Business
ICG: Interim Results Statement for the six mon...
ICG: Interim Results Statement for the six mon....
About this update from Icg Plc
[{"type":"text","content":"\n \n \n ICG: Interim Results Statement for the six months ended 30 September 2022\n \n \n \n \n 17 November 2022\n \n \n Interim Results Statement for the six months ended 30 September 2022\n \n \n \n \n \n \n \n \n \n \n \n Uncertain environment highlighting our strengths\n \n \n \n \n \n \n Highlights\n \n Continuing our long-term trajectory of growth and value creation\n Higher interest rates and period of dislocation positively impacting a number of ICG's strategies\n Robust fundraising of $6bn, including final closes above initial target size for Europe VIII, Strategic Equity IV and Asia Pacific IV; over $28bn raised in last eighteen months\n Third-party fee income: £265.3m during the period, an increase of 33% compared to H1 FY22\n Fund Management Company: profit before tax of £143.7m, an increase of 19% compared to H1 FY22\n Strong operational performance of portfolio companies underpinning broadly flat fund valuations and NIR of (1)%\n Group profit before tax of £35.6m (H1 FY22: £264.7m) and Group EPS of 13.5p (H1 FY22: 83.9p), impacted by Investment Company loss of £(108.1)m (H1 FY22: profit of £143.8m)\n Interim dividend of 25.3p (H1 FY22: 18.7p)\n Strong balance sheet: net gearing of 0.55x, liquidity of £1.3bn, NAV per share of 658p (31 March 2022: 696p)\n William Rucker appointed as Non-Executive Director and Chair effective 31 January 2023, as announced separately\n Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures - see page 2\n \n \n \n \n \n \n \n \n \n \n \n Benoît Durteste\n \n \n \n \n \n \n \n CEO and CIO\n \n \n \n \n \n \n We take a long-term perspective on managing ICG and have been building resilience and growth levers into the business for a number of years. The fruits of this work are evident in our performance for this period. Today we have over 600 clients, our fee-earning AUM is up 16% year over year1 and we have generated third-party fee income of £515m over the last twelve months.We have continued to raise, deploy and realise AUM successfully against a challenging macro backdrop. As expected given our focus on downside protection, our funds are showing attractive performance through a period of volatility. Indeed, our debt strategies are genera...