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Polar posts FY pre tax growth amid tough market conditions

Polar Capital has posted a 42.2 per cent rise in full year pre-tax profits to £14.5 million from £10.2 million despite reporting a challenging period on the investment markets.

Assets under management have slipped 8.8 per cent to $3.1 billion for the year but the Company has recommended a second interim dividend of 7.0 pence per share, up from 5.5 pence in March 2007.

Polar says the challenging outlook presents opportunities for its uncorrelated and defensive sector strategies. It plans to diversify business with the addition of one to two new business units annually.

Polar Capital chief executive Mark Kay says: “The first full fiscal year as a public company has seen Polar Capital operating in one of the most challenging periods in investment markets for many years. While this underlying environment has inevitably created a headwind for some of our asset growth targets and has led to adjustments in our business, we enter the new fiscal year believing that markets will continue to be challenging but cautiously encouraged about our prospects.”

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