Half Year 2019 Azimut Holding SpA Earnings Call Transcript
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Azimut Holding First Half 2019 Results Conference Call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Gabriele Blei, CEO of Azimut Holding. Please go ahead, sir.
Thank you very much, and good afternoon to everyone, and welcome to this presentation. We will go very quickly through the slides, so you will have more time to ask questions.
If we move to Slide #4, we have summarized the highlights of the major trends we have seen in the first half of 2019. On the left-hand side, you can see the revenues component. Revenues are -- have been 4x increased year-on-year in terms of vis-a-vis the operating cost. 29% increase year-on-year with a strong boost in terms of recurring fees, up 14% year-on-year, mainly driven by AUM growth as well as the repricing component, which is the first full quarter impact that we have seen since the repricing was introduced back
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