Intermediate Capital Group Plc (ICP.L), a specialist investment firm and asset manager providing mezzanine finance, reported Tuesday a higher profit for its full year 2012 benefited by lower expenses, despite a slight decline in total income. The company also hiked dividend.
The company noted that third party assets under management were down 3 percent in the year to 11.4 billion pounds as the runoff of its old credit funds exceeded funds raised in the period. Third party Mezzanine AUM grew 7 percent to 3.7 billion pounds.
According to the firm, after a strong start to 2011, the second half of the year was dominated by the European sovereign debt crisis and the resulting economic slowdown.
For the year, pre-tax profit increased to 243.8 million pounds from 186.3 million pounds last year. Adjusted pre-tax profit, which excluded certain items, was 198.8 million pounds, higher than prior year's 190.1 million pounds. Adjusted earnings per share grew to 39.2 pence from 33.2 pence a year ago.
Total income for the period was 437.5 million pounds, slightly lower than prior year's 438.7 million pounds, mainly due to lower gains on investments.
CEO Christophe Evain said, "Our portfolio has shown resilience in uncertain economic times and our investment pace has picked up in recent months. The economic outlook remains uncertain and we will continue to be extremely vigilant when making investment decisions."
Citing the strong results and its current momentum, the company's Board has decided to increase the dividend by 6 percent to 19 pence, including a final dividend of 13 pence.
Looking ahead, Intermediate Capital said it is now well positioned to deliver AUM growth.
Separately, the company said it appointed Benoit Durteste as an executive director with effect from May 21.
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