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Arrow Global increases interim dividend by 10% to 4.4p

Investment Tools Ltd.
Arrow Global increases interim dividend by 10% to 4.4p

Arrow Global will pay a 4.4p interim dividend, an increase of 10% from the H1 2018 interim dividend of 4.0p. This is in line with the Group's policy to pay 50% of the previous year's final dividend.

Other financial highlights include: 

£165.6 million of portfolio purchases in Investment Business (IB) (H1 2018: £146.3 million)

Further strengthening in IB returns - net IRRs increased to 18.0% (H1 2018: 16%) and 10- year gross money multiple (GMM) increased to 1.9x (H1 2018: 1.8x)

Gross Asset Management and Servicing (AMS) income increased 14.4% to £68.3 million - 34.1% of gross Group income (H1 2018: 32.2%), with current AUM of £52.0 billion

Free cashflow grew 28.1% to £115.3 million (H1 2018: £90.0 million)

Cost review completed - minimum £20 million of cost run-rate savings expected to be delivered by the end of 2020 with an estimated cost to achieve of £20 million, supporting simplification, enhanced efficiency and flexibility in AMS operations

Development of fund management business capabilities to further enhance growth and margins in AMS gathering pace with the formation of AGG Capital Management Limited and hiring of Andrew Grimditch as its CFO

Leverage reduced to 3.6x (H1 2018: 4.0x) - continue to target 3.0x-3.5x range by year-end

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