Polar Capital Holdings plc Group Audited Results for the year ended 31 March 2019.
Highlights
- Assets under Management (‘AUM’) at 31 March 2019 £13.8bn (2018: £12.0bn)
- Core operating profit† excluding performance fees £42.2m (2018: £27.8m)
- Profit before share-based payments on preference shares† of £67.2m (2018: £46.4m)
- Pre-tax profit £64.1m (2018: £41.3m)
- Basic earnings per share 57.8p (2018: 36.4p) and adjusted diluted earnings per share† 51.5p (2018: 36.6p)
- Dividends for the year 33.0p per share (2018: 28.0p) including a second interim dividend of 25.0p (2018: 22.0p) per ordinary share to be paid on 26 July 2019 to shareholders on the register on 5 July 2019
- Shareholders’ funds £109.7m (2018: £87.7m) including net cash of £111.7m (2018: £87.9m)
- In the final six months of the financial year we launched and seeded our Asian Stars and Global Absolute Return funds, bringing the total new fund launches in the year to five
- Current AUM as at 31 May 2019 £14.1bn
† The non-GAAP alternative performance measures shown here are described on the Alternative Performance Measures (APMs) page and reconciled to IFRS measures in the Financial Review
Gavin Rochussen, Chief Executive Officer, commented:
“The financial year to 31 March 2019 was a year of two distinct halves for the Company. The first six months to September 2018 was a period of rising markets accompanied by global demand for risk assets. The market correction in October, followed by a significant sell-off in December, resulted in redemptions globally of assets. Despite this volatility, our funds posted a record year for performance fees, the majority of which crystallise annually in December.
‘Notwithstanding recent concerns about global economic growth and fragile sentiment for risk assets generally, with the diversity of our 12 specialist active teams we are confident that we will continue performing for our clients and that Polar Capital will continue to deliver for our shareholders.”
polar-c-hldgs