- Intermediate Capital reported a rise in profit in the first half of the year as net assets inched higher despite lower inflows of new business.

For the six months ended 30 September 2019, pre-tax profit rose 24% to £153.4m as net assets value per share rose 4% to £5.00 on-year.

Assets under management grew 11% from the end of March, with €4.6bn of new money raised across 14 strategies, but that was down from €6.1bn on-year. The interim ordinary dividend was up 50% to 15.0p per share.

The company said it had decided to increase its fund management company operating margin target above 50% from above 43%, set in early 2018, to 'reflect the maturing of existing strategies while maintaining capacity to invest in new fund strategies that will underpin the continued long-term growth of the group.'

At 9:04am: [LON:ICP] Intermediate Capital Group PLC share price was +97p at 1591p

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