Business
Q4 Trading Update and Notice of Results
Q4 Trading Update and Notice of Results.
About this update from Pollen Street Group Limited
[{"type":"text","content":"\n \n \n FOR IMMEDIATE RELEASE\n \n \n 23 February 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n Pollen Street plc Q4 Trading Update and Notice of Results\n \n \n \n Pollen Street plc (\"Pollen Street\" or the \"Group\") today issues its trading update for 31 December 2022.\n \n \n \n Highlights\n \n \n \n ·\n Pollen Street has continued to deliver AuM growth and dividends in line with guidance\n \n \n ·\n Total AuM [1] as increased to £3.4 billion as at 31 December 2022, with 36 per cent per annum growth in the credit AuM over 2022\n \n \n ·\n Momentum in deployment has continued with Average Fee-Paying AuM [2] increasing to £2.3 billion for 2022\n \n \n ·\n The Q4 dividend has been announced at 16p per share in line with targets previously issued\n \n \n \n Asset Manager\n \n \n \n Pollen Street increased AuM on an investor commitment basis [1] to £3.4 billion as at 31 December 2022. The growth is driven by organic fundraising within the credit strategy. This amounts to 36 per cent per annum growth in the credit AuM in 2022, in line with guidance issued for the year. Progress continues towards the launch of flagship Private Equity V in 2023. The Private Equity business has not been in active fundraising in 2022 whilst Fund IV is deployed. Momentum in deployment has continued with the Average Fee-Paying AuM [2] in 2022 increasing to £2.3 billion.\n \n \n \n Investment Assets\n \n \n \n Net Investment Assets [3] remained stable at £355 million over 2022. Net returns from the investment asset portfolio were stable with Net Investment Asset Return [4] at 8.0 per cent per annum for 2022. The Net Investment Asset Return was driven by a strong risk-adjusted yield of 9.4 per cent. Performance remains strong, benefiting from the senior secured strategy, with minimal impairments and bad debts. The portfolio is well positioned for interest rate rises with the investment portfolio benefiting from more floating-rate assets than floating-rate liabilities.\n \n \n \n Net Asset Value\n \n \n \n The unaudited net asset value of the Group as at 31 December 2022 was £578 million, which is equivalent to £9.00 per share. The tangible net asset value was £347 million, equivalent to £5.40 per share. \n \n \n \n \n \n \n \n \n \n [1]\n \n \n AuM on an investor commitment basis is calculated as investor commit...