Intermediate Capital boosts net assets and profit in ‘successful’ half

Intermediate Capital Group PLC on Wednesday celebrated an increased net asset value and profit in its latest half year, and said it expects further progress going forward.

The London-based asset manager said its NAV at September 30 was 714 pence per share, up 8.5% from 658p per share at the same time last year.

Shares in Intermediate Capital were up 3.6% at 1,506.50p on Wednesday morning in London.

Intermediate Capital said pretax profit for the six months ended September 30 surged to £259.9 million, from £30.8 million the previous year.

The company also increased its interim dividend to 25.8p per share from 25.3p.

Total assets under management increased to $81.0 billion at September 30, up 12% from $68.5 billion. Fee-earning assets under management increased 7% to $64.2 billion from $57.3 billion.

Management fees increased 7% to $233.9 million from $251.5 million, while performance fees increased to $29.3 million from $13.8 million.

‘ICG had a strategically and financially successful first half,’ commented Chief Executive Officer Benoit Durteste. ‘We are executing on our strategy of ’scaling up’ and ’scaling out’, and are investing in our people and platform. Our broad waterfront of products today, built on our 35 years’ experience of managing credit, positions us well to succeed across cycles.’

Durteste added that ICG’s portfolio companies were well-capitalised and increasing their earnings, underpinning resilient NAVs, and that its debt fund clients were ‘enjoying historically high returns’.

‘In a fast-changing macro background, our long-term business model is performing,’ he said. ‘We have the right strategic and financial resources to execute on the substantial growth potential embedded in ICG today, and we expect to make further strategic and financial progress in the second half of the year and beyond.’

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