Operational Highlights
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Strong fundraising momentum across products, with €2.4bn committed to date, and we anticipate another record fundraising year for third party AUM
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Fundraising achievements to date include; ICG Longbow's third fund closing at £700m, Senior Debt Partners strategy on target to close in excess of €1.5bn and two European CLOs totalling €950m raised
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Strong period of balance sheet realisations consolidating our track record. As a consequence, third party AUM down 1% to €9.8bn and total AUM down 6% to €12.1bn since 31 March 2013
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New funds investing on target, with ICG Europe Fund V currently 41% invested, ICG Longbow III 29% invested and a strong pipeline of investment opportunities
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Investment portfolio remains broadly resilient but a reducing number of weaker assets continue to underperform
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Agreement signed with Nomura Holdings Inc, enabling the Group to access the Japanese market with a highly respected partner and facilitate the launch of dedicated domestic mezzanine products
Financial Highlights
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Group profit before tax of £155.3m compared to £39.6m in the first half of last year (H1 13) and includes £110.1m (H1 13: £5.6m) recycled to profit from reserves. Adjusted Group profit before tax¹ was £162.1m (H1 13: £41.1m)
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Fund Management Company profit of £16.7m compared to £17.2m in H1 13
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Investment Company profit¹ of £145.4m compared to £23.9m in H1 13, with net impairments2 of £59.0m compared to £64.8m in H1 13, and includes £110.1m (H1 13: £5.6m) recycled to profit from reserves
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Strong balance sheet with unutilised cash and debt facilities of approximately £753.0m. This follows a period of strong realisations and enables the FMC to seed new products and growth initiatives strengthening its long term profitability
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Interim dividend of 6.6p per share compared to 6.3p in H1 13
