London, UK - Intermediate Capital Group, a leading asset manager, announced today that its pretax profit for the first half of the fiscal year exceeded market consensus. The company reported a pretax profit of £259.9 million ($324.9 million) for the six months ended September 30, compared to £30.8 million the previous year. This figure surpassed the Visible Alpha consensus of £162 million provided by the company.
One of the key drivers behind this performance was the increase in revenue, which rose to £463.1 million from £221.4 million. This result also surpassed market consensus, which had anticipated revenue of £370 million. However, fee and other operating income fell slightly to £253.5 million from £257 million.
Net gains on investments showed significant growth, reaching £215.9 million compared to £5.8 million in the same period last year. This positive trend reflects the company's expertise in making successful investment decisions.
The company's fee-earning assets under management experienced a 4% increase from March 31, reaching $64.2 billion. Overall, total assets under management stood at $81 billion, representing a 3% rise since March.
During this period, Intermediate Capital maintained its focus on fundraising activities and remains on track to achieve its medium-term guidance of at least $40 billion between April 1, 2021, and March 31, 2024.
In line with its commitment to shareholder returns, the board declared an interim dividend of 25.8 pence per share, compared to 25.3 pence per share in the previous year.
Looking ahead, Intermediate Capital is confident in its ability to continue making strategic and financial progress in the second half of the year and beyond.