(Alliance News) - Intermediate Capital Group PLC on Thursday reported a surge in assets and an increased annual profit in what it called a "defining year" for growing its customer base and increasing scale.
Shares in Intermediate Capital Group were 9.0% higher in London on Thursday morning at 1,590.00 pence each, the best performing FTSE 100 stock.
The London-based private equity investment firm reported a net asset value per share of 696 pence at its March 31 year-end, up 23% from 566p the year before.
Total assets under management surged 26% to USD72.06 billion from USD59.59 billion a year earlier.
The FTSE-100 listed firm posted USD23.38 billion of additions, but USD8.69 billion in realisations and a USD2.38 billion hit from foreign exchange and other moves.
ICG's pretax profit jumped 12% to GBP568.8 million from GBP507.7 million, as its Fund Management pretax profit surged 41% to GBP286.2 million from GBP202.3 million. Pretax profit in Investment, however, sunk 7.5% to GBP282.6 million from GBP305.4 million.
Third-party fee income increased 34% to GBP449 million from GBP333.7 million.
"This has been a defining year for ICG both in our market standing and in our growth trajectory. Our scale, diversification, brand and investment performance have combined to generate a record year on many levels," Chief Executive Benoit Durteste said.
The company grew its client base by 23% in the year and is operating at a "substantially increased" and diversified scale.
ICG declared a final dividend of 57.3 pence, bringing its total payout to 76.0p, up 36% from 56.0p a year earlier.
Looking ahead, ICG said it is confident about long-term growth.
"We continue to scale ICG to meet increasing client demand across our waterfront of strategies, with growing AUM providing a diverse and locked-in stream of management fees. We have been able to scale up existing flagship strategies considerably and we have had outstanding success with two first time funds, cementing substantial organic growth for the coming years," Durteste added.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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