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Polar Capital Holdings PLC on Monday reported that pretax profit fell by 18% in its recent financial year, but it ‘remains very positive’ for the future.
The London-based specialist active fund manager reported that revenue rose by 11% to £224.1 million from £201.5 million the year before.
Assets under management also increased by 6% to £22.1 billion at March 31 year end, from £20.9 billion year-on-year.
Further, Polar Capital said that core operating profit was up 35% to £69.4 million from £51.5 million the year prior.
However, pretax profit dropped to £62.1 million from £75.9 million last year.
The company said that the fall in pretax profit was due to lower contribution from performance fees of just £14.1 million, compared to the company's ‘record high’ level last year of £43.6 million.
Despite of the fall in pretax profit, Polar Capital upped its total dividend by 15% to 46.0p per share from 40.0p the year before.
Chief Executive Gavin Rochussen said that ‘strong growth in core operating profit’ allowed for the increase in total dividend.
Looking forward, Rochussen said the company is well positioned to ‘weather the current backdrop of inflationary pressures, macro uncertainty, rising interest rates and market volatility.’
‘Against this backdrop, we believe that the group's strong balance sheet and range of differentiated fund strategies positions us well for the future, supported by our performance led approach and our strong culture,’ Rochussen added.
Shares in Polar Capital were up 1.7% to 530.00 pence each in London on Monday morning.
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