# Intermediate Capital Group Fund management profits up 27% with €10.2bn of new money raised

- Link: https://www.directorstalkinterviews.com/intermediate-capital-group-fund-management-profits-up-27-with-e10-2bn-of-new-money-raised/412828309
- Published: 2020-06-04T07:30:35+01:00
- Author: Amilia Stone

**[Intermediate Capital Group PLC](https://www.directorstalkinterviews.com/ftse-company/intermediate-capital-group/icp.l)**(
LON:ICP) has today announced its final results for the financial year ended 31 March
2020.

**Highlights**

 * AUM up 22% on 31 March 2019 to €45.3bn, with €10.2bn of new money raised
    
 * Fund Management Company profits up 27% to £183.1m (2019: £143.8m); average fee
   rates maintained
    
 * Investment Company loss of £68.6m (2019: £39.1m profit) reflecting lower valuations
   of unrealised assets in the final quarter as a result of Covid-19, leading to
   Group profit before tax on an IFRS basis down 37% to £114.5m (2019: £182.9m) 
   
 * Earnings per share of 38.2p (2019: 63.4p); Fund Management Company 63.4p (2019:
   49.0p) and Investment Company a loss of 25.2p (2019: 14.4p profit)
    
 * Final ordinary dividend up 2% to 35.8p per share; total ordinary dividends in
   the year up 13% to 50.8p per share
    
 * Business remains fully operational with colleagues adapting rapidly to new ways
   of working and interacting closely with portfolio companies, investments and 
   clients
    
 * Outlook: despite the challenges of Covid-19, our business remains resilient with
   good visibility on future management fees due to the long-term nature of our 
   funds, underpinned by a strong and well-capitalised balance sheet, with £1.2bn
   of available liquidity

> **Commenting on the results, Benoit Durteste, CEO, said:**
> “This has been another strong year for ICG, and with our strategic focus on the
> growth and performance of our fund management business, we raised €10.2bn during
> the year. Despite the impact of the Covid-19 pandemic on the latter part of our
> fiscal year, we continue to drive long-term value creation for our shareholders.
> We are in a resilient position with long-term contracted fee streams, a strong
> balance sheet and £1.2bn of available liquidity.
> We expect lower fundraising and investment activity in the short term, but our
> market fundamentals remain strong, our exposure to the most affected sectors is
> limited, and we are working closely with all our investments and portfolio companies
> to help them adapt to this new environment. We believe that the long-term drivers
> of increased allocations to the alternative asset class will continue and the 
> current conditions will present investment opportunities for private capital to
> help bolster economies.  
> Given our strengthened business model, €11.4bn of investment capacity and disciplined
> investment capabilities, we are well placed to benefit from these opportunities
> and continue to create value for our shareholders and clients.”  

> **Commenting on the results, Lord Davies of Abersoch, Chairman, said:**
> “In these unprecedented times, Intermediate Capital Group has an essential role
> to play in supporting business success, thereby generating financial returns for
> its fund investors and its shareholders. ICG is in an excellent position, with
> a resilient business model underpinned by a strong, well-capitalised balance sheet.
> We are therefore well placed to weather the current economic storm and to emerge
> in a stronger position than before. It is this backdrop that enabled the Board
> to recommend a 2% increase in the final ordinary dividend to 35.8p.”

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