By Petershill Partners, the investment firm, has announced that it swung to a pretax profit of $129.3 million in the first half of the year, compared to a loss of $420.1 million in the same period last year. However, the company has revised down part of its full-year guidance.
Total income for the half-year fell to $124.8 million from $178.5 million in the previous year due to a slower investment backdrop, which led to delays in the activation of management fees and subdued transaction and advisory fees.
Adjusted earnings before interest and tax also declined, coming in at $119.6 million compared to $152.7 million previously.
The board has declared an interim dividend of 4.9 cents.
Looking ahead, the company has revised its full-year guidance range for partner-fee related earnings to $190 million-$210 million. The previous range was $220 million-$250 million. The guidance for fee-eligible assets under management remains unchanged.
Despite these adjustments, Co-Managing Directors Ali Raissi-Dehkordy and Robert Hamilton Kelly expressed confidence in the firm’s portfolio of partner-firms, stating that their carrying value remains stable. They also highlighted the high profitability margin and cash conversion that underpin their strategy for growth and capital return to shareholders.
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