By Alberto Chiumento
(Reuters) -Italian asset manager Anima Holding on Wednesday reported a 50% rise to 276.5 million euros ($288 million) in its 2024 adjusted consolidated net profit as acquisitions of new businesses pushed revenue higher.
The group, the target of a 1.6 billion euros buyout offer from shareholder Banco BPM, has proposed a dividend of 0.45 euro per share, up from the 0.25 euro per share it paid the previous year.
After the company published its results, the stock rose as much as 4.1% to 7 euros per share, hitting its highest level since January 2016. Since Banco BPM announced the offer on Nov. 6, Anima’s shares have almost consistently traded above the proposed 6.20 euro per share.
During a post-results conference call, Chief Executive Officer Alessandro Melzi d’Eril said the bank expected Italian market watchdog CONSOB to decide whether to authorise Banco BPM’s offer for Anima by Feb. 26, even though CONSOB has the option to extend the decision period by one month.
The company’s results were bolstered by the contribution of real estate management company Vita, acquired in August 2024, as well as the Kairos and Castello SGR businesses, purchased in May 2024 and in 2023, respectively.
“Positive inflows, growing profitability, business diversification, strong capital generation, and attention to shareholder remuneration were the key elements for Anima in 2024,” Melzi d’Eril said in a statement.
Total revenue rose 44% from a year earlier to 530 million euros mainly due to higher commissions. Excluding the effect of acquisitions, revenue rose 33% compared to 2023.
Total assets under management reached 204.2 billion euros at the end of December 2024 thanks to the addition of Kairos Partners and the positive performance of managed assets.
($1 = 0.9605 euros)
(Reporting by Alberto Chiumento in Gdansk. Additional reporting by Andrea Mandalà. Editing by Emelia Sithole-Matarise and Mark Potter)
