Intermediate Capital Group PLC on Tuesday noted high interest rates and weak economic growth in the UK, but reported higher profit, fee income and assets under management and declared a dividend increase.

The London-based asset manager said pretax profit more than doubled to £597.8 million in the financial year that ended March 31, from £258.1 million the year prior.

Fee-earning assets under management were up 11% to $69.7 billion from $62.8 billion.

Management fee income rose 5.0% to £505.4 million from £481.4 million, while performance fee income surged to £73.7 million from £19.6 million.

Net asset value per share was 801 pence on March 31, up 15% from 694p a year prior. Net investment return more than tripled to £379.3 million from £102.3 million.

ICG proposed a final dividend of 53.2p, up 1.9% from 52.2p a year before, upping its total payout by the same 1.9% to 79.0p from 77.5p.

Looking ahead, ICG acknowledged that ‘heightened geopolitical risk, high interest rates and weak economic growth’ means the current investing environment is uncertain, and potentially volatile.

However, the firm backed its ‘expertise’ in navigating ‘complex and uncertain market conditions’.

ICG said: ‘We are actively supporting our portfolio companies as they seek to take advantage of current market dislocation by growing organically and inorganically, as well as ensuring that they have the people, systems, and capital structures in place to navigate a period of potentially protracted uncertainty, including to ensure they are appropriately hedged against interest rate risks. Our portfolios remain fundamentally well positioned, with robust operational performance and reasonable leverage.’

ICG shares rose 4.7% to 2,428.00 pence each on Tuesday morning in London.

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