18th Nov 2024 11:44
(Alliance News) - Polar Capital Holdings PLC on Monday said assets under management increased in the first half of its current financial year, amid profit growth and "strong investor demand".
The London-based investment management company said its assets under management at September 30 were GBP22.7 billion, rising 3.7% from 21.9 billion on March 31. This was due primarily to market movement and fund performance, which contributed a further GBP323 million to asset growth.
Since then, assets under management have grown further to GBP23.9 billion on November 8, up 5.3% from September 30.
Pretax profit for the six months that ended September 30 grew 2.7% to GBP23.1 million from GBP22.5 million the year before.
Revenue rose 16% to GBP100.6 million from GBP86.9 million last year, while the costs of commissions & fees increased 25% to GBP13.0 million from GBP10.4 million.
The company also reported net inflows of GBP472 million for the six-month period, compared to outflows of GBP581 million last year. In particular, its Emerging Markets and Asia strategies saw net inflows of GBP929 million, "following strong investor demand".
Polar Capital declared an interim dividend of 14.0 pence per share, unchanged year-on-year.
Chief Executive Officer Gavin Rochussen said: "Looking ahead, visibility on actively managed equity flows for the industry remains unclear. However, given our compelling long-term investment performance and remaining capacity in a broad range of active, specialist and differentiated thematic, sector and regionally-focused fund strategies, we are confident that we can continue to perform for our clients and shareholders over the long-term."
Looking ahead, broker Panmure Liberum forecasts pretax profit of GBP59.3 million for Polar Capital's financial year due to end March 31, which would represent an 8.4% rise from GBP54.7 million last year, and revenue of GBP185 million, falling 5.2% from GBP195.1 million.
Shares in Polar Capital were up 6.7% at 546.45 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
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