Highlights
- Total AUM of $80.2bn1 and fee-earning AUM of $62.8bn1, up 14% and 10% respectively compared to FY22 on a constant-currency basis, annualised growth of fee-earning AUM over the last five years of 20%2
- Fundraising in line with guidance at $10.2bn; $32.8bn raised since 31 March 2021 and on track to meet accelerated fundraising target of at least $40bn cumulatively between FY22 – FY24
- Sustained investment activity across our business, notable deployment in Private Debt and Strategic Equity
- Delivering for clients, strong fund returns across Structured and Private Equity, Private Debt and Infrastructure
- Fee income of £501.0m, an increase of 12% compared to FY22 with management fees up 23%
- Record Fund Management Company profit before tax of £310.7m, an increase of 9% compared to FY22
- Balance sheet investment portfolio generated NIR of 4% (five year average: 11.2%)
- Group profit before tax of £258.1m (FY22: £568.8m) and Group EPS of 80.3p (FY22: 187.6p)
- NAV per share of 694p (31 March 2022: 696p)
- Total dividends for FY23 of 77.5p per share, a year-on-year increase of 2.0% and the thirteenth consecutive annual increase in ordinary dividend per share; 21% annualised growth in dividend per share over the last five years
1. Includes impact of policy change in FY23 which increased Total AUM and third-party AUM by $3.1bn and fee-earning AUM by $0.5bn
2. Five year AUM growth on reported basis. Unless otherwise stated the financial results discussed herein are on the basis of APM – see page 2 and page 8
William Rucker, Chairman:
The results ICG is reporting are a testament to our long-term focus on building and broadening the ICG platform.
Successfully fundraising, growing AUM, and increasing profits from our fund management activities – all delivered against a challenging backdrop – underline the powerful economic characteristics that underpin ICG’s resilient business model today.
Looking ahead, we are well positioned to navigate an exciting future, with many opportunities likely to arise as the economic landscape continues to evolve.
I am delighted to have joined ICG as Chairman, and look forward to working with the management team, our shareholders and wider stakeholders in the coming years.
Benoît Durteste, CEO and CIO:
ICG has performed strongly over the last twelve months on both a strategic and financial level.
We have sustained business momentum across fundraising and investing activities, and have continued to focus on delivering value for our clients and portfolio companies. Rising interest rates and a more uncertain economic outlook are particularly suited to our substantial structured equity and private debt offerings – an important strategic benefit of our scale and breadth, which enables us to operate successfully across market cycles.
Our fund management company has delivered year-on-year growth in fee-earning AUM, fee income and profits. At the same time, the balance sheet has performed in line with our expectations during a period of volatile market conditions.
We take a long-term view on investing for future growth, hiring selectively across the firm and investing balance sheet capital in seed assets for a number of strategies. As ICG continues to grow up and grow out, the strategic and economic benefits of our multiple levers of compounding growth will continue to become increasingly visible.
Overview
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