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Interim Results

ICG profits up

15 November 2016 09:08

Intermediate Capital Group posts adjusted pre-tax profits of £133.0m for the six months to the end of September - up from £88.1m a year ago.

Group profit before tax rose to £126.2m (H1 2016: £93.9m), driven by a strong period of capital gains.

Fund management company profits rose by 17% to £34.0m (H1 2016: £29.0m), with third party fee income up 26%.

The interim ordinary dividend is up 4.2% to 7.5 pence per share in addition to the £200m special dividend paid in August.

Chief executive Christophe Evain said: "We have delivered a strong set of results for the first half of FY17. AUM is now at a record €22.0bn and both fundraising and capital deployment are on track. There has been strong investment performance across our strategies and we are delighted that our newer, smaller strategies are showing steady momentum.

"ICG now has a more diversified business than at any point in our history. This is built on our expertise in understanding and valuing risks. We are highly experienced in both investing and managing investments in more volatile market conditions and we are well positioned to benefit from opportunities that arise.

"Current market conditions, not limited to the UK's decision to leave the EU, are creating a positive trend favouring alternative asset classes, and sustained low interest rates are creating greater demand from investors for our funds."

At 9:08am: (LON:ICP) Intermediate Capital Group PLC share price was +60p at 693.5p

Story provided by StockMarketWire.com

Related Company: ICP

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