27th Jun 2024 11:07
(Alliance News) - Polar Capital Holdings PLC on Thursday said it will maintain its full-year dividend after reporting double-digit growth in both profit and assets.
The London-based investment management company said in the year that ended March 31, pretax profit rose 21% to GBP54.7 million from GBP45.2 million the year prior.
Assets under management increased 14% to GBP21.9 billion from GBP19.2 billion over the period.
PCH maintained its second interim dividend at 32.0 pence per share, therefore maintaining a total dividend of 46.0p.
Cash and cash equivalents held by PCH stood at GBP98.9 million, down 7.6% from GBP107.0 million.
Technology assets were the largest holding in the fund's portfolio at 45%, followed by Healthcare and Global Insurance at 18% and 10% respectively.
Since period end as at June 14, AuM had increased 4.1% to GBP22.8 billion.
Chief Executive Officer Gavin Rochussen said: "The Nordic region has become an important market and to support local client servicing, we established an office in Stockholm, Sweden during the year... We have also continued to develop our US footprint with experienced business development capability covering the major regions".
"The outlook is more constructive for risk assets such as equities with a continuing reduction in global inflation, interest rates peaking and central banks poised to ease monetary policy... While there remains geopolitical risk and a significant portion of the developed world population facing elections this year, our performance-led culture, strong balance sheet and improving sentiment for equities positions us well to continue performing for our clients and shareholders."
PCH hares were up 6.1% to 574.01 pence each in London on Thursday morning.
By Elijah Dale, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Related Shares:
Polar Capital