Polar Capital Holdings, an investment company, has reported a decline in its pre-tax profit for the fiscal year ending March 31, 2023. The company’s revenue fell from £224.1 million to £182.9 million, while its pre-tax profit declined from £62.1 million to £45.2 million.
Moreover, the firm’s assets under management (AUM) at the end of the year were 13% lower compared to the previous year, dropping to £19.2 billion from £22.1 billion. Polar Capital Holdings declared a second interim dividend unchanged at 32 pence, resulting in a total payout of 46 pence for the year.
Despite the drop in AUM and profits, the firm’s CEO Gavin Rochussen said that “The group’s strong balance sheet and range of differentiated fund strategies position us well for the future, supported by our performance-led approach and our strong culture.”
It remains to be seen how Polar Capital Holdings’ strategies will play out in the coming years, but the company seems confident in its ability to navigate the challenging investment landscape.