Business
Notice of Results - First Half Results for the ...
Notice of Results - First Half Results for the ....
About this update from Icg Plc
[{"type":"text","content":"\n Notice of Results - First Half Results for the six months ended 30 September 2017ICG delivers record €5.7bn fundraising Intermediate Capital Group plc (ICG) announces its first half results for the six months ended 30 September 2017.Operational highlightsTotal AUM up 14% on 31 March 2017 to €27.2bn, with €5.7bn of new money raised, driven by our Senior Debt Partners strategy raising €4.2bn in the six month period and growing momentum across our European capital markets strategies The new money raised earns fees as it is invested, as such there is minimal short term, but greater medium term impact from these funds. Third party fee earning AUM down 1% on 31 March 2017 to €18.5bn due to the impact of FX Fundraising pipeline strong with a number of our larger strategies expected to begin raising successor funds in the next 12 months Strong fund deployment for our larger strategies. Investment discipline in a competitive market being maintained Portfolios continue to perform wellFinancial highlightsFund Management Company profits up 30% to £44.3m (H1 2017: £34.0m), with third party fee¹ income up 24% Investment Company profits are lower at £51.2m (H1 2017: £92.2m), due to lower investment incomeGroup profit before tax of £95.5m (H1 2017: £126.2m), Adjusted Group profit before tax1 was £81.0m (H1 2017: £133.0m)Earnings per share of 33.1p (H1 2017: 37.4p); Fund Management Company 15.5p (H1 2017: 10.2p) and Investment Company 17.6p (H1 2017: 27.2p)Interim ordinary dividend up 20.0% to 9.0 pence per share Commenting on the results, Benoit Durteste, CEO, said:'I am delighted to report another strong set of results for the first half, as well as a record fundraising performance. With AUM at €27.2bn, a healthy fundraising pipeline and strong fund investment for our larger strategies we continue to deliver on our strategic objectives and grow our specialist asset manager franchise.'ICG's diversified investor base underpins our ability to scale proven, successful strategies, such as Senior Debt Partners. This fundraising success, now our largest single strategy, makes us one of the few asset managers with the scale, reputation, origination network and track record to take full advantage of the attractive European direct lending market. This serves as a blueprint for growing our existing strategies whilst at ...