Intermediate Capital Group Reports Strong First-Half Performance
London-based asset manager, Intermediate Capital Group, reports impressive financial results for the first half of its fiscal year, exceeding expectations in profit and revenue.
London-based asset manager, Intermediate Capital Group, has announced impressive financial results for the first half of its fiscal year. Pretax profit stood at £259.9 million ($324.9 million), surpassing both the previous year's figure of £30.8 million and the consensus estimate of £162 million provided by Visible Alpha.
The company's revenue also saw a significant increase, rising to £463.1 million from £221.4 million, far exceeding the consensus estimate of £370 million. However, fee and other operating income slightly declined to £253.5 million from £257 million.
Intermediate Capital Group experienced a substantial surge in net gains on investments, totaling £215.9 million compared to £5.8 million in the previous year.
Fee-earning assets under management witnessed a 4% growth from March 31, amounting to $64.2 billion, while total assets under management reached $81 billion, reflecting a 3% rise from March.
The company remains confident in meeting its medium-term fundraising target of at least $40 billion between April 1, 2021 and March 31, 2024.
Additionally, Intermediate Capital's board has declared an interim dividend of 25.8 pence per share, marking a slight increase from the previous year's dividend of 25.3 pence per share.
Looking forward, the company anticipates making further strategic and financial progress in the second half of the year and beyond.