(Alliance News) - Intermediate Capital Group PLC on Thursday reported a fall in net asset value as the London-based asset manager appointed William Rucker as chair.
For the financial year that ended on September 30, net asset value per share dropped by 5.5% to 658 pence from 696p at March 31. However, it rose by 8.0% from 609p a year prior.
Pretax profit plummeted to GBP35.6 million from GBP264.7 million a year ago.
Despite the profit fall, Intermediate raised its interim dividend by 35% to 25.3p per share from 18.7p a year prior.
Looking ahead, the firm expects to maintain its fund management company operating margin at over 50% for financial year 2023 that started on October 1, compared to 55.8% for financial year 2022 and 55.9% for the first half of financial 2023.
Meanwhile, the company appointed William Rucker as chair from January 31, replacing Interim Chair Andrew Sykes who will stay as non-executive director.
Intermediate said that Rucker is currently chair of Lazard Ltd in the UK, an investment bank he joined in 1987 that is focused on asset management and financial advisory businesses.
On Wednesday, Intermediate Capital noted its debut infrastructure fund ICG Infra I bought Iberian renewable platform Dos Grados, which has a portfolio of 900 megawatt of renewable projects under development across Spain and Portugal.
The first project in Portugal is set to start construction in early 2023 and involves a 126 megawatt solar photovoltaic plant. The sum of the transaction is undisclosed.
Intermediate Capital shares fell 3.2% to 1,149.50 pence each in London on Thursday morning.
By Tom Budszus; tombudszus@alliancenews.com
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