17th Sep 2024 10:05
(Alliance News) - Petershill Partners PLC on Tuesday paid a special dividend as it reported double-digit growth in profit and parter fee related earnings.
The investment company specialising in alternative investments said pretax profit in the six months to June rose 27% to USD163.9 million from USD129.3 million a year prior. Total income climbed 6.0% to USD146.3 million from USD138.0 million.
Partner distributable earnings increased 12% to USD140 million from USD125 million and partner fee related earnings firmed 13% to USD112 million from USD99 million.
Petershill said the results were "strong" with good momentum in asset raising and growth in aggregate fee-paying assets under management.
Aggregate partner-firm AUM rose 11% to USD332 billion and aggregate fee-paying AUM climbed 21% to USD238 billion.
Free cash flow conversion increased to 123% from 105% a year ago, supporting growth and the progressive dividend policy, the firm said.
Petershill announced a special dividend of 9.0 US cents per share, reflecting the return of proceeds from the sale of the stake in LMR Partners announced in September. In addition, the firm declared an interim dividend of 5.0 US cents per share, rising 2.0% from 4.9 cents a year prior.
Petershill reiterated 2024 guidance.
The company expects organic a gross fee-eligible AUM raise of USD20 to USD25 billion and realisations of USD5 to USD10 billion in fee-paying AUM.
The firm expects USD200 to USD230 million full year partner fee related earnings and PRE of 15% to 30% of total partner revenues.
In addition, it forecast an 85% to 90% adjusted earnings before interest and taxes margin.
Shares in Petershill rose 2.1% at 224.00 pence each in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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