logo
Plus   Neg
Share
Email

Intermediate Capital Group FY Pre-tax Profit Declines; Hikes Dividend

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration or FDA announced on its website that pharma major Pfizer, Inc. issued recall of two lots of tablets meant to treat acute migraine in adults for concerns over bacteria infection. The pharma company is recalling two lots of Relpax (eletriptan hydrobromide) 40 mg tablets for potential presence of Genus Pseudomonas and Burkholderia bacteria. Cosmetics company Revlon Inc. (REV) is reportedly considering a potential sale of parts or all of its business. According to Bloomberg, Revlon has retained financial advisers from Goldman Sachs Group Inc. to explore strategic alternatives. No deal has been reached yet, but Revlon is exploring all... China's Lenovo Group Ltd. warned it may have to raise prices of its products if the U.S. moves ahead with the decision to impose additional tariffs on Chinese goods, according to a report by Reuters. The warning by Lenovo, the world's largest PC maker, comes amid the escalating trade war between the U.S. and China that has raised concerns about the global economic outlook.
Follow RTT