Polar Capital pre-tax profit rises 49pc

(Sharecast News) - Polar Capital reported a 49% rise in annual pre-tax profit on Wednesday, after assets under management reached a record year-end level, supported by strong markets, fund performance and a second consecutive year of net inflows. Assets under management rose 43% to £30.6bn in the year to 31 March, while average AuM increased 14% to £26.0bn.

Net inflows totalled £902m, including £1.4bn in the final quarter, and momentum continued after year-end, with AuM reaching £44.7bn by 19 June after a further £2.3bn of net inflows.

Core operating profit rose 11% to £62.8m, statutory pre-tax profit increased to £76.9m, and adjusted diluted EPS rose 10% to 57.8p.

Chief executive Iain Evans said the results showed the strength of Polar's specialist active management model, with demand led by its technology and artificial intelligence strategies.

The AIM-traded company held its full-year dividend at 46.0p per share and launched a £15.0m share buyback, while adopting a new policy to return at least 50% of adjusted core profits to shareholders through ordinary dividends.

At 0946 BST, shares in Polar Capital Holdings were up 4.71% at 933p.

Reporting by Josh White for Sharecast.com.

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