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Intermediate Capital Group PLC on Thursday posted sharp falls in revenue and profit in its recently ended financial year, but assets under management increased significantly.
The London-based asset manager reported profit before tax and discontinued operations of £251.0 million in the financial year that ended March 31, down 53% from £534.3 million the previous year.
Revenue totalled £639.0 million, down 35% from £982.1 million.
Its net gains on investment dropped to £172.5 million from £555.5 million the year prior.
More positively, Intermediate Capital’s assets under management at March 31 stood at $80.2 billion, up 14% from $72.1 billion at the same time the year prior.
Fee-earnings AuM rose to $62.8 billion from $58.3 billion over the same time. Third-party AuM climbed 15% to $77.0 billion from $68.5 billion year-on-year.
Looking forward to financial 2024 and beyond, Chief Executive Benoit Durteste said he remains ‘excited’ about the company’s prospects.
‘We reiterate our fundraising target of at least $40 billion cumulatively from financial 2022 to financial 2024, and we will be marketing a number of first-time and follow-on vintages in the coming year. We will invest for the future, across our product offering, client franchise and operating platform,’ he said.
The company proposed a final dividend of 52.2 pence per share. This would bring its total payout for the year to 77.5p, an increase of 2.0% against the year prior.
Shares in Intermediate Capital were down 1.2% at 1,310.00 pence on Thursday morning in London.
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