LONDON (dpa-AFX) - Specialist asset manager Intermediate Capital Group plc (ICP.L) reported Wednesday that its profit before tax for the year ended 31 March 2019 declined 8 percent to 182.9 million pounds from 199.1 million pounds in the prior year.
However, adjusted Group profit before tax for the year increased 65 percent to 278.3 million pounds from 168.3 million pounds last year.
Profit attributable to equity holders of the parent declined to 180.1 million pounds or 63.4 pence per share from 251.0 million pounds or 88.8 pence per share in the prior year.
Total revenue for the year was 464.1 million pounds, down from 600.0 million pounds last year.
Total assets under management or AUM increased 29 percent to 37.1 billion euros, with 10.0 billion euros of new money raised. Third party fee earning AUM was up 41 percent in the year to 29.6 billion euros.
Intermediate Capital's board has recommended a final dividend of 35.0 pence per share, equating to a total dividend for the year of 45.0 pence per share. This represents an increase of 50 percent from last year.
Looking ahead, Intermediate Capital Group said its board has initiated a review of the fund management operating profit margins target, with an expectation that it will be increased, reinforcing the company's positive outlook for the business. The company will announce the outcome of this review with the half year results in November.
Copyright RTT News/dpa-AFX