TIDMPOLR
RNS Number : 9869G
Polar Capital Holdings PLC
21 November 2022
Polar Capital Holdings plc ("Polar Capital" or "the Group")
Unaudited interim results for six months ended 30 September
2022
"Strong pipeline of interest in diversified strategies,
improving fund performance and balance sheet strength support a
maintained first interim dividend" Gavin Rochussen, CEO
Highlights
-- Assets under Management ("AuM") at 30 September 2022
GBP18.8bn (31 March 2022: GBP22.1bn) and at 11 November 2022
GBP19.2bn
-- Core operating profit GBP25.8m (30 September 2021: GBP36.3m)
-- Pre-tax profit GBP23.0m (30 September 2021: GBP31.7m)
-- Basic earnings per share 17.7p (30 September 2021: 26.5p) and
adjusted diluted total earnings per share 19.0p (30 September 2021:
28.1p)
-- Interim dividend per ordinary share of 14.0p (January 2022:
14.0p) declared to be paid in January 2023 (*)
-- Shareholders' funds GBP141.3m (31 March 2022: GBP156.2m)
including cash and investments of GBP129.2m (31 March 2022:
GBP169.4m)
T he non-GAAP alternative performance measures shown here are
described and reconciled to IFRS measures on the Alternative
Performance Measures (APM) page
* Further details on the timetable for the interim dividend are
described on the shareholder information page
Gavin Rochussen, Chief Executive Officer, commented:
"The last six months have been challenging for all asset
management firms, whatever their size or business model."
"At some point, as inflation stabilises and interest rates peak,
investors will require increased market exposure and we are well
placed to benefit from this demand."
"Against this background, we are pleased to report that there is
a strong pipeline of interest in many of Polar Capital's strategies
and the short list of new potential investment teams is larger than
for many years."
"In the six months to 30 September 2022, AuM declined by
GBP3.3bn from GBP22.1bn to GBP18.8bn, a decrease of 15% over the
period which comprised of net redemptions of GBP0.8bn, outflows
from previously reported fund closures of GBP0.5bn and GBP2.0bn
decrease relating to market movement and fund performance."
"Despite the reduction in adjusted diluted core EPS, the first
interim dividend has been maintained at 14p, reflecting our
confidence in the business and the strength of our balance
sheet."
"The Group launched two new Article 9 strategies one year ago,
Smart Energy and Smart Mobility, investing in decarbonisation,
electrification and sustainable transport themes. Our sustainable
thematic equity team, led by Thiemo Lang, has been successful in
raising assets and both funds have delivered returns ahead of the
MSCI All Countries World Index in the first half of our financial
year."
"With the attainment of a highly credible four-year track record
since joining Polar Capital, the AuM in the sustainable Emerging
Market Stars suite of fund strategies now exceeds GBP1.1bn and has
been instrumental in establishing a meaningful and valued client
base in the Nordic region and building our presence in the US."
" Our diverse and differentiated range of sector, thematic and
regional fund strategies where 73%, 87%, 86% and 93% of our AuM is
in the top two quartiles against peers over one year, three years,
five years and since inception, our improved distribution
capability and significant remaining capacity gives us confidence
that we will perform for our clients and shareholders over the long
term."
For further information please contact:
Polar Capital +44 (0)20 7227 2700
Gavin Rochussen (Chief Executive)
Samir Ayub (Finance Director)
Numis Securities- Nomad and Joint Broker +44 (0)20 7260 1000
Giles Rolls
Charles Farquhar
Stephen Westgate
Peel Hunt - Joint Broker +44 (0)20 3597 8680
Andrew Buchanan
Camarco +44 (0)20 3757 4995
Ed Gascoigne-Pees
Jennifer Renwick
Phoebe Pugh
Assets Under Management
AuM split by type
30 September 31 March 2022
2022
--------------------- --------------- -------------------- ----------------
GBPbn % GBPbn %
--------------------- -------- ----- -------------------- --------- -----
Open-ended funds 14.1 75% Open-ended funds 16.6 75%
Investment trusts 3.7 20% Investment trusts 4.4 20%
Segregated mandates 1.0 5% Segregated mandates 1.1 5%
--------------------- -------- ----- -------------------- --------- -----
Total 18.8 Total 22.1
--------------------- -------- ----- -------------------- --------- -----
AuM split by strategy
(Ordered according to launch date)
30 September 31 March 2022
2022
------------------------ --------------- ----------------------- ----------------
GBPbn % GBPbn %
------------------------ -------- ----- ----------------------- -------- ------
Technology 7.0 37% Technology 9.2 42%
European Long/Short 0.1 0.5% European Long/Short 0.1 0.3%
Healthcare 3.8 20% Healthcare 3.7 17%
Global Insurance 2.2 12% Global Insurance 1.9 9%
Financials 0.6 3% Financials 0.6 3%
Convertibles 0.7 4% Convertibles 0.8 4%
North America 0.7 4% North America 0.8 4%
Japan Value 0.2 1% Japan Value 0.2 0.5%
European Income 0.1 0.5% European Income 0.1 0.3%
UK Value 1.0 5% UK Value 1.6 7%
Emerging Markets and Emerging Markets
Asia 1.1 6% and Asia 1.1 5%
Phaeacian* - - Phaeacian* 0.5 2%
European Opportunities 0.9 5% European Opportunities 1.2 5%
European Absolute European Absolute
Return 0.1 0.5% Return 0.1 0.3%
Melchior Global Equity 0.1 0.5% Melchior Global Equity 0.1 0.3%
Sustainable Thematic Sustainable Thematic
Equities 0.2 1% Equities 0.1 0.3%
------------------------ -------- ----- ----------------------- -------- ------
Total 18.8 Total 22.1
------------------------ -------- ----- ----------------------- -------- ------
* The Phaeacian Accent International Value Fund and the
Phaeacian Global Value Fund were closed down in May 2022.
Chief Executive's Report
Market Overview
The first half of Polar Capital's financial year ended on a weak
note in global bond and equity markets. September 2022 was
particularly brutal, with most regional equity indices falling by
between 9% and 12% in US dollar terms, concluding a six-month
period in which many equity markets entered bear territory.
With reported inflation rising and central banks starting to
wind down asset purchase programmes, there was downward pressure on
bond prices too, with conventional and inflation linked bond
indices often declining by as much as equity indices. This was
particularly marked in the UK, in part due to the unfunded tax cuts
announced in the late September 2022 mini budget. The unusual
circumstances which have resulted in bond and equity markets
falling at the same time have been painful for many investors, with
data suggesting that a 'balanced' portfolio of bonds and equities
is experiencing its worst year for at least a century, and that a
GDP weighted world government bond index is on track for its worst
annualised return since 1920.
Corporate earnings revisions have been declining across all
regions as tougher business conditions lead to more cautious
forecasts, although sales estimates by contrast are still
reasonably strong, boosted by inflation.
Investors often observe that there is aways a bull market in
something. So far in 2022, energy companies' share prices have
risen sharply, in contrast to all other equity market sectors. The
other big winner has been the US dollar, which as usual has been a
beneficiary of investor caution.
The outperformance of energy and resource companies versus
broader equity market indices has contributed to a marked change in
equity market leadership, with 'value' as a style performing much
better in 2022 than 'growth' and 'quality'. With interest rates
rising, growth stock valuations have proven vulnerable, and many
have fallen sharply.
Fund Performance
Equity markets have in the main fallen this year. Investors have
been in a risk averse mood as economic and geopolitical uncertainty
remains high. Measures of investor sentiment and positioning are
now very cautious if survey data is accurate. This can be a
contrarian indicator, although in the current climate it is
difficult to see investors becoming more constructive while the US
Federal Reserve is so firmly in inflation-fighting,
policy-tightening territory.
This backdrop has led to falling asset values across the
majority of Polar Capital's portfolios in the six months to 30
September 2022, other than for sterling-denominated share classes
of funds which invest significantly in dollar denominated assets,
where dollar strength has been a tailwind.
With rising interest rates leading to outperformance of value
styles versus growth this year, other than during a brief
mid-summer phase when investors embraced the Fed 'pivot', the
outperformers in Polar Capital's fund range have been those funds
with a value tilt.
Our value style funds, many with smaller AuM than the growth
style funds, have outperformed benchmark over three and five
years.
Polar Capital Global Convertible Fund, European ex-UK Income
Fund, Income Opportunities Fund, Biotechnology Fund, Healthcare
Discovery Fund, Global Insurance Fund and Japan Value Fund have all
outperformed their respective benchmarks in the calendar year-to
date.
Polar Capital Global Insurance Fund, which has no exposure to
life insurance companies, has had a strong year and has returned
12% YTD, outperforming its benchmark by 7%.
Polar Capital UK Value Opportunities Fund has materially
underperformed its benchmark as it has high exposure to small and
mid-cap domestic companies which have been de-rated due to the
weakening UK economy. The performance of the benchmark (FTSE All
Share) has been driven by oil and resources.
Polar Capital Global Technology Fund's performance has improved
but remains well off its high-water mark due to a challenging
2021.
The Group launched two new Article 9 strategies one year ago,
Smart Energy and Smart Mobility, investing in decarbonisation,
electrification and sustainable transport themes. Our sustainable
thematic equity team, led by Thiemo Lang, has been successful in
raising assets and both funds have delivered returns ahead of the
MSCI All Countries World Index in the first half of our financial
year.
AuM and Fund Flows
In the six months to 30 September 2022, AuM declined by GBP3.3bn
from GBP22.1bn to GBP18.8bn, a decrease of 15% over the period. The
GBP3.3bn decrease in AuM comprised net redemptions of GBP0.8bn,
outflows from previously reported fund closures of GBP0.5bn and
GBP2.0bn decrease relating to market movement and fund performance.
Excluding outflows from fund closures, there were net outflows of
GBP30m from segregated mandates, net share buy-backs of GBP62m by
the investment trusts and net outflows of GBP753m from the
open-ended funds.
In the six months, the largest beneficiary of net inflows was
the Global Insurance Fund which had GBP258m of net inflows. Against
a tough back drop and muted investor demand for emerging markets
equities, our sustainability oriented Emerging Market Stars fund
range had GBP101m of net inflows, gaining market share as the asset
class was in outflow over the period. Within the healthcare suite
of funds, the Biotechnology Fund and Healthcare Blue Chip Fund
benefited from combined net inflows of GBP66m. The Polar Capital
Smart Energy and Smart Mobility Funds had combined net inflows of
GBP44m, an impressive outcome given the funds were launched in the
fourth quarter of 2021.
On the back of outstanding fund performance, the European ex UK
Income Fund had net inflows as did the Global Convertible Bond
Absolute Return Fund.
The Technology Fund, continued to suffer redemptions as clients
reduced their allocations to the technology sector. Net outflows
from the Technology Fund were GBP569m in the period and share buy
backs by the Technology Investment Trust amounted to GBP59m. The
period under review also witnessed significantly reduced client
demand for UK and European equity exposure with investors cutting
exposure to these two regions significantly. The UK Value
Opportunities Funds had net outflows of GBP260m and the Melchior
European Opportunities Fund had redemptions of GBP99m.
As previously reported, the closure and termination of the
Phaeacian Partners venture resulted in outflows due to fund
closures of GBP459m in the period.
The Polar Capital North American Fund continued to experience
net outflows as clients reduced US equity exposure - net outflows
in the period were GBP68m. The Healthcare Opportunities Fund, with
small and mid-cap healthcare exposure suffered net outflows of
GBP71m during the period.
Other funds experiencing outflows in the period were the Global
Convertible Bond Fund, Automation and Artificial Intelligence Fund,
and to a lesser extent Japan Value, Income Opportunities and
Financial Opportunities Funds.
Financial Results
Average AuM over the six months to 30 September 2022 decreased
by 14% from GBP23.2bn to GBP20bn. The decrease in average AuM
resulted in net management fees , after commission and rebates
payable, decreasing by 14% to GBP80m from GBP92.9m in the
comparable six-month period. Management fee yield margin declined,
as anticipated, by 3bp to 80bp over the period compared to the
comparable prior six-month period.
Core operating profit (excluding performance fees, other income,
and exceptional items) was down 29% to GBP25.8m compared to the
comparable prior half year period and down 22% from GBP33.1m in the
immediately preceding six-month period to 31 March 2022.
Profit before tax decreased by 27% to GBP23.0m compared to the
comparable prior half year period. Basic EPS decreased by 33%
compared to the half year period to 30 September 2021. Adjusted
diluted core EPS of 20.1p is a 21% decrease on the immediately
preceding six months to 31 March 2022 and a 29% decrease over the
comparable half year period to 30 September 2021.
Six months Six months to Six months
to 31 March to
30 September 2022 30 September
2022 GBP'm 2021
GBP'm GBP'm
------------- -------------
Average AuM (GBP'bn) 20.0 23.2 22.5
Net management fees 80.0 94.4 92.9
Core operating profit 25.8 33.1 36.3
Performance fee profit - 4.1 -
Other income* (1.5) (2.4) (0.3)
Share-based payments on preference
shares (0.1) (0.7) (0.4)
Exceptional items (1.2) (3.7) (3.9)
------------- ------------- -------------------------
Profit before tax 23.0 30.4 31.7
------------- ------------- -------------------------
Basic EPS 17.7p 24.3p 26.5p
Adjusted diluted total earnings
per share 19.0p 27.9p 28.1p
Adjusted diluted core EPS 20.1p 25.6p 28.2p
----------------------------------- ------------- ------------- -------------------------
The non-GAAP alternative performance measures shown here are
described on the APM page.
* A reconciliation to reported results is given on the APM page.
The Board has declared an interim dividend of 14p to be paid in
January 2023 (January 2022: 14p). Maintaining the first interim
dividend despite a reduction in adjusted diluted core EPS reflects
our confidence in the business and the strength of our balance
sheet. Historically, the first interim dividend has been set at
half of first half core EPS. Maintaining last year's first interim
dividend of 14p represents a covered dividend that is 69% of first
half adjusted diluted core EPS.
Strategic progress and thanks
The sustainable thematic team that joined Polar Capital in
September 2021 and the launch of the Polar Capital Smart Energy and
Smart Mobility Funds have attracted encouraging inflows in the six
months with AuM at 30 September 2022 exceeding GBP150m. This
provides confidence that material capacity in these sustainable
thematic fund strategies will be utilised in the coming years
providing increased diversification of our fund strategies across
teams.
Further progress has been made in developing distribution
channels in Asia with the imminent opening of an office in
Singapore. The Nordic region has continued to grow through
additional flows into the sustainable Emerging Market Stars funds
and there is promising interest in the Smart Energy and Smart
Mobility funds.
With the attainment of a highly credible four-year track record
since joining Polar Capital, the AuM in the sustainable Emerging
Market Stars suite of fund strategies now exceeds GBP1.1bn and has
been instrumental in establishing a meaningful and valued client
base in the Nordic region and building our presence in the US.
Our fund range continues to be nominated for a number of awards
this year which is testament to the quality of our fund range. A
particular highlight, having launched four years ago, our Emerging
Market Stars team were shortlisted for six awards - including best
Sustainable Emerging Markets Fund - and won two awards - including
Emerging Markets Manager of the Year - with a further yet to be
announced. Separately, having invested significantly in our
Marketing capability over the past three years, it was pleasing
that we were shortlisted in five categories at the Investment Week
Marketing and Innovation Awards, with our website being highly
commended.
The last six months have been challenging as the rate of
inflation has surged resulting in interest rate hikes. While this
macro backdrop has given rise to volatile and unpredictable
markets, the proven investment processes of our experienced
managers have held up well. While clients have reduced equity
weightings resulting in redemptions, we have not had investors
withdrawing completely from our funds. At some point, as inflation
stabilises and interest rates peak, investors will require
increased market exposure and we are well placed to benefit from
this demand.
We are grateful for the support of our clients and the support
and commitment from our partners and staff during this volatile and
challenging period.
Outlook
Our diverse and differentiated range of sector, thematic and
regional fund strategies where 73%, 87%, 86% and 93% of our AuM is
in the top two quartiles against peers over one year, three years,
five years and since inception, our improved distribution
capability and significant remaining capacity gives us confidence
that we will perform for our clients and shareholders over the long
term.
Gavin Rochussen
Chief Executive
18 November 2022
Alternate Performance Measures (APMs)
APM Definition Reconciliation Reason for use
------------------- ------------------------ ------------------- ---------------------------------------
Core operating Profit before APM reconciliation To present a measure of the
profit performance Group's profitability excluding
fee profits, performance fee profits and
other income other components which may
and tax. be volatile, non-recurring
or non-cash in nature.
------------------- ------------------------ ------------------- ---------------------------------------
Performance fee Gross performance APM reconciliation To present a clear view of
profit fee revenue the net amount of performance
less performance fee earned by the Group after
fee interests accounting for staff remuneration
due to staff. payable that is directly attributable
to performance fee revenues
generated.
------------------- ------------------------ ------------------- ---------------------------------------
Core distributions Variable compensation APM reconciliation To present additional information
payable to investment thereby assisting users of
teams from management the accounts in understanding
fee revenue. key components of variable
costs paid out of management
fee revenue.
------------------- ------------------------ ------------------- ---------------------------------------
Performance Variable compensation APM reconciliation To present additional information
fee interests payable to investment thereby assisting users of
teams from performance the accounts in understanding
fee revenue. key components of variable
costs paid out of performance
fee revenue.
------------------- ------------------------ ------------------- ---------------------------------------
Adjusted diluted Profit after APM reconciliation The Group believes that (a)
total EPS tax but excluding as the preference share awards
(a) cost of have been designed to be earnings
share-based enhancing to shareholders
payments on adjusting for this non-cash
preference shares, item provides a better understanding
(b) the net of the financial performance
cost of deferred of the Group, (b) comparing
staff remuneration staff remuneration and profits
and (c) exceptional generated in the same time
items which period (rather than deferring
may either be remuneration over a longer
non-recurring vesting period) allows users
or non-cash of the accounts to gain a
in nature, and useful supplemental understanding
in the case of the Group's results and
of adjusted their comparability period
diluted earnings on period and (c) removing
per share, divided acquisition related transition
by the weighted and termination costs as well
average number as the non-cash amortisation
of ordinary and any impairment, of intangible
shares. assets and goodwill provides
a useful supplemental understanding
of the Group's results.
------------------- ------------------------ ------------------- ---------------------------------------
Adjusted diluted Core operating APM reconciliation To present additional information
core EPS profit after that allows users of the accounts
tax excluding to measure the Group's earnings
the net cost excluding those from performance
of deferred fees and other components
core distributions which may be volatile, non-recurring
divided by the or non-cash in nature.
weighted average
number of ordinary
shares.
------------------- ------------------------ ------------------- ---------------------------------------
Core operating Core operating Chief Executive's To present additional information
margin profit divided report that allows users of the accounts
by to measure the core profitability
net management of the Group before performance
fees. fee profits, and other components,
which can be volatile and
non-recurring.
------------------- ------------------------ ------------------- ---------------------------------------
Net management Gross management Chief Executive's To present a clear view of
fee fees less commissions report the net amount of management
and fees payable. fees earned by the Group after
accounting for commissions
and fees payable.
------------------- ------------------------ ------------------- ---------------------------------------
Net Management Net management Chief Executive's To present additional information
fee yield fees divided report that allows users of the accounts
by average AuM. to measure the fee margin
for the Group in relation
to its assets under management.
------------------- ------------------------ ------------------- ---------------------------------------
Summary of non-GAAP financial performance and reconciliation of
APMs to interim reported results
The summary below reconciles key APMs the Group measures to its
interim reported results for the current year and also reclassifies
the line-by-line impact on consolidation of seed investments to
provide a clearer understanding of the Group's core business
operation of fund management.
Any seed investments in newly launched or nascent funds, where
the Group is determined to have control, are consolidated. As a
consequence, the statement of profit or loss of the fund is
consolidated into that of the Group on a line-by-line basis. Any
seed investments that are not consolidated are fair valued through
a single line item (other income) on the Group consolidated
statement of profit or loss.
2021
2022 Reclassification 2022 Interim
Interim on consolidation Interim Non-GAAP
reported of seed Reclassification Non-GAAP results
Results investments of costs results GBP'm
GBP'm GBP'm GBP'm GBP'm APMs
Investment
management
and research fees 90.9 - - 90.9 103.6
Commissions and
fees payable (10.9) - - (10.9) (10.7)
-------------------- ---------- ------------------ ------------------ ---------- ---------- ------------------
Net management
80.0 - - 80.0 92.9 fees
Operating costs (55.8) 0.3 24.2 (31.3) (31.2)
- - (22.9) (22.9) (25.4) Core distributions
------------------- ---------- ------------------ ------------------ ---------- ---------- ------------------
Core operating
24.2 0.3 1.3 25.8 36.3 profits
Investment - - - - -
performance
fees
- - - - - Performance
fee interests
------------------- ---------- ------------------ ------------------ ---------- ---------- ------------------
- - - - - Performance
fee profits
Other income (1.2) (0.3) - (1.5) (0.3)
Share-based payments
on preference
shares - - (0.1) (0.1) (0.4)
Exceptional items - - (1.2) (1.2) (3.9)
-------------------- ---------- ------------------ ------------------ ---------- ---------- ------------------
Profit before
tax for the period 23.0 - - 23.0 31.7
-------------------- ---------- ------------------ ------------------ ---------- ---------- ------------------
The effect of the adjustments made in arriving at the adjusted
diluted total EPS and adjusted diluted core EPS figures of the
Group is as follows:
Earnings per share Unaudited Unaudited
30 September 30 September
2022 2021
Pence Pence
--------------------------------- ------------- -------------
Diluted earnings per share 17.4 25.3
Impact of share-based payments
- preference shares only 0.1 0.4
Impact of exceptional items 1.2 3.9
Impact of deferment, where IFRS
defers cost into future periods 0.3 (1.5)
---------------------------------- ------------- -------------
Adjusted diluted total EPS 19.0 28.1
Add back other income (post-tax) 1.1 0.1
---------------------------------- ------------- -------------
Adjusted diluted core EPS 20.1 28.2
---------------------------------- ------------- -------------
Exceptional items
Exceptional items for the period to 30 September 2022 include
non-recurring termination and reorganisation costs related to the
closure of Phaeacian mutual funds which were closed down in May
2022 (2021: Exceptional items include non-recurring termination and
reorganisation costs related to the Dalton acquisition) and
amortisation of the acquired intangible asset as part of Dalton
acquisition.
A breakdown of exceptional items is as follows:
Exceptional items Unaudited Unaudited Audited
30 September 30 September 31 March
2022 2021 2022
GBP'm GBP'm GBP'm
-------------------------------------------- ------------- ------------- ---------
Recorded in operating costs
Termination and reorganisation costs 0.6 3.0 3.5
Amortisation of intangible asset 0.6 0.9 1.9
Impairment of intangible asset - - 6.0
-------------------------------------------- ------------- ------------- ---------
1.2 3.9 11.4
-------------------------------------------- ------------- ------------- ---------
Recorded in other income
Additional charge on deferred consideration
- Dalton - - 1.0
Derecognition of deferred consideration
liability - Phaeacian - - (4.8)
-------------------------------------------- ------------- ------------- ---------
- - (3.8)
-------------------------------------------- ------------- ------------- ---------
Net exceptional items recorded in
the consolidated statement of profit
or loss 1.2 3.9 7.6
-------------------------------------------- ------------- ------------- ---------
Interim Consolidated Statement of Profit or Loss
For the six months to 30 September 2022
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
----------------------------------------------- ---------------- ----------------
Revenue 90,936 103,647
Other income (1,221) (722)
----------------------------------------------- ---------------- ----------------
Gross income 89,715 102,925
Commissions and fees payable (10,955) (10,735)
----------------------------------------------- ---------------- ----------------
Net income 78,760 92,190
Operating costs (55,758) (60,468)
Profit for the period before tax 23,002 31,722
Taxation (5,914) (6,366)
----------------------------------------------- ---------------- ----------------
Profit for the period attributable to ordinary
shareholders 17,088 25,356
----------------------------------------------- ---------------- ----------------
Earnings per share
Basic 17.7p 26.5p
Diluted 17.4p 25.3p
Adjusted basic (Non-GAAP measure) 19.3p 29.4p
Adjusted diluted (Non-GAAP measure) 19.0p 28.1p
----------------------------------------------- ---------------- ----------------
Interim Consolidated Statement of Other Comprehensive Income
For the six months to 30 September 2022
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
--------------------------------------------------- ---------------- ----------------
Profit for the period attributable to ordinary
shareholders 17,088 25,356
Other comprehensive income - items that will
be reclassified to profit or loss in subsequent
periods:
Exchange differences on translation of foreign
operations 2,267 327
--------------------------------------------------- ---------------- ----------------
Other comprehensive income for the period 2,267 327
--------------------------------------------------- ---------------- ----------------
Total comprehensive income for the period,
net of tax, attributable to ordinary shareholders 19,355 25,683
--------------------------------------------------- ---------------- ----------------
All of the items in the above statements are derived from
continuing operations.
Interim Consolidated Balance Sheet
As at 30 September 2022
(Audited)
(Unaudited) 31 March
30 September
2022 2022
GBP'000 GBP'000
-------------------------------------------- -------------- ---------
Non-current assets
Goodwill and intangible assets 16,519 17,100
Property and equipment 3,504 4,113
Deferred tax assets 4,220 3,475
-------------------------------------------- -------------- ---------
24,243 24,688
-------------------------------------------- -------------- ---------
Current assets
Assets at fair value through profit or loss 88,903 77,783
Trade and other receivables 20,876 25,430
Other financial assets 11,309 2,695
Current tax assets - 1,563
Cash and cash equivalents 82,464 121,128
203,552 228,599
-------------------------------------------- -------------- ---------
Total assets 227,795 253,287
-------------------------------------------- -------------- ---------
Non-current liabilities
Provisions and other liabilities 2,259 2,871
Liabilities at fair value through profit or
loss 512 637
Deferred tax liabilities 5,376 3,435
-------------------------------------------- -------------- ---------
8,147 6,943
-------------------------------------------- -------------- ---------
Current liabilities
Liabilities at fair value through profit or
loss 14,479 10,023
Trade and other payables 61,181 80,054
Other financial liabilities - 20
Current tax liabilities 2,668 -
78,328 90,097
-------------------------------------------- -------------- ---------
Total liabilities 86,475 97,040
-------------------------------------------- -------------- ---------
Net assets 141,320 156,247
-------------------------------------------- -------------- ---------
Capital and reserves
Issued share capital 2,520 2,506
Share premium 19,364 19,364
Investment in own shares (28,658) (24,915)
Capital and other reserves 14,075 12,417
Retained earnings 134,019 146,875
--------------------------------------------------- -------- --------
Total equity attributable to ordinary shareholders 141,320 156,247
--------------------------------------------------- -------- --------
Interim Consolidated Statement of Changes in Equity
For the six months to 30 September 2022
Issued Investment
share Share in own Capital Other Retained
capital premium shares reserves reserves earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- -------- ---------- --------- --------- --------- ------------
As at 1 April 2022
(audited) 2,506 19,364 (24,915) 695 11,722 146,875 156,247
Profit for the period - - - - - 17,088 17,088
Other comprehensive
income - - - - 2,267 - 2,267
------------------------ --------- -------- ---------- --------- --------- --------- ------------
Total comprehensive
income - - - - 2,267 17,088 19,355
Dividends paid to
shareholders - - - - - (30,911) (30,911)
Issue of shares 14 - - - - (14) -
Own shares acquired - - (6,734) - - - (6,734)
Release of own shares - - 2,991 - - (1,736) 1,255
Share-based payment - - - - - 2,717 2,717
Current tax in respect
of employee share
options - - - - (3) - (3)
Deferred tax in respect
of employee share
options - - - - (606) - (606)
------------------------ --------- -------- ---------- --------- --------- --------- ------------
As at 30 September
2022 (unaudited) 2,520 19,364 (28,658) 695 13,380 134,019 141,320
------------------------ --------- -------- ---------- --------- --------- --------- ------------
As at 1 April 2021
(audited) 2,468 19,364 (26,579) 695 10,335 145,157 151,440
Profit for the period - - - - - 25,356 25,356
Other comprehensive
income - - - - 327 - 327
------------------------ ----- ------ -------- --- ------- -------- --------
Total comprehensive
income - - - - 327 25,356 25,683
Dividends paid to
shareholders - - - - - (29,836) (29,836)
Issue of shares 34 - - - - (34) -
Own shares acquired - - (7,629) - - - (7,629)
Release of own shares - - 12,525 - - (10,489) 2,036
Share-based payment - - - - - 4,047 4,047
Current tax in respect
of employee share
options - - - - 2,477 - 2,477
Deferred tax in respect
of employee share
options - - - - (1,383) - (1,383)
------------------------ ----- ------ -------- --- ------- -------- --------
As at 30 September
2021 (unaudited) 2,502 19,364 (21,683) 695 11,756 134,201 146,835
------------------------ ----- ------ -------- --- ------- -------- --------
Interim Consolidated Cash Flow Statement
For the six months to 30 September 2022
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
--------------------------------------------- ---------------- ----------------
Operating activities
Cash generated from operations 10,405 27,015
Tax paid (1,081) (5,404)
Interest received 214 13
Interest on lease (37) (51)
--------------------------------------------- ---------------- ----------------
Net cash flow from operating activities 9,501 21,573
--------------------------------------------- ---------------- ----------------
Investing activities
Investment income 502 176
Sale of assets at fair value through profit
or loss 17,850 14,698
Purchase of assets at fair value through
profit or loss (33,733) (30,666)
Re-measurement of purchase consideration
in respect of business acquisition - 38
Net cashflow from deconsolidation of seed
investment (6,080) -
Payments in respect of asset acquisition - (363)
Purchase of property and equipment (143) (30)
Net cash outflow from investing activities (21,604) (16,147)
--------------------------------------------- ---------------- ----------------
Financing activities
Dividends paid to shareholders (30,911) (29,836)
Issue of shares - -
Purchase of own shares (6,734) (7,585)
Lease payments (653) (653)
Third-party subscriptions into consolidated
funds 12,055 3,194
Third-party redemptions from consolidated
funds (1,223) (3,811)
Net cash outflow from financing activities (27,466) (38,691)
--------------------------------------------- ---------------- ----------------
Net decrease in cash and cash equivalents (39,569) (33,265)
Cash and cash equivalents at start of period 121,128 136,718
Effect of exchange rate changes on cash and
cash equivalents 905 (71)
--------------------------------------------- ---------------- ----------------
Cash and cash equivalents at end of period 82,464 103,382
--------------------------------------------- ---------------- ----------------
Notes to the Unaudited Interim Consolidated Financial
Statements
For the six months to 30 September 2022
1. General Information, Basis of Preparation and Accounting Policies
1.1 General information
Polar Capital Holdings plc ("the Company") is a public limited
Company registered in England and Wales.
1.2 Basis of Preparation
The unaudited interim condensed consolidated financial
statements to 30 September 2022 have been prepared in accordance
with IAS 34: Interim Financial Reporting.
The unaudited interim condensed consolidated financial
statements do not include all the information and disclosures
required in annual financial statements and should be read in
conjunction with the Group's annual financial statements as at 31
March 2022, which have been prepared in accordance with UK-adopted
international accounting standards and in conformity with the
requirements of the Companies Act 2006.
The accounting policies adopted and the estimates and judgements
used in the preparation of the unaudited interim condensed
consolidated financial statements are consistent with the Group's
annual financial statements for the year ended 31 March 2022.
1.3 Group information
The Group is required to consolidate seed capital investments
where it is deemed to control them. The operating subsidiaries and
seed capital investments consolidated at 30 September 2022 are
consistent with the annual report at 31 March 2022 except for Polar
Capital Emerging Market Stars Fund, the US 40-Act mutual fund,
which has been deconsolidated effective 31 July 2022.
1.4 Going concern
The Directors have made an assessment of going concern taking
into account both the Group's current results as well as the
Group's outlook. As part of this assessment the Directors have used
information available to the date of issue of these interim
financial statements and considered the following key areas:
-- Analysis of the Group's budget for the year ending March
2023, longer-term financial projections and its regulatory capital
position and forecasts. The stress testing scenarios applied as
part of the Group's ICARA have also been revisited to ensure they
remain appropriate.
-- Cash flow forecasts and an analysis of the Group's liquid
assets, which include cash and cash equivalents and seed
investments.
-- The operational resilience of the Group and its ability to
meet client servicing demands across all areas of the Group's
business, including outsourced functions, whilst ensuring the
wellbeing and health of its staff.
The Group continues to maintain a robust financial resources
position, access to cashflow from ongoing investment management
contracts and the Directors believe that the Group is well placed
to manage its business risks. The Directors also have a reasonable
expectation that the Group has adequate resources to continue
operating for a period of at least 12 months from the balance sheet
date. Therefore, the Directors continue to adopt the going concern
basis of accounting in preparing the consolidated financial
statements.
2. Revenue
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
---------------------------------------- ---------------- ----------------
Investment management and research fees 90,936 103,647
---------------------------------------- ---------------- ----------------
3. Components of other income and other comprehensive income
(a) Components of other income
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
------------------------------------------------- ---------------- ----------------
Interest income on cash and cash equivalents 214 13
Net gain on other financial assets/ liabilities
- short positions 7,640 1,704
Net loss on other financial assets/ liabilities
- forward currency contracts (5,607) (440)
Net loss on financial assets and liabilities
at FVTPL (6,460) (2,688)
Investment income 502 190
Other gains - attributed to third party holdings 2,490 499
(1,221) (722)
------------------------------------------------- ---------------- ----------------
(b) Components of other comprehensive income
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
------------------------------------------------- ---------------- ----------------
Exchange differences on translation of foreign
operations:
------------------------------------------------- ---------------- ----------------
Gains arising during the period 2,391 327
Reclassification adjustments for losses included
in the consolidated statement of profit or -
loss (124)
2,267 327
------------------------------------------------- ---------------- ----------------
4. Operating costs
a) Operating costs include the following items:
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
----------------------------------------------------- ---------------- ----------------
Staff costs including partnership profit allocations 42,544 46,576
Depreciation 751 678
Amortisation of intangible assets 581 932
Auditors' remuneration 193 175
----------------------------------------------------- ---------------- ----------------
b) Auditors' remuneration:
Audit of Group financial statements 63 68
Local statutory audits of subsidiaries 76 63
Audit-related assurance services 3 5
Other assurance services - internal controls
review 51 39
193 175
--------------------------------------------- --- ---
5. Dividends
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
-------------- ---------------- ----------------
Dividend paid 30,911 29,836
-------------- ---------------- ----------------
On 29 July 2022, the Group paid a second interim dividend for
2022 of 32p (2021: 31p) per ordinary share.
6. Share-based Payments
A summary of the charge to the consolidated statement of profit
or loss for each share-based payment arrangement is as follows:
(Unaudited) (Unaudited)
Six months Six months
to 30 September to 30 September
2022 2021
GBP'000 GBP'000
---------------------------------- ---------------- ----------------
Preference shares 138 444
LTIP share awards 1,514 2,303
Equity incentive shares 315 739
Deferred remuneration plan shares 750 561
---------------------------------- ---------------- ----------------
2,717 4,047
---------------------------------- ---------------- ----------------
Certain employees of the Group and partners of Polar Capital LLP
hold Manager Preference Shares or Manager Team Member Preference
Shares (together 'Preference Shares') in Polar Capital Partners
Limited, a group company.
The preference shares are designed to incentivise and retain the
Group's fund management teams. These shares provide each manager
with an economic interest in the funds that they run and ultimately
enable the manager, at their option and at a future date, to
convert their interest in the revenues generated from their funds
to a value that may (at the discretion of the parent undertaking,
Polar Capital Holdings plc) be satisfied by the issue of ordinary
shares in Polar Capital Holdings plc. Such conversion takes place
according to a pre-defined conversion formula intended to be
earnings enhancing for the Group and that considers the relative
contribution of the manager to the Group as a whole. The equity is
awarded in return for the forfeiture of a manager's current core
economic interest and is issued over three years from the date of
conversion.
No conversion of preference shares have taken place during the
period to 30 September 2022 (2021: The Biotechnology team called
for a full conversion and the Convertible team called for a partial
conversion of preference shares into Polar Capital Holdings
equity).
At 30 September 2022, five sets of preference shares (2021:
three sets) have the right to call for conversion.
The following table illustrates the number of, and movements in,
the estimated number of ordinary shares to be issued.
Estimated number of ordinary shares to be issued against
preference shares with a right to call for conversion:
(Unaudited) (Unaudited)
30 September 30 September
2022 2021
Number of
shares Number of shares
--------------------------- -------------- -----------------
At 1 April 2,740,604 4,426,528
Conversion/crystallisation - (1,350,514)
Movement during the period (404,308) (718,593)
At 30 September 2,336,296 2,357,421
--------------------------- -------------- -----------------
Number of ordinary shares to be issued against converted
preference shares:
(Unaudited) (Unaudited)
30 September 30 September
2022 2021
Number of
shares Number of shares
----------------------------- -------------- -----------------
Outstanding at 1 April 1,352,128 1,766,541
Conversion/crystallisation - 1,350,514
Adjustment on re-calculation - -
Issued during the period (541,818) (1,333,921)
Outstanding at 30 September 810,310 1,783,134
----------------------------- -------------- -----------------
7. Earnings Per Share
A reconciliation of the figures used in calculating the basic,
diluted and adjusted earnings per share (EPS) figures is as
follows:
(Unaudited) (Unaudited)
Six months Six months
to to
30 September 30 September
2022 2021
GBP'000 GBP'000
Earnings
Profit after tax for purpose of basic and
diluted EPS 17,088 25,356
Adjustments (post tax):
Add back cost of share-based payments on
preference shares 138 444
Add back exceptional items - termination/
acquisition related costs 615 2,262
Add back exceptional items - amortisation
of intangible assets 581 932
Add back exceptional items - fair value charge
on deferred consideration relating to business
acquisition - 686
Add/(less) net amount of deferred staff remuneration 250 (1,500)
----------------------------------------------------- ------------- -----------------
Profit after tax for purpose of adjusted
basic and adjusted diluted EPS 18,672 28,180
----------------------------------------------------- ------------- -----------------
(Unaudited)
Six months (Unaudited)
to Six months
30 September to
2022 30 September
Number of 2021
shares Number of shares
----------------------------------------------------- ------------- -----------------
Weighted average number of shares
Weighted average number of ordinary shares,
excluding own shares for purposes of basic
and adjusted basic EPS 96,661,663 95,743,599
Effect of dilutive potential shares - LTIPs,
share options and preference shares crystallised
but not yet issued 1,372,703 4,494,374
Weighted average number of ordinary shares,
for purpose of diluted and adjusted diluted
EPS 98,034,366 100,237,973
----------------------------------------------------- ------------- -----------------
(Unaudited) (Unaudited)
Six months Six months
to to
30 September 30 September
2022 2021
Pence Pence
------------------- ------------- --------------
Earnings per share
Basic 17.7 26.5
Diluted 17.4 25.3
Adjusted basic 19.3 29.4
Adjusted diluted 19.0 28.1
------------------- ------------- --------------
8. Goodwill and intangible assets
Goodwill relates to the acquisition of Dalton Capital (Holdings)
Limited, the parent company of Dalton Strategic Partnership LLP
(Dalton), a UK based boutique asset manager, which completed on 28
February 2021.
Intangible assets at 30 September 2022 relate to investment
management contracts acquired as part of the business combination
with Dalton.
Investment
management
(Unaudited) Goodwill contracts Total
GBP'000 GBP'000 GBP'000
---------------------------------------- ---------- ----------- ---------
Cost
As at 1 April 2022 6,732 18,647 25,379
Revaluation/ Additions - - -
---------------------------------------- ---------- ----------- ---------
As at 30 September 2022 6,732 18,647 25,379
---------------------------------------- ---------- ----------- ---------
Accumulated amortisation and impairment
As at 1 April 2022 - 8,279 8,279
Amortisation for the period - 581 581
Impairment for the period - - -
---------------------------------------- ---------- ----------- ---------
As at 30 September 2022 - 8,860 8,860
---------------------------------------- ---------- ----------- ---------
Net book value as at 30 September
2022 6,732 9,787 16,519
---------------------------------------- ---------- ----------- ---------
Investment
management
Goodwill contracts Total
(Audited) GBP'000 GBP'000 GBP'000
---------------------------------------- ---------- ----------- ---------
Cost
As at 1 April 2021 6,770 18,647 25,417
Re-measurement of goodwill(1) (38) - (38)
---------------------------------------- ---------- ----------- ---------
As at 31 March 2022 6,732 18,647 25,379
---------------------------------------- ---------- ----------- ---------
Accumulated amortisation and impairment
As at 1 April 2021 - 419 419
Amortisation for the year - 1,865 1,865
Impairment for the year - 5,995 5,995
---------------------------------------- ---------- ----------- ---------
As at 31 March 2022 - 8,279 8,279
---------------------------------------- ---------- ----------- ---------
Net book value as at 31 March 2022 6,732 10,368 17,100
---------------------------------------- ---------- ----------- ---------
1. The re-measurement of goodwill relates to the purchase price
adjustment recognised in the current period.
Goodwill is tested for impairment at least on an annual basis or
more frequently when there are indications that goodwill may be
impaired.
The Group has reviewed the investment management contracts
related intangible assets as at 30 September 2022 and has concluded
that there are no indicators of impairment.
9. Issued Share Capital
(Audited)
(Unaudited) 31 March
30 September
2022 2022
Allotted, called up and fully paid: GBP'000 GBP'000
--------------------------------------------- -------------- ---------
100,790,725 ordinary shares of 2.5p each
(31 March 2022: 100,248,907 ordinary shares
of 2.5p each) 2,520 2,506
--------------------------------------------- -------------- ---------
During the period, Polar Capital Holdings plc has issued 541,818
shares in connection with the crystallisation of manager preference
shares.
10. Financial Instruments
The fair value of financial instruments that are traded in
active markets at each reporting date is determined by reference to
quoted market prices or dealer price quotation (bid price for long
positions and ask price for short positions), without any deduction
for transaction costs. For financial instruments not traded in an
active market, such as forward exchange contracts, the fair value
is determined using appropriate valuation techniques that take into
account the terms and conditions and use observable market data,
such as spot and forward rates, as inputs.
The Group uses the following hierarchy for determining and
disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted (unadjusted) prices in active markets for
identical assets or liabilities.
Level 2: other techniques for which all inputs which have a
significant effect on the recorded fair value are observable,
either directly or indirectly.
Level 3: techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable
market data.
(Unaudited)
30 September 2022
------------------------------------------
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- --------- ---------
Financial assets
Assets at FVTPL 88,903 - - 88,903
Other financial assets 10,352 957 - 11,309
99,255 957 - 100,212
--------- --------- --------- ---------
Financial Liabilities
Liabilities at FVTPL 14,396 - 595 14,991
Other financial liabilities - - - -
------- ---- -------
14,396 - 595 14,991
------- ---- -------
(Audited)
31 March 2022
------------------------------------------
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- --------- ---------
Financial assets
Assets at FVTPL 77,783 - - 77,783
Other financial assets 2,695 - - 2,695
80,478 - - 80,478
--------- --------- --------- ---------
Financial Liabilities
Liabilities at FVTPL 9,805 - 855 10,660
Other financial liabilities - 20 - 20
--------- --------- --------- ---------
9,805 20 855 10,680
--------- --------- --------- ---------
During the period there were no transfers between levels in fair
value measurements.
Movement in liabilities at FVTPL categorised as Level 3 during
the year were:
(Unaudited) (Audited)
30 September 31 March
2022 2022
GBP'000 GBP'000
----------------------------------------- -------------- ----------------------
At 1 April 855 14,054
Repayment (168) (9,416)
Net gains recognised in the statement of
profit or loss (92) (3,783)
----------------------------------------- -------------- ----------------------
At 30 September 595 855
----------------------------------------- -------------- ----------------------
11. Contingent liability
In the normal course of the Group's business, it may be subject
to legal and regulatory proceedings arising out of current and past
operations, which in some cases may result in contingent
liabilities.
As previously disclosed, the Phaeacian Accent International
Value and Phaeacian Global Value funds (the 'funds') were closed by
the Board of the funds in May 2022. In May 2022, the Group
initiated legal action against counterparties involved in the
Phaeacian transaction. This action remains at an early stage and
while it is not possible to predict the outcome, the Group believes
that it has a valid basis, and it intends to pursue such action
robustly.
In July 2022, First Pacific Advisors ('FPA'), the vendor of the
funds in the Phaeacian transaction, issued a counterclaim against
the Group asserting that they believe the Group owes it further
revenue share payments of US$6.1m under the purchase agreement,
despite the closure of the funds and the lack of further revenues
being generated. The counterclaim remains at an early stage and
while it is not possible to predict the outcome, the Group believes
that it has a valid defence and that it is not probable that the
claim will be upheld; therefore, no provision for any liability has
been recognised at this stage.
12. Notes to the Cash Flow Statement
Reconciliation of profit before taxation to cash generated from
operations
(Unaudited)
(Unaudited) Six months
Six months to
to 30 September 30 September
2022 2021
GBP'000 GBP'000
--------------------------------------------------- ---------------- ---------------------
Cash flows from operating activities
Profit on ordinary activities before tax 23,002 31,722
Adjustments for:
Interest receivable and similar income (214) (13)
Investment income (502) (190)
Interest on lease 37 51
Amortisation of intangible assets 581 932
Depreciation of non-current property and equipment 751 678
Decrease in fair value of assets at fair value
through profit or loss 6,552 2,001
Decrease in other financial liabilities (8,667) (3,050)
Decrease/(increase) in receivables 4,554 (3,697)
Decrease in trade and other payables (18,861) (7,433)
Share-based payments 2,717 4,047
Decrease in liabilities at fair value through
profit or loss (3,009) (1,004)
Release of fund units held against deferred
remuneration 3,464 2,971
Cash generated from operations 10,405 27,015
--------------------------------------------------- ---------------- ---------------------
13. Related Party Transactions
Transactions between the Company and its subsidiaries, which are
related parties of the Company, have been eliminated on
consolidation and are not included in this note. All related party
transactions during the period are consistent with those disclosed
in the Group's annual financial statements for the year ended 31
March 2022 and have taken place on an arm's length basis.
14. The Publication of Non-Statutory Accounts
The financial information contained in this unaudited interim
report for the period to 30 September 2022 does not constitute
statutory accounts as defined in s434 of the Companies Act 2006.
The financial information for the six months ended 30 September
2022 and 2021 has not been audited. The information for the year
ended 31 March 2022 has been extracted from the latest published
audited accounts, which have been filed with the Registrar of
Companies. The audited accounts filed with the Registrar of
Companies contain a report of the independent auditor dated 24 June
2022. The report of the independent auditor on those financial
statements contained no qualification or statement under s498 of
the Companies Act 2006.
Shareholder Information
Directors
David Lamb Non-executive Chairman
Gavin Rochussen Chief Executive Officer
Samir Ayub Executive Director
John Mansell Executive Director (retired on 7 September 2022)
Jamie Cayzer-Colvin Non-executive Director
Alexa Coates Non-executive Director, Chair of Audit and Risk
Committee
Win Robbins Non-executive Director, Chair of Remuneration
Committee
Andrew Ross Non-executive Director
Laura Ahto Non-executive Director
Anand Aithal Non-executive Director
Company No.
Registered in England and Wales
4235369
Registered Office
16 Palace Street
London, SW1E 5JD
Tel: 020 7227 2700
Group Company Secretary
Neil Taylor
Dividend
A first interim dividend of 14.0p per share has been declared
for the year to 31 March 2023. This will be paid on 13 January 2023
to shareholders on the register on 23 December 2022. The shares
will trade ex-dividend from 22 December 2022.
Remuneration Code
Disclosure of the Group's Remuneration Code will be made
alongside its MIFIDPRU public disclosure document which will be
available on the Company's website.
Half Year Report
Copies of this announcement and of the Half Year report will be
available from the Secretary at the Registered Office, 16 Palace
Street, London SW1E 5JD and from the Company's website at
www.polarcapital.co.uk
Neither the contents of the Company's website nor the contents
of any website accessible from the hyperlinks on the Company's
website (or any other website) is incorporated into or forms part
of this announcement .
ENDS
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END
IR FFFSLLVLIFIF
(END) Dow Jones Newswires
November 21, 2022 02:00 ET (07:00 GMT)
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