(Alliance News) - Pollen Street Group Ltd on Thursday hailed its progress in 2023, and lifted its outlook for outer years.
The London-based asset manager said pretax profit grew 61% to GBP43.1 million from GBP26.8 million the year before. Total income increased 12% to GBP62.8 million from GBP55.9 million.
Net asset value per share at December 31 rose 1.4% to 912.4p from 899.5p a year prior.
Over the year, assets under management increased 24% to GBP4.2 billion, up from GBP3.4 billion.
This was primarily driven by fundraising under its private equity strategy which focuses on taking majority stakes in company's operating in the business and financial services sector.
Chief Executive Officer Lindsey McMurray: "2023 has been a strong year for Pollen Street and we are delivering against our ambitions. With strong foundations in place, our progress in 2023 is ahead of target and has positioned us well to drive long-term organic growth. Looking ahead in 2024 in both private credit and private equity, we are seeing strong asset performance, resilient fund-raising progress and an attractive pipeline of new opportunities."
The company upped its guidance. It previously predicted fee-paying AuM would amount to between GBP4 billion to GBP5 billion between September of this year and September 2025.
"We expect to exceed the GBP4 billion threshold during 2024 and are upgrading guidance to grow AuM to GBP10 billion in the longer term," it added.
It closed 2023 with fee-paying assets under management at GBP3.4 billion in 2023, a rise of 36% on-year.
Meanwhile, return on net investment which was initially forecast to hit 8% in the long-term, but is now expected to hit low double-digits within two to three years.
Shares in Pollen Street were up 12% to 600.00 pence in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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Pollen Street (POLN)