The FTSE-100 listed private equity firm ICG updated the market this morning with both interim results and news of a long term strategic partnership. Earnings showed that fee earning AUM was up 6%, management fees had risen 16% and group pre-tax profits had risen more than 75%. Simultaneously the company also announced that it had entered into a long term arrangement with Amundi to accelerate the development and distribution of its private market products. The ICG share price gained more than 7% in early trade.
The transport operator FirstGroup issued its half year numbers today, which included news of a 30% increase in revenues, although operating profit growth lagged significantly. However, capital expenditure and capital returns both served to push debt levels higher and whilst management are convinced that these will retreat quickly against strong cash generation. The market appeared underwhelmed however, with the FirstGroup share price down 10% shortly after the open.
A trading statement from the home builder Chrest Nicholson this morning saw management provide updated guidance on the full year profit outlook, dialling down expectations by stating the print is now expected to come in at the low end or even below the previously stated range of £28m-£38m. Year end net debt is expected to be better than guided as a result of some land sales but with near term market conditions remaining challenging, investors have taken a glass half empty view here. The Crest Nicholson share price was trading down more than 9% at 9am.
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