Intermediate Capital Group shares were up 7.7% to 1,571p in early morning trading on Thursday, following a reported 12% rise in Group pre-tax profit to £568.8 million in FY 2022 compared to £507.7 million in FY 2021.
Intermediate Capital confirmed a 23% increase in its client base, and a significant surge in its fee income and fund management profits.
The firm announced a 41% increase in Fund Management Company pre-tax profit to £286.2 million in FY 2022 compared to £202.3 million in FY 2021, alongside a 7% decline in Investment Company pre-tax profit to £282.6 million against £305.4 million the previous year.
The company highlighted its balance sheet investment portfolio rise of 10% to £2.8 billion compared to £2.5 billion, with a NAV per share uptick of 23% to 696p against 566p.
“This has been a defining year for ICG both in our market standing and in our growth trajectory,” said Intermediate Capital CEO Benoît Durteste.
“Our scale, diversification, brand and investment performance have combined to generate a record year on many levels.”
The group said it had accelerated its fundraising guidance by a year as a result of increased confidence in its outlook, with $22.5 billion raised across 2021-2022 and at least $40 billion fundraising in aggregate between 1 April 2021 and 31 March 2024.
Meanwhile, the company added that its FY 2023 started in a strong position, with substantial capital and a positive balance sheet.
“I am confident in our future prospects. Structural tailwinds remain supportive of the industry and ICG is well positioned to take advantage of the opportunities that invariably arise in more volatile market conditions,” said Durteste.
“This confidence is reflected in the acceleration of our fundraising guidance as we look to continued growth and success in the coming years.”
Intermediate Capital mentioned a Group EPS rise of 16% to 187.6p from 162.3p year-on-year, and a 36% growth in dividends to 76p against 56p per share in the last year.