Business
Interim Results
Interim Results.
About this update from Icg Plc
[{"type":"text","content":"\n RNS Number : 8407I Intermediate Capital Group PLC 25 November 2008 \n \nICG ANNOUNCES INTERIM RESULTS FOR THE SIX MONTH PERIOD \nENDED 30 SEPTEMBER 2008\n\nIntermediate Capital Group PLC ('ICG'), a leading mezzanine and leveraged loan investor and third party fund manager, announces its interim results for the six month period to 30 September 2008.\n\nIFRS Financial highlights for the six months ended 30 September 2008:\n\n\n\n\n\n\n \n\n\n6 months to\n30 Sept 08\n \n\n\n6 months to\n30 Sept 07\n \n\n\nIncrease/\nDecrease\n \n\n\n\n\nNet interest income1\n\n\n£99.7m\n\n\n£71.5m\n\n\n39%\n \n\n\n\n\nFee income\n\n\n£29.4m\n\n\n£30.3m\n\n\n-3%\n \n\n\n\n\nCore income2\n\n\n£84.6m\n\n\n£65.3m\n\n\n30%\n \n\n\n\n\nGains on investments\n\n\n£19.9m\n\n\n£97.1m\n\n\n-80%\n \n\n\n\n\nNet provisions\n\n\n£42.8m\n\n\n£9.3m\n\n\n360%\n \n\n\n\n\nProfit before tax3\n\n\n£39.8m\n\n\n£142.0m\n\n\n-72%\n \n\n\n\n\nEPS4\n\n\n29.8p\n\n\n125.7p\n\n\n-76%\n \n\n\n\n\nInterim dividend4\n\n\n20.5p\n\n\n18.5p\n\n\n11%\n \n\n\n\n\n \n \n \n1. Excludes fair value movements on derivatives held for hedging purposes (2008: negative impact of £18.0m; 2007: positive impact of £9.1m).\n 2. Core income is net interest income plus fee income less related administrative expenses.\n 3. Includes fair value movements on derivatives held for hedging. \n 4. EPS and DPS for the six months to 30 September 2007 have been adjusted for the Rights Issue in February 2008.\n\n\nOperational highlights:\n\n\nLoan and investment portfolio at £2.6bn, up 12 per cent compared to 31 March 2008.\n\n\nCore income up 30% compared to first half of last year.\n\n\nA well diversified portfolio which continues to perform satisfactorily although the impact of the economic slowdown is beginning to be felt.\n\n\nThird party funds under management at £7.4bn, up 2 per cent compared to 31 March 2008. Second Asia Pacific fund of US$1bn raised.\n\n\n\nCommenting on the results, John Manser, Chairman of ICG, said: \n\n'ICG has performed well in the six months ending 30 September 2008 given the deteri...