ICG ups fundraising target as profit surges
Intermediate Capital Group
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16:35 26/04/24
Intermediate Capital Group increased its fundraising target after exceptional performance by its investment arm caused annual profit to more than quadruple.
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Pretax profit for the year to the end of March rose to £507.7m from £110.8m a year earlier as the investment company swung to a record £305.4m profit from a £72.3m loss. The fund management company also reported record profit, up 10% to £202.3m.
The FTSE 100 capital provider announced a final dividend of 39p a share, taking the annual payout to 56p a share - up 10% from the year before.
ICG said the investment company's profit was driven by exceptionally high returns of £445.1m - a level that is not expected to be repeated.
ICG raised $10.6bn (£7.5bn) in the year, taking third-party assets under management to $56.2bn. The company predicted it would raise $40bn in the four years to the end of 2025.
Chief Executive Benoît Durteste said: "This year ICG has not only proven its operational and financial resilience, it has continued a trend of significant profitable growth. Our confidence in our ability to execute on the opportunities available to us is underlined by our upgraded fundraising guidance."