Business
Notice of Results - Full Year Statement Tuesday...
Notice of Results - Full Year Statement Tuesday....
About this update from Icg Plc
[{"type":"text","content":"\n Notice of Results - Full Year Statement Tuesday 24 May 2016Strong performance and record AUM of €21.6bnIntermediate Capital Group plc (ICG) announces its final results for the year ended 31 March 2016.Operational highlightsTotal AUM up 20% to a record €21.6bn, with €5.2bn of new money raised; third party fee earning AUM up 28% to €15.8bn Strong fundraising performance driven by our established European strategies - European Mezzanine and Senior Debt Partners - raising a total of €2.7bn Fundraising across multiple strategies and geographies continues with four first time funds and five successor funds being marketed. As our fundraising focus turns to newer strategies, fundraising is expected to be lower in the new financial year All funds investing on target whilst maintaining credit discipline in a competitive market Investment Company portfolio performance robust, with net impairments in line with prior year at £39.4m (2015: £37.6m). At 2.3% of the opening Investment Company portfolio, it is below the 2.5% long term averageFinancial highlightsGroup profit before tax of £158.8m (2015: £178.5m) due to a change in market value of derivatives held for hedging purposes. Adjusted Group profit before tax¹ was £175.6m (2015: £184.1m)· Fund Management Company strategy delivering record profits, up 18% to £61.2m (2015: £52.0m)· Investment Company profit of £97.6m (2015: £126.5m) due to a fair value loss on derivatives· Return on equity of 12.9% (2015: 11.0%) and gearing of 0.70x (2015: 0.49x), both up on prior year· Board proposes a £200m special dividend to be paid in July 2016, re-gearing the balance sheet to within a range of 0.8 - 1.2 times and increasing the Group's return on equity to over 13%. No further special dividends are anticipated thereafter· Total ordinary dividends in the year up 4.5% to 23.0 pence per share, in addition to the £300m special dividend paid in July 2015. Final ordinary dividend up 4.6% to 15.8 pence per share Commenting on the results, Christophe Evain, CEO, said:\"Financial year 2016 has been another strong year of...