Petershill Partners PLC on Tuesday paid a special dividend as it reported double-digit growth in profit and parter fee related earnings.

The investment company specialising in alternative investments said pretax profit in the six months to June rose 27% to $163.9 million from $129.3 million a year prior. Total income climbed 6.0% to $146.3 million from $138.0 million.

Partner distributable earnings increased 12% to $140 million from $125 million and partner fee related earnings firmed 13% to $112 million from $99 million.

Petershill said the results were ‘strong’ with good momentum in asset raising and growth in aggregate fee-paying assets under management.

Aggregate partner-firm AUM rose 11% to $332 billion and aggregate fee-paying AUM climbed 21% to $238 billion.

Free cash flow conversion increased to 123% from 105% a year ago, supporting growth and the progressive dividend policy, the firm said.

Petershill announced a special dividend of 9.0 US cents per share, reflecting the return of proceeds from the sale of the stake in LMR Partners announced in September. In addition, the firm declared an interim dividend of 5.0 US cents per share, rising 2.0% from 4.9 cents a year prior.

Petershill reiterated 2024 guidance.

The company expects organic a gross fee-eligible AUM raise of $20 to $25 billion and realisations of $5 to $10 billion in fee-paying AUM.

The firm expects $200 to $230 million full year partner fee related earnings and PRE of 15% to 30% of total partner revenues.

In addition, it forecast an 85% to 90% adjusted earnings before interest and taxes margin.

Shares in Petershill rose 2.1% at 224.00 pence each in London on Tuesday.

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