(Alliance News) - Gresham House PLC on Thursday reported a higher interim profit, net asset value and more assets under management, as it hailed its long-term plan.
The alternative asset manager said pretax profit in the first half of 2023 rose 64% to GBP5.2 million from GBP3.2 million a year prior. Revenue rose 13% to GBP44.8 million from GBP39.6 million.
Gresham House's basic net asset value per share as at June 30 rose 3.5% to 388.1 pence from 375.1 pence a year prior.
Assets under management as at June 30 rose 6.4% to GBP8.3 billion from GBP7.8 billion at the start of 2023, and were 14% higher than GBP7.3 billion as at June 30, 2022.
Operating costs 14% increased to GBP39.4 million from GBP34.5 million a year prior. Administrative costs were 12% higher, at GBP37.9 million compared to GBP33.4 million a year ago.
Looking ahead, the company said it started to plan for the long term through an updated 10-year strategy ambition.
Chair Anthony Townsend said: "While we recognise the challenges presented by macroeconomic headwinds, such as rising interest rates, high inflation and market volatility, we are well-positioned to navigate turbulence in the markets in which we operate, supported by the resilience of our private real asset classes and the strong performance of our strategic equity division."
Chief Financial Officer Kevin Acton said: "We have a strong pipeline of new clients looking to invest in our funds in the second half of the year and will continue to work hard to deliver increased commitments to funds, grow AUM and deliver returns for clients throughout the remainder of 2023 and into 2024."
Gresham House shares were 0.2% lower at 1,065.00 pence each in London on Thursday afternoon.
By Tom Budszus, Alliance News reporter
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