20th May 2014 10:27
LONDON (Alliance News) - Specialist asset manager Intermediate Capital Group PLC Tuesday said its annual pretax profit increased on higher gains on investments, while it announced a share buyback for up to GBP100.0 million.
In a statement, Intermediate Capital, which provides mezzanine finance, private debt, leveraged credit and minority equity, said it made a GBP158.7 million pretax profit for the year ended March 31, compared with GBP142.6 million a year earlier. Revenue increased by 17% to GBP434.6 million, with higher gains on investments and fee and other operating income more than offsetting a fall in finance income.
Administrative expenses increased to GBP102.1 million from GBP87.1 million, while impairments rose to GBP112.4 million from GBP80.0 million.
Assets under management increased by 0.4% to EUR13.0 billion, as the outflows from the high level of realisations offset the fundraising inflows.
"Our business model and 25 year track record position us well to continue to capture market share. There is no doubt that investor interest in credit strategies is increasing. This is due to more positive economic sentiment around the world combined with the need to diversify sources of yield in portfolios and the demand for alternative sources of finance in the new lending landscape. In light of this market we see the momentum in growing our business continuing," Chief Executive Christophe Evain said in a statement.
Intermediate Capital increased its full-year dividend to GBP21.0 pence from 20.0 pence.
Intermediate Capital shares were Tuesday quoted at 416.80 pence, down 3.0%.
By Samuel Agini; [email protected]; @samuelagini
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