(Alliance News) - Intermediate Capital Group PLC on Tuesday raised its payout and reported profit growth of nearly a third during a strong first-half for the asset manager.
Shares in the company were 7.1% higher at 1,676.52 pence each in London on Tuesday morning, the best performing blue-chip stock.
Assets under management at September 30 were EUR46.10 billion, a 1.8% improvement from EUR45.30 billion at the end of March and a 12% leap year-on-year. Intermediate Capital noted it raised EUR2.6 billion of new money during the period.
Pretax profit in the six months to September 30 jumped 29% annually to GBP197.8 million from GBP153.4 million.
In the fund management arm alone, pretax profit was 5.6% higher year-on-year at GBP89.8 million from GBP85.0 million.
"The sustained growth of our fund management company profits demonstrates the strength of our business model in these challenging times, as we continue to see investor demand for a broad range of our funds, including a number of new strategies," Chief Executive Officer Benoit Durteste.
Intermediate Capital raised its interim payout by 13% to 17.0 pence per share from 15.0p.
By Eric Cunha; ericcunha@alliancenews.com
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