henderson. But there could be a lot more volatility to come, so I’d want to hold off for now for a lower price.
These leading ASX technology shares could be better buys:
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Disclosure: at the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.
