Polar Capital has issued its interim results for six months ended 30 September 2017.
Key figures:
- assets under Management at 30 September 2017 were £10.6bn (31 March 2017: £9.3bn) – net fund inflows of £820m together with market uplift and fund performance of £510m;
- core operating profit, excluding performance fees, £12.0m (30 September 2016: £8.7m);
- operating profit before share-based payments £15.7m (30 September 2016: £10.6m);
- pre-tax profit £11.8m (30 September 2016: £8.5m);
- basic earnings per share 10.19p (30 September 2016*: 6.68p) and adjusted† diluted earnings per share 11.78p (30 September 2016: 8.15p);
- interim dividend per ordinary share of 6.0p declared (2016: 5.5p) to be paid in January 2018;
- shareholders’ funds £68.8m (30 September 2016*: £65.5m) including cash and investments of £75.7m (30 September 2016: £73.8m).
Chief Executive Officer Gavin Rochussen said: “Fund performance has improved and it is pleasing to report that, in the nine months to 30 September 2017, performance across our fund range has been largely ahead of respective fund benchmarks.
While the ethos and philosophy of Polar will not change, there will be a strategic focus on diversification of fund strategies, client segments and client geography. We continue to search for top performing investment talent to manage funds that will complement the existing strategies.
The outlook for the Company for the remainder of the financial year is encouraging with continued momentum in flows and fund performance in the months following the reporting period.”
