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New Star announces record first half results

New Star Asset Management has revealed record first half returns this year with net UK retail sales up 54 per cent to £1.1bn.

Assets under management were also up over the past six months by some 17 per cent, standing a total of £24.7bn, while international sales rose 313 per cent reaching £743m.

Net revenue also rose by some 39 per cent to £86.5m while shares saw a marked rise of 72 per cent to 17.4p, having been 10.1p at the end of June 2006.

New Star chairman John Duffield says: “We have had a record first half. We now face a somewhat more challenging environment. Subject to markets not deteriorating, we remain robust about our prospects for the full year and expect to continue to generate growth from our well diversified product range in the medium term.”

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