Polar Capital Holdings PLC on Monday said assets under management increased in the first half of its current financial year, amid profit growth and ‘strong investor demand’.
The London-based investment management company said its assets under management at September 30 were £22.7 billion, rising 3.7% from 21.9 billion on March 31. This was due primarily to market movement and fund performance, which contributed a further £323 million to asset growth.
Since then, assets under management have grown further to £23.9 billion on November 8, up 5.3% from September 30.
Pretax profit for the six months that ended September 30 grew 2.7% to £23.1 million from £22.5 million the year before.
Revenue rose 16% to £100.6 million from £86.9 million last year, while the costs of commissions & fees increased 25% to £13.0 million from £10.4 million.
The company also reported net inflows of £472 million for the six-month period, compared to outflows of £581 million last year. In particular, its Emerging Markets and Asia strategies saw net inflows of £929 million, ‘following strong investor demand’.
Polar Capital declared an interim dividend of 14.0 pence per share, unchanged year-on-year.
Chief Executive Officer Gavin Rochussen said: ‘Looking ahead, visibility on actively managed equity flows for the industry remains unclear. However, given our compelling long-term investment performance and remaining capacity in a broad range of active, specialist and differentiated thematic, sector and regionally-focused fund strategies, we are confident that we can continue to perform for our clients and shareholders over the long-term.’
Looking ahead, broker Panmure Liberum forecasts pretax profit of £59.3 million for Polar Capital’s financial year due to end March 31, which would represent an 8.4% rise from £54.7 million last year, and revenue of £185 million, falling 5.2% from £195.1 million.
Shares in Polar Capital were up 6.7% at 546.45 pence each in London on Monday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
