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Intermediate Capital profit drops whilst assets under management rise

25th May 2023 11:13

(Alliance News) - Intermediate Capital Group PLC on Thursday posted sharp falls in revenue and profit in its recently ended financial year, but assets under management increased significantly.

The London-based asset manager reported profit before tax and discontinued operations of GBP251.0 million in the financial year that ended March 31, down 53% from GBP534.3 million the previous year.

Revenue totalled GBP639.0 million, down 35% from GBP982.1 million.

Its net gains on investment dropped to GBP172.5 million from GBP555.5 million the year prior.

More positively, Intermediate Capital's assets under management at March 31 stood at USD80.2 billion, up 14% from USD72.1 billion at the same time the year prior.

Fee-earnings AuM rose to USD62.8 billion from USD58.3 billion over the same time. Third-party AuM climbed 15% to USD77.0 billion from USD68.5 billion year-on-year.

Looking forward to financial 2024 and beyond, Chief Executive Benoit Durteste said he remains "excited" about the company's prospects.

"We reiterate our fundraising target of at least USD40 billion cumulatively from financial 2022 to financial 2024, and we will be marketing a number of first-time and follow-on vintages in the coming year. We will invest for the future, across our product offering, client franchise and operating platform," he said.

The company proposed a final dividend of 52.2 pence per share. This would bring its total payout for the year to 77.5p, an increase of 2.0% against the year prior.

Shares in Intermediate Capital were down 1.2% at 1,310.00 pence on Thursday morning in London.

By Heather Rydings, Alliance News senior economics reporter

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