Polar Capital Holdings Plc - Final Results
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POLAR CAPITAL HOLDINGS plc
Group Audited Results for the year ended 31 March 2020
•Assets under Management ('AuM') at 31 March 2020 £12.2bn (2019: £13.8bn) and at 29 May 2020 £14.4bn
• Core operating profit† excluding performance fees £41.6m (2019: £42.2m)
• Pre-tax profit £50.8m (2019: £64.1m)
• Basic earnings per share 43.5p (2019: 57.8p) and adjusted diluted earnings per share† 40.7p (2019: 51.5p)
• Total dividend for the year maintained at 33.0p per share (2019: 33.0p)
• Shareholders' funds £116.1m (2019: £109.7m) including net cash of £107.8m (2019: £111.7m)
• In January 2020 we launched and seeded the Healthcare Discovery Fund which invests in a globally diversified portfolio of small cap stocks across the healthcare sector
• In February 2020 we announced the agreement to acquire the International Value and World Value equity team from Los Angeles based First Pacific Advisors
† The non-GAAP alternative performance measures shown here are described and reconciled to IFRS measures on the Alternative Performance Measures (APMs) page
Gavin Rochussen, Chief Executive Officer, commented:
" Polar Capital has demonstrated pleasing operational resilience throughout this crisis. I would like to thank all our staff for their diligence and hard work during this lockdown period. The lockdown and implementation of our Business Continuity Plan proved seamless and had no negative impact on our ability to manage our funds and service clients.
' While equity markets have responded to unprecedented central bank and government stimulus, there remains considerable uncertainty as to the long-term impact on global economies. Given this significant macro uncertainty, we have concentrated on the areas where we have some degree of influence and control. We have focused on team resilience and agility, ensuring portfolios maintain adequate liquidity and are able to respond rapidly to a changing environment as the lockdown is gradually lifted.
'Following the market recovery in April and May, our AuM is at similar levels to that prior to the COVID-19 sell-off, over 70% of our AuM is ahead of benchmark this calendar year to 29 May and we experienced positive net inflows in May.
'Our Technology and EM Stars fund ranges have had particularly good performance with both the EM Stars and Automation and Artificial Intelligence funds in the top decile, measured against their respective Lipper peer groups, since inception and over 1 year. The Global Technology fund is top quartile over 1 year and top decile over 3 and 5 years, and since inception.
'We have continued to pursue our strategy of growth with diversification and, with our highly active specialist funds, are well positioned to perform for our clients and shareholders over the long term. "