Arrow Global (LON: ARW) shares soared on Tuesday morning after the group posted “resilient” results for the six months ending June 30.
The asset manager revealed a fall in cash collections from £202.1mn last year to £175.8mn. The group also posted a pre-tax loss of £108.9mn amid the “significant economic uncertainty”.
As Arrow Global Group swings into a loss, the group remains positive and has seen “improving trend in collections performance following the impact of COVID-19 lockdowns.”
Lee Rochford, the chief executive, said: “I am proud of Arrow’s response to the challenges posed by the pandemic. We have protected our people, strengthened our funding and balance sheet, maintained robust operational performance and supported our customers.”
“As we exit the crisis, European banks will be under significant pressure to provision for non-performing loans. With €1.1 billion of discretionary undeployed fund management capital, we are extremely well placed to be a leading investor in this huge market with increasingly attractive returns. We remain resolutely focused on executing our strategy to build a compelling integrated asset manager, offering differentiated access to high yielding assets whilst continuing to treat customers fairly,” he added.
Arrow Group shares (LON: ARW) are trading +13.27% at 90.50 (1008GMT).
