Intermediate Capital says strong first half tops expectations

(Alliance News) - Intermediate Capital Group PLC on Tuesday reported a rise in interim profit and assets under management as the asset manager hailed a "record period".

Shares in the company were 2.1% higher at 2,396.00 pence each in London on Tuesday morning.

At the end of September, the asset manager held USD65.35 billion in third party assets under management, up 16% from USD56.15 billion at its year-end in March, and a 28% annual jump.

ICG's net asset value per share improved 7.6% to 609p from 566p at the end of March.

Pretax profit increased 37% to GBP266.4 million from GBP197.8 million. Total revenue, which includes fee income and investment gains, rose 35% to GBP475.4 million from GBP352.1 million.

"This has been a record period for ICG on a number of levels, continuing the strong momentum of H2 FY21 and delivering progress against all three of our strategic priorities encompassing fundraising, deployment and realisations. We anticipated the first half would be strong, and it has exceeded our expectations," Chief Executive Benoit Durteste said.

"Fundraising has been remarkable: we have raised more in six months than in any full year in the history of ICG. Notably it has been across both established and emerging strategies, evidencing the breadth of our embedded growth opportunities. We have also attracted a substantial number of new clients during the period across a range of established and emerging strategies."

It said AuM additions amounted to USD22.26 billion, up sharply from USD9.08 billion a year earlier. Realisations increased markedly to USD9.96 billion from USD2.62 billion.

ICG lifted its payout by 10% to 18.7p per share from 17.0p a year earlier.

Durteste added: "Looking ahead, activity levels across our business remain high. Our performance demonstrates our multiple drivers of compounding growth, and gives us further confidence in our medium-term guidance."

By Eric Cunha; ericcunha@alliancenews.com

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