LONDON (dpa-AFX) - Specialist asset manager Intermediate Capital Group plc (ICP.L) reported Tuesday that first-half Group profit before tax on an IFRS basis climbed 24 percent to 153.4 million pounds from 124.0 million pounds last year. Earnings per share were 50.8 pence, up from 43.6 pence last year.
Fund Management Company profit before tax grew 32 percent to 85.0 million pounds. Investment Company profit before tax grew 15 percent to 68.4 million pounds.
Adjusted Group profit before tax was 151.0 million pounds, compared to 179.5 million pounds a year ago. Adjusted earnings per share were 50.4 pence, compared to 59.8 pence last year.
Assets under management or AUM went up to 41.1 billion pounds from last year's 33.60 billion pounds.
Further, the Board has approved an interim dividend of 15.0p, an increase of 50 percent. The dividend will be paid on January 14 to shareholders on the register on December 6.
Looking ahead, the company said its positive outlook underpins increase in Fund Management Company operating margin target to be in excess of 50 percent, up from 43 percent expected previously.
Kevin Parry, Chairman, said, 'The new target reflects the maturing of existing strategies while still providing capacity to invest in new fund strategies that will underpin the continued long-term sustainable growth of the Group.'
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