18th Sep 2023 11:05
(Alliance News) - Pollen Street PLC on Monday posted a higher net asset value, while first half profit grerw on higher interest rates, and said it is set to meet market expectations for the full-year.
The London, England-based asset manager said net asset value per share at June 30 was 901.4 pence, up marginally from 900.2p at December 31.
Pretax profit grew by 34% to GBP18.4 million from GBP13.7 million a year prior, driven by an operating profit from the asset manager segment of GBP5.8 million, as well as "growth in the operating profit of the investment company reflecting the impact of increased interest rates," the firm said.
Pollen Street declared a quarterly dividend of 16 pence per share, down 20% from 20p per share the year before.
Looking ahead, the company said it is in "a strong position" for growth, and is confident in delivering earnings in line with market consensus, which includes fund management earnings before interest, tax, depreciation and amortisation margin in excess of 50%, as well as net investment income of around 8%.
Commenting on the results, Chief Executive Officer Lindsey McMurray said: "We've demonstrated clear progress in delivering our strategy and our business has shown resilience in the changing macro environment. I'm confident we will see further progress as we head into the second half of the year and as we seek to take advantage of our organic growth opportunities."
Shares in Pollen Street grew by 1.4% at 593.99 pence each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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