Intermediate Capital (340.25p and 3.6% of JIC) has issued a trading statement for the period up to 14th January 2013. Assets under management have risen by 7% to €12.9bn since 30th September and the Company says that the performance of its Mezzanine debt continues to be broadly resilient and that it has a solid pipeline of investment opportunities.

The overall statement is pretty re-assuring, especially for what it doesn't say rather than what it does; It's good to see that there is no warning of an increase in bad debts against a difficult economic back drop. For the year to March 2013 the shares are valued at 13x consensus forecasts and a prospective yield of 5.7%. To March 2014 the PE ratio falls to 10.6x i.e. 20% growth. I am very happy with the holding and expect the shares to perform well during 2013

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