Asset manager business sees profits rise to £28.4m
Asset management firm Arrow Global saw underlying profits rise by 10% to £28.4m in the first six months of the year.
The Manchester based company said profit after tax increased from £4.8m to £8.5m while adjusted EBITDA was up 16.8%.
The company said there was strong investment in the underwriting performance at 103% of original forecast.
Meanwhile, there was a 29% growth in assets under management to £49.3 billion.
Over the period there were record portfolio acquisitions of £145.1 million, up from £125.1 million in the first half of last year.
And the announced acquisition of Norfin added an additional €1.5 billion of assets under management.
Lee Rochford
Lee Rochford, group chief executive officer of Arrow Global, said he was pleased with the results.
He added: “Momentum at Arrow remains strong. Our broad sourcing capabilities and operating platform have enabled the investment business to continue to achieve consistent returns, with unlevered net IRRs in the mid-teens across a range of asset types.
“When combined with our capital-light asset management and servicing income, financial performance continues to be highly value accretive.”
He added: “Since our IPO in 2013, we have grown significantly, establishing a pan-European footprint with market-leading positions across six key geographies.
“We believe we now have the optimal platform to position us well to generate strong earnings, cash flow and de-leveraging as we realise the full benefit of this footprint and the investments we have made to enhance efficiency.
“Trading continues to be strong and we remain on track to finish the year in line with market expectations.”
