24th Jun 2016 06:57
LONDON (Alliance News) - Polar Capital Holdings PLC on Friday maintained its total annual dividend, even as it reported a "lack of progress" in terms of growing assets under management and profit in its last financial year.
In a statement, Polar Capital reported current assets under management of USD10.3 billion. That was down from USD10.4 billion as of March 31, the date that marks the end of its financial year, a fall from USD12.3 billion a year earlier. Pretax profit fell to GBP24.2 million from GBP31.1 million, as revenue fell to GBP84.3 million from GBP96.2 million.
Polar Capital maintained a total dividend per share of 25.0 pence, citing the "strength" of its balance sheet and "continued confidence" in the long-term outlook for the company.
"Despite the lack of progress we have made in terms of AUM and profits growth, over the last two years the group has continued to invest in new teams and in the business with further investment in client service, operations and support staff and systems," Chief Executive Officer Tim Woolley said in a statement.
"This reflects our strategy of continuing to offer a diversified product range for our clients, supported by a robust and scalable infrastructure. With our investment led culture, active fund management talent continues to see us as an attractive destination in an increasingly challenging industry," Woolley said.
By Samuel Agini; [email protected]; @samuelagini
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