Business
Interim Results
Interim Results.
About this update from Polar Capital Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6256U Polar Capital Holdings PLC 04 December 2013 \n \n\nPOLAR CAPITAL HOLDINGS plc (\"Polar Capital\" or \"the Company\")\nInterim results for the six months ended 30 September 2013\n \n \n4 December 2013\n \nFinancial Highlights\n· Net inflows in the six month period ended 30 September 2013 of US$3.2bn despite unpredictable markets \n· Assets under Management (\"AUM\") at 30 September 2013 up 58% to US$11.4bn (31 March 2013: US$7.2bn)\n· Core operating profit excluding performance fees up 147% to £10.4m (30 September 2012: £4.2m)\n· Profit before share-based payments and amortisation of intangibles of £10.6m (30 September 2012: £4.6m)\n· Pre-tax profit of £10.1m (30 September 2012: £3.8m)\n· Basic earnings per share 9.53p (30 September 2012: 3.64p) and adjusted* diluted earnings per share 8.77p (30 September 2012: 4.14p)\n· Interim dividend per ordinary share of 4.0p declared (2012:2.0p) to be paid in January 2014\n· Shareholders' funds of £56.8m (31 March 2013: £53.8m) including cash and investments of £56.7m (31 March 2013: £62.2m) \n* Adjusted to exclude cost of share-based payments and amortisation/impairment of intangibles\n \nCorporate Highlights\nLaunch of three new funds since 31 March 2013\n· Long only Biotechnology UCITS fund launched in November 2013\n· The Global Convertible Fund launched in September 2013\n· Our third investment trust, The Global Financials Trust, which raised £153m in July 2013\n \nTim Woolley, Chief Executive Officer, commented:\nThe Company's growth rate over recent quarters has been exceptional and indeed over the last four years our AUM has increased more than fivefold. Our growth rate will undoubtedly slow over the coming quarters and years. In the very near term our growth rate will be heavily influenced by the direction of the Japanese market and fund flows into or out of our Japanese funds given the percentage of overall assets these funds now represent. Over the longer term there remains significant opportunity for further growth in assets and profits if we continue to deliver on investment performance, client service and operational excell...