24th Jun 2019 11:32
(Alliance News) - Fund management firm Polar Capital Holdings PLC hiked its dividend Monday after annual profit and assets under management expanded despite a roller-coaster year.
For the financial year ended March, pretax profit widened 55% to GBP64.1 million from GBP41.3 million the year prior. This was after revenue rose 33% to GBP177.5 million from GBP133.8 million the year before.
Assets under management expanded 15% to GBP13.8 billion from GBP12.0 billion the year prior. At the end of May, this had grown further to GBP14.1 billion.
Polar Capital Chief Executive Officer Gavin Rochussen described the year as one of "two distinct halves for the company".
"The first six months to September 2018 was a period of rising markets accompanied by global demand for risk assets," Rochussen said. "The market correction in October, followed by a significant sell-off in December, resulted in redemptions globally of assets. Despite this volatility, our funds posted a record year for performance fees, the majority of which crystallise annually in December."
Polar Capital proposed a 25.0 pence per share final dividend, up 14% from 22.0p the year prior. For the full year, the dividend rose 18% to 33p from 28p the year before.
"Notwithstanding recent concerns about global economic growth and fragile sentiment for risk assets generally, with the diversity of our 12 specialist active teams we are confident that we will continue performing for our clients and that Polar Capital will continue to deliver for our shareholders", Rochussen added.
Shares in Polar Capital were 4.5% higher at 608.00 pence in London on Monday.
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