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Polar Capital AUM increase by 12%

Polar Capital Holdings plc has today published its unaudited interim results for the six months ended 30 September 2021.

Highlights

  • Assets under Management (“AuM”) at 30 September 2021 £23.4bn (31 March 2021: £20.9bn)
  • Core operating profit £36.3m (30 September 2020: £22.0m)
  • Pre-tax profit £31.7m (30 September 2020: £27.0m)
  • Basic earnings per share 26.5p (30 September 2020: 23.4p) and adjusted diluted total earnings per share 28.1p (30 September 2020: 22.1p)
  • Interim dividend per ordinary share of 14.0p (January 2021: 9.0p) declared to be paid in January 2022*
  • Shareholders’ funds £146.8m (30 September 2020: £114.4m) including cash and investments of £140.5m (30 September 2020: £111.3m)

 

The non-GAAP alternative performance measures shown here are described and reconciled to IFRS measures on the Alternative Performance Measures (APM) page

* Further details on the timetable for the interim dividend are described on the shareholder information page

Gavin Rochussen, Chief Executive Officer, commented:

“In the six months to 30 September 2021, AuM increased by £2.5bn from £20.9bn to £23.4bn, an increase of 12% over the period and since then has increased to £25.0bn as at 12 November 2021.

“Core operating profit (excluding performance fees, other income and exceptional items) was up 65% to £36.3m compared to the comparable prior half year period and up 23% from £29.5m in the immediately preceding six-month period to 31 March 2021.

“This time last year, Polar Capital established a new Head of Sustainability role and put in place separate Sustainability and Diversity committees to increase focus on these areas, in investment and for the Group. Six of Polar Capital’s funds have been classified as Article 8 under the European Union’s SFDR regulations and there is a pipeline of funds aiming to reclassify as Article 8. The recently launched Smart Energy and Smart Mobility funds are classified as Article 9 funds.

“There is much greater concern about the impact of climate change, and this will result in growing demand for greener technologies and the investment landscape will be shaped by the conversations and outcomes from COP26 held in Glasgow.

“The launch of the Polar Capital Smart Energy and Smart Mobility Funds in September 2021 were well received with early flows and demonstrable appetite from potential investors in these funds.

“Our diverse and differentiated range of sector, thematic and regional fund strategies and our performance led culture where 74%, 93% and 99% of our AuM is in the top two quartiles against peers over three years, five years and since inception respectively together with significant remaining capacity provides confidence that momentum will continue.”

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