Navigating uncertainty

2016 saw revenue progress in both of the core operating divisions of Capital Markets and Asset Management. Stripping out the inevitable volatile items with Principal Finance (radio spectrum licence sale in 2015 and asset write-downs in 2016), adjusted group revenue grew 21% and adjusted earnings at 13.4p (2015: 12.1p) were more than double the reported level. The progress illustrates the benefits of diversification and continuing investment in additional staff to strengthen the research franchise and support growth in asset management.