REG - Pollen Street Group - Interim Accounts H1 2025
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250916:nRSP4216Za&default-theme=true
RNS Number : 4216Z Pollen Street Group Limited 16 September 2025
16 September 2025
Pollen Street Group Limited Interim Accounts H1 2025
Strong half-year performance with continued AuM and earnings growth
Pollen Street Group Limited ("Pollen Steet", together with its subsidiaries,
the "Group") today issues its Interim Report for the six months ended 30 June
2025. The Group delivered significant earnings growth with further progress on
fundraising and capital deployment. The Group is on track to achieve its
growth objectives, underpinned by strong investor demand for our products and
a robust investment pipeline.
Highlights for H1 2025
· Assets Under Management ("AUM") increased by 35% 1 (#_ftn1) to
£6.1 billion (H1 2024: £4.5 billion)
· Fee-paying AUM up 37% to £4.7 billion (H1 2024: £3.4 billion)
· Private Equity Fund V final close at €1.5 billion,
significantly exceeding target, with over €2 billion raised including
co-investment vehicles
· Private Credit Fund IV commitments reached £0.6 billion at
period end, with visibility on exceeding the initial £1 billion target during
H2
· Active capital deployment with fee-paying AUM increased to
£4.7bn (H1 2024: £3.4 billion) following £0.4 billion of deployment in
Private Credit
· Full year guidance reaffirmed
· Interim dividend declared of 27.0 pence per share
· Strengthening commitment to Middle East with opening of Abu Dhabi
office
Commenting on the H1 2025 performance, Lindsey McMurray, Chief Executive
Officer, said
"Pollen Street delivered strong performance in the first half of 2025,
supported by significant fundraising progress across both Private Equity and
Private Credit. We have visibility of exceeding target in Private Credit Fund
IV which, together with the out-performance on Private Equity Fund V,
demonstrates the confidence our investors have in us and the appeal of our
differentiated platform.
This, alongside good levels of deployment, has driven further growth in
Fee-Paying AuM to £4.7 billion with management fees significantly up over the
period.
Looking ahead, we are encouraged by growing demand for mid-market alternatives
and asset-based lending in particular. With our sector expertise, and strong
track record, we are well positioned to capitalise on these trends and remain
confident in delivering our strategic objectives.
We are also pleased to welcome Lynn Fordham as Chair and James Gillies as
Non-Executive Director, both bringing significant private capital experience."
Financial Performance
· Management fees up 79% YoY to £37.9m
· Fund Management income up 55% to £41.4 million (H1 2024: £26.8
million) including £8.4 million of catch-up fees 2 (#_ftn2)
· Fund Management EBITDA increased by 112% to £17.7 million (H1 2024:
£8.4 million), with Fund Management EBITDA margin of 43% (H1 2024: 31%),
reflecting operational leverage supported by catch-up fees
· Income on Net Investments Assets of £13.3 million (H1 2024: £15.8
million), reflecting equalisation 3 (#_ftn3) effects from strong fundraising,
expected weighting of equity gains towards H2 and return of £70.6 million of
capital to shareholders since January 2024
· Operating profit increased by 28% to £30.9 million (H1 2024:
£24.1 million), and profit after tax rose by 18% to £27.9 million (H1 2024:
£23.6 million)
· Earnings per share increased by 25% to 46.0 pence (H1 2024: 36.9
pence), benefitting from both higher earnings and the ongoing share buyback
programme (£29.2 million of share buybacks since 1 January 2024)
Fundraising
· Private Equity Fund V: Final close in July 2025 at €1.5 billion,
significantly exceeding €1 billion target; over €2 billion raised
including co-investment vehicles; expanded, diversified and broadened investor
base in North America and Middle East.
· Private Credit Fund IV: £0.6 billion in commitments as of 30
June 2025; expected to exceed £1 billion target by year-end
Deployment
· Continued active capital deployment across both strategies,
supporting further growth in Fee-Paying AUM and strong fund performance
· Two new platform investments and seven bolt-on acquisitions in
Private Equity
· 14 new deals completed and £0.4 billion deployed in the period
in Private Credit
Strategic priorities for 2025
· Continue fundraising for Private Credit Fund IV
· Active deployment across both strategies
· Progressing the Private Equity realisation pipeline
· Strategic use of share buybacks within the capital allocation
framework
Guidance Reaffirmed
H2 2025 Outlook
· Fee-paying AUM: rising with Credit IV deployment
· Management fees: Recurring management fees growing. No catch-up
fees
· Performance fees: normalising towards lower end of long-term
guidance
· Investment Company returns: Full year returns expected in line
with FY24
Medium - long-term confidence remains
· AuM growth: £10bn in medium-term
· Management fees: long-term average fee rate of c.1.25%-1.50%
· Performance fees: long-term average 15%-25% of total Fund
Management Income
· Fund Management EBITDA margin: >50% in medium-term
· Investment Company returns: Rising to low double digits in medium
term
Dividend
· The Board has declared an interim dividend of 27.0 pence per share
(H1 2024: 26.5 pence), amounting to £16.3 million, to be paid on 24 October
2025 to shareholders on the register at the record date 26 September 2025.
The Interim Accounts can be found on the website
https://ir.pollenstreetgroup.com/investors/financial-information/
(https://ir.pollenstreetgroup.com/investors/financial-information/)
About Pollen Street Group Limited
Pollen Street is an alternative asset manager dedicated to investing within
the financial and business services sectors across both Private Equity and
Private Credit strategies. The business was founded in 2013 and has
consistently delivered top tier returns alongside growing AuM.
Pollen Street benefits from a complementary set of asset management activities
focused on managing third-party AuM (the "Asset Manager") together with
on-balance sheet investments (the "Investment Company").
The Asset Manager raises capital from high quality investors and deploys it
into its Private Equity and Private Credit strategies. The strong recurring
revenues from this business enable delivery of scalable growth.
The Investment Company invests in the strategies of the group delivering
attractive risk adjusted returns and accelerating growth in third-party AuM of
the Asset Manager through investing in Pollen Street funds, taking advantage
of attractive investment opportunities and aligning interest with our
investors to grow AuM. Today the portfolio is largely invested in credit
assets with the allocation to Private Equity expected to increase to 30 per
cent in the long term. The portfolio consists of both direct investments and
investments in funds managed by Pollen Street.
POLN is listed on the London Stock Exchange (ticker symbol: POLN) and is a
member of the FTSE 250 index. Further details are available
at www.pollenstreetgroup.com (http://www.pollenstreetgroup.com/) .
LEI: 894500LP94M98N8CY487
For investors:
A presentation and Q&A will be held for analysts at 9 AM on 16 September
2025.
The full presentation is available for on the website
www.pollenstreetgroup.com (http://www.pollenstreetgroup.com) .
Register for the webinar:
https://pollencap.zoom.us/webinar/register/WN_cL18YhOTTjqJ_IATgBiY3Q
(https://pollencap.zoom.us/webinar/register/WN_cL18YhOTTjqJ_IATgBiY3Q)
For further information about this announcement please contact:
Pollen Street - Corporate Development Director
Shweta Chugh
+44 (0)20 3965 5081
Barclays Bank plc - Joint Broker
Neal West / Stuart Muress
+44 (0)20 7623 2323
Investec Bank plc - Joint Broker
Ben Griffiths / Kamalini Hull
+44 (0)20 7597 4000
FGS Global
Chris Sibbald / Anna Tabor
PollenStreetCapital-LON@fgsglobal.com
(mailto:PollenStreetCapital-LON@fgsglobal.com)
MUFG Corporate Governance Limited - Company Secretary
POLNcosec@cm.mpms.mufg.com
1. CEO Report
Lindsey McMurray
Chief Executive Officer
The first half of 2025 saw Pollen Street make strong progress against our
strategic goals, resulting in continued growth in both AuM and earnings. This
performance reflects the strength of our platform and the ongoing demand for
our investment strategies and underpins our confidence in delivering the
Group's medium-term targets, including our £10 billion AuM target.
We are proud that our investors - established relationships and new partners -
continue to place their trust in us, committing £0.7 billion in new capital
during the first half of the year. We have further scaled our platform,
increasing our AuM to £6.1 billion as at 30 June 2025 (31 December 2024:
£5.4 billion). During the period we have deployed £0.6 billion on behalf of
our investors, supporting Fee-Paying Assets under Management ("Fee-Paying
AuM") growth of £0.7 billion. This translated into excellent management fee
growth in the period and a Fund Manager EBITDA margin of 43 per cent, which
included the benefit of catch-up fees from Private Equity Fund V.
We continue to build on the progress made in 2024, with strong fund
performance and platform growth demonstrating the effectiveness of our
strategic plan.
Strong Fundraising
Across both Private Equity Fund V and Private Credit Fund IV we delivered
strong fundraising in a competitive environment.
In Private Equity we completed the successful final close of our flagship Fund
V in July, securing commitments of €1.5 billion, exceeding our initial €1
billion target. Including associated co-investment vehicles, the Group has
raised more than €2 billion in total equity capital for this flagship
strategy. This fundraise attracted a range of new Limited Partners and
broadened our investor base across North America and Europe, underscoring the
deep and sustained confidence from a global base of institutional investors.
Private Credit IV also achieved strong AuM growth with £0.6bn in commitments
closed at the end of June. We have a robust and advanced pipeline of investors
which gives us visibility on achieving our initial £1 billion target during
the course of the year. This success in fundraising is underpinned by the
long-term relationships we build with our investors, something that we have
supported through ongoing investment in our Investor Relations team.
Private Equity: Building Next Generation Leaders
We are continuing our mission of building the next generation of leaders
across the European financial and business services landscape by making
controlling-interest investments in middle-market companies across Europe. We
are investing in businesses delivering revenue-led growth through high quality
products serving end markets that are benefitting from structural growth
aligned with industry megatrends. We support those businesses with Pollen
Street's active ownership model.
So far during 2025 we have completed the acquisition of two additional
platform investments - OrderYOYO, a provider of payment-enabled ecommerce
solutions to restaurants; and Leonard Curtis, a UK-based corporate
restructuring services operator. We have also completed seven bolt-on
acquisitions to existing portfolio companies.
Private Credit: Controlled Risk
Our credit strategy provides asset-based lending facilities to non-bank
lenders, leasing businesses, technology companies, and other firms with
diverse portfolios generating contractual cash flows. Asset-based lending is
the funding behind the everyday credit that powers our economy and society.
Our experienced team invests in asset-backed facilities ranging from SME
loans, mid-market residential family homes, government-backed receivables, and
fleet financings, delivering superior returns with controlled risk and
significant credit protection, achieved through both asset security and
transaction structuring.
The high pace of deployment continued during the period with 14 new deals
completed and £0.4 billion deployed and a strong pipeline for H2.
Investment Company: Delivering Returns and Growth
Our balance sheet is an important driver of income for Pollen Street. Our
balance sheet delivers consistently strong performance with investments across
our strategies but with a continued focus on our credit strategy. We have
committed £196 million to Pollen Street managed funds, including a £70
million commitment to Private Credit Fund IV and £42 million to Private
Equity Fund V. 70 per cent of these commitments were drawn as of 30 June 2025.
The Investment Company continues to perform in line with our expectations.
Reported Net Investment Return for the first half was 8.4 per cent (H1 2024:
9.7 per cent), reflecting solid performance across our portfolio. Underlying
Net Investment Return was 8.8 per cent (H1 2024: 9.7 per cent), with the
reported figure impacted by temporary dilution effects from equalisation as a
result of the strong AuM growth achieved in the period.
Sector Outlook: Appetite for Alternatives and the Mid-market
The strong fundraising in H1 2025 is testament to sustained investor interest
in our strategies as well as growing demand for Private Equity and Private
Credit more generally. The alternative asset management industry continues to
expand, generating over half of global AuM revenue despite accounting for less
than a quarter of total AuM.
Growth in private markets is supported by long-term outperformance and
increasing investor familiarity. In the UK and Europe, mid-market alternatives
are attracting heightened interest - supported by the Chancellor's Mansion
House reforms, which aim to unlock pension capital access to private markets.
With a strong track record and deep sector expertise, Pollen Street's strategy
means that we are able to capitalise on these structural trends and continue
delivering for our clients.
Looking Ahead: Momentum in Performance and Growth
As we look ahead, these trends and our positioning in the market gives us
confidence in maintaining our momentum through the second half of the year and
beyond. Notwithstanding uncertain macroeconomic and geopolitical conditions,
our clear strategic direction and focus on performance continues to drive our
delivery for our clients and shareholders.
Strategic Priorities:
· Continue fundraising for Private Credit Fund IV;
· Active deployment across both Private Equity and Private Credit
strategies;
· Progressing the Private Equity realisation pipeline; and
· Strategic use of share buybacks within the capital allocation
framework.
I am delighted to welcome Lynn Fordham as Chair of the Board and James Gillies
as a Non-Executive Director. Both bring a wealth of experience across the
private capital industry. Lynn succeeds Robert Sharpe and on behalf of the
Board, I would like to thank Robert for his long-standing strategic direction
and support over the past nine years.
I would like to thank our fund investors and shareholders for their support;
our team for all their hard work in achieving this strong start to the year;
and the Board for its guidance. As I look forward to the rest of 2025, I am
confident in the momentum we have built for continued growth and consistent
delivery for our investors and shareholders.
Lindsey McMurray
Chief Executive Officer
15 September 2025
2. CFO Report
Crispin Goldsmith
Chief Financial Officer
Continuing Growth
The Group's Interim Results reflect continued progress on fundraising and
strong execution against our strategic objectives.
This has driven an increase in total AuM to £6.1 billion at the end of June
2025 (31 December 2024: £5.4 billion). Fee-Paying AuM increased by £0.7
billion, or 18 per cent 4 (#_ftn4) , to £4.7bn in the period, equating to an
annual increase of £1.3 billion (37 per cent) from June 2024. This has, in
turn, generated significant growth in management fees to £37.9 million for
the six months to 30 June 2025 (up 79 per cent versus H1 2024: £21.2 million)
including £8.4 million of catch-up fees (H1 2024: £1.2 million).
We were pleased to announce the final close of Private Equity Fund V at €1.5
billion (together with a further €0.5bn of associated co-investment capital)
in July 2025. As well as significantly exceeding the target fund size of €1
billion, it is particularly positive that a significant number of new Limited
Partner investors have made commitments to the fund, marking significantly
increased penetration with large investment programs in both the EU and North
America.
We are also pleased with the strong fundraising momentum for Private Credit
Fund IV which drove £0.4 billion (17 per cent) growth in total Credit AuM to
£2.3 billion in the period. We continue to benefit from a strong and advanced
pipeline of investors as we capitalise on our leading position in the
asset-backed credit market and have visibility of securing significant further
commitments during the remainder of H2 to take us past the initial £1 billion
target.
Deployment rates have been good across both parts of the business. In Private
Equity, two new platform deals, and seven bolt-on transactions have been
signed. In Private Credit, 14 new deals have been completed with £0.4 billion
drawn by customers and an attractive origination pipeline for H2 giving
visibility on continued growth in fee-paying AuM through the remainder of
FY25.
Strong growth in third party AuM across both Private Equity and Private Credit
had the effect of temporarily diluting the Investment Company's returns on its
investments in these funds through equalisation with new investors. The
equalisation process aims to treat all investors as having come into the fund
at the first close. To do so, gains initially allocated to earlier investors
in the fund are re-allocated to later investors pro rata to the increased fund
size. In return, newer investors pay interest to the older investors to
compensate them for their cost of capital on funds which have previously been
drawn. During H1, the Investment Company has also seen some seasonality in the
recognition of returns on its equity positions, in part reflecting the phasing
of underlying portfolio company budgets which are typically targeted to their
own December year-ends. This has reduced reported annualised Net Investment
Return for H1 2025 to 8.4 per cent. However, underlying portfolio performance
remains robust and consistent with our full year expectations to deliver
Return on Net Investment Assets in-line with 2024 (Full Year 2024: Income on
Net Investment Assets of £31.8 million reflecting a return of 9.6 per cent).
Substantial management fee growth, combined with the benefits of the Group's
inherent operational gearing, delivered a year-on-year increase in Operating
Profit for the Group of 28 per cent to £30.9 million which includes a net
£(0.1) million of Central costs (H1 2024: £24.1 million including £(0.1)
million Central costs). This reflects a 112 per cent increase in the Operating
Profit of the Asset Manager segment to £17.7 million (H1 2024: £8.4
million), including the benefit of £8.4 million of catch-up fees relating to
Private Equity Fund V. The Investment Company operating profit of £13.3
million was £2.5 million (16 per cent) below H1 2024 having returned £70.6
million of capital to shareholders since January 2024 through dividends
(£41.4 million) and share buy-backs (£29.2 million).
Increasing Asset Manager Share of Earnings
As at 30 June 2025, Total AuM stood at £6.1 billion, up from £5.4 billion at
31 December 2024.
Total AuM H1 2025 31-Dec-24 H1 2024
(£ billion) (£ billion) (£ billion)
Private Equity 3.8 3.5 2.7
Credit 2.3 1.9 1.8
Total 6.1 5.4 4.5
Private Equity Fee-Paying AuM increased to £2.9 billion (31 December 2024:
£2.6 billion) during the period, with Fee-Paying AuM for the Private Credit
strategy increasing to £1.8 billion (31 December 2024: £1.4 billion)
reflecting strong deployment during the period. Combined, this represents
growth of 18 per cent in Fee-Paying AuM during H1 and 37 per cent since June
2024. We expect Fee-Paying AuM for the Private Credit strategy to increase
further during the second half as continued fundraising in Private Credit Fund
IV converts to increased deployed capital and becomes Fee-Paying.
Fee-Paying AuM H1 2025 31-Dec-24 H1 2024
(£ billion) (£ billion) (£ billion)
Private Equity 2.9 2.6 2.1
Credit 1.8 1.4 1.3
Total 4.7 4.0 3.4
Fund Management Income consists of management fees, performance fees, and
carried interest. Growth in revenue has been primarily driven by the increase
in the Group's Fee-Paying AuM, alongside the positive impact of catch-up fees,
as further detailed below. Total Income rose by 55 per cent to £41.4 million
(H1 2024: £26.8 million), including £8.4 million of catch-up fees (H1 2024:
£1.2 million).
Asset Manager Profitability H1 2025 H1 2024
(£ million) (£ million)
Total Income 41.4 26.8
Administration Costs (23.7) (18.4)
Fund Management EBITDA 17.7 8.4
Fund Management EBITDA Margin 43% 31%
Fund Management Administration Costs increased by 29 per cent to £23.7
million (H1 2024: £18.4 million), well below the rate of income growth.
Excluding placement agent fees, Administration Costs increased by £4.2
million reflecting a different phasing of bonus accrual for the year
(mirroring the expected weighting of Fund Management Income between H1 and H2)
together with investments in the Investor Relations and Investment teams. As a
result, Fund Management EBITDA increased by 112 per cent to £17.7 million (H1
2024: £8.4 million) with an EBITDA margin of 43 per cent, up from 31 per cent
for H1 2024. The higher EBITDA margin for H1 in part reflects the beneficial
impact of catch-up fees during the period and is expected to normalise during
H2.
In previous reporting periods, including the interim financial statements for
the six months ended 30 June 2024, Fund Management EBITDA was adjusted to
include the full cost of the office lease, which is accounted for as
depreciation of a lease asset and financing cost under IFRS 16. For H1 2025
and moving forward, Fund Management EBITDA has not been reduced for the cost
of the office lease. The reported Fund Management EBITDA therefore now follows
the accounting, with the office lease costs being charged below EBITDA. The
prior year comparatives have been updated to reflect this change in
methodology resulting in a £0.4 million increase in the comparative Fund
Management EBITDA compared to the interim financial statements for the six
months ended 30 June 2024.
Fund Management EBITDA contributed 57 per cent of the Group EBITDA for the
period, up from 35 per cent in H1 2024.
Asset Manager Financial Ratios H1 2025 H1 2024
Management Fee Rate 1.76% 1.26%
(% of Average Fee-Paying AuM)
Performance Fee Rate 8% 21%
(% of Fund Management Income)
Fund Management EBITDA Margin 43% 31%
(% of Fund Management Income)
Private Equity funds generally charge management fees on committed capital.
Investors who join after the first close are typically subject to catch-up
fees, ensuring that all investors are aligned from the date of the initial
closing. In contrast, Private Credit funds typically charge fees on net
invested capital, with capital recycling permitted until the end of the
investment period. Management fee rates remain fixed throughout the life of
each fund.
The Group has provided long-term guidance for a blended management fee rate
across Private Equity and Private Credit of between 1.25 per cent and 1.5 per
cent. The rate for H1 2025 exceeded this range at 1.76 per cent (H1 2024: 1.26
per cent), primarily due to the high level of catch-up fees earned in relation
to Private Equity Fund V. No further catch-up fees are expected in relation to
Private Equity Fund V, with the final close of that fund having been completed
in July. Excluding the £8.4 million of catch-up management fees recognised in
the period, the underlying Management Fee Rate would have been 1.37 per cent
for H1 2025.
In addition to management fees, the Group earns performance fees and carried
interest, enabling it to share in the profits generated by its managed funds.
These amounts are variable and depend on performance exceeding specific return
thresholds ("hurdles") over the life of each fund. The Group is entitled to 25
per cent of carried interest across all Private Equity funds from Private
Equity Fund IV onwards, and all Private Credit funds from Private Credit Fund
III onwards.
For FY25, carried interest from Private Equity funds is expected to be
weighted toward the second half of the year, consistent with portfolio company
budgets that align with December year-ends. Performance fees accounted for 8
per cent of Fund Management Income in the first half (H1 2024: 21 per cent),
reflecting this seasonal effect, and are expected to normalise for the full
year towards the lower end of the Group's long-term guidance of 15 per cent to
25 per cent of Fund Management Income on average.
Investment Company Returns in Line with Expectations
Underlying Investment Company returns for H1 were in line with expectations
with an Underlying Net Investment Return of 8.8 per cent. The Reported Net
Investment Return of 8.4 per cent (H1 2024: 9.7 per cent) was impacted by
equalisation effects on investments in our Private Equity and Private Credit
funds, reflecting the strong fundraising in the period, and a lower weighting
of equity gains during H1 than is expected for H2.
Income on Net Investments Assets of £13.3 million was down from £15.8
million in H1 2024, in part reflecting the temporary effects noted above as
well as the return of £70.6 million of capital to shareholders since January
2024, which resulted in a £10 million reduction in Average Net Investment
Assets from June 2024 to June 2025.
Investment Company Segment H1 2025 H1 2024
Investment Assets £520 million £430 million
Average Net Investment Assets £319 million £329 million
Income on Net Investment Assets £13.3 million £15.8 million
Reported Net Investment Return 8.4 per cent 9.7 per cent
Operating Profit and Tax
Profit before Tax for the Group increased by 28 per cent to £29.6 million for
H1 2025 (H1 2024: £23.2 million). The main drivers of this are the increase
of £9.3 million in the Operating Profit from the Asset Manager segment,
offset by a £2.5 million decrease in Operating Profit of the Investment
Company, as outlined above.
The charge for depreciation and amortisation is £1.3 million (H1 2024: £0.9
million). This relates to a charge of £0.2 million (H1 2024: £0.2 million)
associated with the depreciation of the Group's fixed assets, a charge of
£0.3 million (H1 2024: £0.3 million) associated with the amortisation of
intangible assets representing the value of customer relationships, and a
charge of £0.8 million (H1 2024: £0.4 million) associated with the
depreciation of the Group's leased assets (reflecting the changed methodology
for office lease costs noted above).
The corporation tax charge for the period was £1.7 million (H1 2024: £0.4
million credit) which included the benefit of a reduction in the deferred tax
liability held at December 2024 following a detailed review with our advisers.
The underlying tax charge for the period before this adjustment was £4.2
million.
As detailed in Note 5 to the financial statements, the Group has a lower
effective tax rate than the UK statutory rate. This is largely driven by
timing differences on the taxation of management fee income and the tax
treatment of certain other forms of income.
H1 2025 H1 2024
(£ million) (£ million)
Operating profit of Asset Manager 17.7 8.4
Operating profit of Investment Company 13.3 15.8
Operating loss of Central segment (0.1) (0.1)
Operating profit of Group 30.9 24.1
Depreciation and amortisation (1.3) (0.9)
Profit before Tax 29.6 23.2
Corporation tax (1.7) 0.4
Profit after Tax 27.9 23.6
Earnings Per Share and Dividend
Earnings per share (basic and diluted) increased by 25 per cent to 46.0 pence
per share (H1 2024: 36.9 pence per share), ahead of the 18 per cent growth in
profit after tax given the benefit of share buybacks.
The Board is pleased to confirm an interim dividend for the period ended 30
June 2025 of 27.0 pence per share, amounting to a total payment of £16.3
million (H1 2024: dividend of 26.5 pence per share, amounting to a total
payment of £16.5 million).
The interim dividend will be paid on 24 October 2025 to shareholders on the
share register at the record date, being 26 September 2025. The ex-dividend
date will be 25 September 2025. Pollen Street operates a Dividend
Re-Investment Programme ("DRIP"), details of which are available from the
Company's Registrars, Computershare. The final date for DRIP elections will be
3 October 2025.
During H1 2025, we completed £6.3 million of share buybacks, bringing the
total buybacks completed under the initial share buyback programme announced
on 21 March 2024 to £29.2 million (4,021,101 shares). Share buybacks remain a
key component of the Group's capital allocation policy, evaluated against
other value-creation opportunities available. Authority for further share
buybacks was confirmed by shareholders at the June 2025 Annual General
Meeting.
Outlook
The Group remains in a strong position and is strategically well-placed and
well-resourced for further growth through H2 2025 and beyond. Fund Management
Income for H2 is expected to be lower than for H1 given the benefit of
catch-up fees received in H1. Fee-paying AuM will continue to grow as a result
of further capital raises in Private Credit Fund IV and their subsequent
deployment. Investment Company investment returns for the full year are
expected to be in-line with the returns delivered in FY24, continuing our long
track record of delivering stable and robust performance from our balance of
direct positions and investments in Pollen Street managed funds. The Group is
trading in line with expectations.
Crispin Goldsmith
Chief Financial Officer
15 September 2025
3. Risk Management & Principal Risks and Uncertainties
The Directors do not consider there to have been any material changes to the
principal risks and uncertainties since the 2024 Annual Report and Accounts
were published and the Directors expect the principal risks and uncertainties
not to change over the second half of 2025.
Details of the Group's approach to risk management is set out within pages 54
to 62 of the 2024 Annual Report and Accounts, which is available in the
financial information section of the Group's website.
The principal risks within the 2024 Annual Report and Accounts include:
economic & market conditions, fundraising, management fee rates and other
fund terms, investment underperformance and financial risks, talent and
retention, and information security and resilience.
4. Directors' Responsibilities for the Financial Statements
The Directors, being the persons responsible, confirm that to the best of
their knowledge:
a) the condensed set of Financial Statements contained within the
Interim Report have been prepared in accordance with UK-adopted IAS 34
'Interim Financial Reporting' and the Disclosure and Transparency Rules
("DTR") sourcebook of the UK's Financial Conduct Authority, and gives a true,
fair, balanced and understandable view of the assets, liabilities, financial
position and comprehensive income of the Group;
b) the Interim Report includes a fair review, as required by Disclosure
and Transparency Rule 4.2.7R, of important events that have occurred during
the first six months of the financial year, their impact on the condensed set
of unaudited Financial Statements, and a description of the principal risks
and perceived uncertainties for the remaining six months of the financial
year; and
c) the Interim Report includes a fair review of the information
concerning related parties' transactions as required by Disclosure and
Transparency Rule 4.2.8R.
Signed on behalf of the Board by:
Lynn Fordham
Chair
15 September 2025
5. Condensed Consolidated Financial Statements
6. Condensed Consolidated Statement of Comprehensive Income
For the period ended For the period ended
30 June 2025 30 June 2024
Notes £'000 £'000
Management fee income 3 35,180 18,773
Carried interest and performance fee income 3 1,955 3,814
Interest income on Credit Assets held at amortised cost 3, 7 16,970 24,223
Gains on Investment Assets held at fair value net of equalisation 3, 8 9,733 7,530
Total income 63,838 54,340
Expected credit loss release / (charge) 3, 7 762 (1,152)
Third-party servicing costs 3 (566) (499)
Net operating income 64,034 52,689
Administration costs 3 (24,882) (19,579)
Finance costs 3, 14 (8,295) (9,045)
Operating profit 30,857 24,065
Depreciation 3 (921) (555)
Amortisation 3, 10 (320) (320)
Profit before tax 29,616 23,190
Tax (charge) / credit 5 (1,689) 381
Profit after tax 27,927 23,571
Other comprehensive income (425) (32)
Foreign currency translation reserve
Total comprehensive income 27,502 23,539
Earnings per share 6 46.0 pence 36.9 pence
(basic and diluted)
The notes to the accounts form an integral part of these interim financial
statements.
7. Condensed Consolidated Statement of Financial Position
As at As at
30 June 2025 31 December 2024
Notes £'000 £'000
Non-current assets
Credit Assets at amortised cost 7 313,037 309,423
Investment Assets held at fair value through profit or loss 8 207,297 194,176
Fixed assets 1,089 1,149
Lease assets 9 4,301 4,860
Goodwill and intangible assets 10 226,780 227,100
Carried interest 11 26,303 25,073
Deferred tax asset 5 2,190 3,256
Total non-current assets 780,997 765,037
Current assets
Trade and other receivables 12 38,875 35,542
Current tax receivable - 561
Derivative financial assets 13 863 -
Cash and cash equivalents 6,724 11,195
Total current assets 46,462 47,298
Total assets 827,459 812,335
Current liabilities
Interest-bearing borrowings 14 262 498
Trade and other payables 15 24,794 29,249
Lease liabilities 9 1,516 1,376
Current tax payable 2,116 -
Derivative financial liabilities 13 - 1,467
Total current liabilities 28,688 32,590
Total assets less current liabilities 798,771 779,745
Non-current liabilities
Interest-bearing borrowings 14 206,022 187,767
Lease liabilities 9 3,098 3,756
Deferred tax liability 5 5,636 8,866
Total non-current liabilities 214,756 200,389
Net assets 584,015 579,356
Shareholders' funds
Ordinary share capital 16 602 610
Share premium 16 543,450 549,757
Retained earnings 16 40,595 29,196
Other reserves 16 (632) (207)
Total shareholders' funds 584,015 579,356
The notes to the accounts form an integral part of these interim financial
statements.
8. Condensed Consolidated Statement of Changes in Shareholders' Funds
For the period ended 30 June 2025
Ordinary Share Capital Share Premium Retained Earnings Foreign Currency Translation Reserve Total Equity
£'000 £'000 £'000 £'000 £'000
Shareholders' funds as at 1 January 2025 610 549,757 29,196 (207) 579,356
Profit after taxation - - 27,927 - 27,927
Dividends paid - - (16,528) - (16,528)
Buybacks (8) (6,307) - - (6,315)
Foreign currency translation reserve - - - (425) (425)
Shareholders' funds as at 30 June 2025 602 543,450 40,595 (632) 584,015
For the year ended 31 December 2024
Ordinary Share Capital Share Premium Retained Earnings Special Distributable Reserve Merger Reserves Foreign Currency Translation Reserve Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Shareholders' funds as at 1 January 2024 642 - 4,978 351,625 225,270 (269) 582,246
Reallocation of reserves - 576,895 - (351,625) (225,270) - -
Profit after taxation - - 49,598 - - - 49,598
Reclassification of transaction costs - 517 (517) - - - -
Transaction costs in relation to the Reorganisation - (4,833) - - - - (4,833)
Dividends paid - - (24,863) - - - (24,863)
Buybacks (32) (22,822) - - - - (22,854)
Foreign currency translation reserve - - - - - 62 62
Shareholders' funds as at 31 December 2024 610 549,757 29,196 - - (207) 579,356
The notes to the accounts form an integral part of these interim financial
statements.
9. Condensed Consolidated Statement of Cash Flows
For the period ended For the period ended
30 June 2025 30 June 2024
Notes £'000 £'000
Cash flows from operating activities:
Cash generated from operations 18 13,536 2,935
Investment in Credit Assets at amortised cost (63,073) (35,559)
Distributions received on Credit Assets at amortised cost 64,667 131,266
Dividends received from Investment Assets - 368
Purchase of investments at fair value 8 (19,082) (9,860)
Proceeds from disposal of investments at fair value 8 14,657 8,189
Tax paid (1,050) -
Net cash inflow from operating activities 9,655 97,339
Cash flows from investing activities:
Purchase of fixed assets (296) (49)
Net cash outflow from investing activities (296) (49)
Cash flows from financing activities:
Payment of lease liabilities 9 (811) (782)
Drawdown of interest-bearing borrowings 14 64,205 97,000
Repayments of interest-bearing borrowings 14 (47,000) (175,829)
Transaction costs for financing activities 14 385 (2,500)
Interest paid on financing activities 14 (7,766) (8,588)
Share buybacks (6,315) (10,352)
Dividends paid in the period 17 (16,528) (8,347)
Net cash outflow from financing activities (13,830) (109,398)
Net change in cash and cash equivalents (4,471) (12,108)
Cash and cash equivalents at the beginning of the period 11,195 23,303
Cash and cash equivalents at the end of the period 6,724 11,195
Interest received for the Group for the period ended 30 June 2025 was £15.3
million (H1 2024: £22.1 million)
The notes to the accounts form an integral part of these interim financial
statements.
10. Notes to the Financial Statements
1. General information
Pollen Street Group Limited is a public company limited by shares,
incorporated and registered under the laws of Guernsey with registration
number 70165. Pollen Street Group Limited is referred to as the "Company", and
together with its subsidiaries, the "Group". The registered office of the
Company is: Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4LH.
The principal place of business of the Company is 11-12 Hanover Square,
London, W1S 1JJ.
The principal activity of the Group is to act as an alternative asset manager
investing within the financial and business services sectors across both
Private Equity and Private Credit strategies, as well as holding on-balance
sheet investments consisting of both direct investments and investments in
funds managed by Pollen Street. The principal activity of the Company is to be
the holding company for two 100 per cent owned subsidiaries engaged in these
asset management and investment activities.
2. Material accounting policies
Basis of preparation
These condensed consolidated interim financial statements ("interim financial
statements") for the six months ended 30 June 2025 have been prepared in
accordance with UK-adopted International Accounting Standards, IAS 34 'Interim
Financial Reporting', and the Disclosure Guidance and Transparency Rules
sourcebook of the UK's Financial Conduct Authority ("FCA").
The interim financial statements should be read in conjunction with the Annual
Report for the year ended 31 December 2024 including the statutory accounts
for the year to 31 December 2024 (the "2024 financial statements"). The
Group's accounting policies, areas of significant judgement and significant
accounting estimate, and the key sources of estimation uncertainty are
consistent with those applied to the 2024 financial statements.
The information in these interim financial statements is unaudited and does
not constitute statutory accounts within the meaning of the Companies
(Guernsey) Law, 2008, as amended. However, selected explanatory notes are
included to explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and performance
since the end of 2024.
These interim financial statements were approved by the Board of Directors on
15 September 2025. The unaudited interim condensed consolidated financial
statements included in the interim financial statements have been reviewed by
the Group's auditor, PwC, in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). The statutory
accounts of Pollen Street Group Limited for the year ended 31 December 2024
have been prepared in accordance with the Companies (Guernsey) Law, 2008, as
amended, and filed with the Guernsey Registry. The Group's auditor, PwC, has
reported on those accounts. Its report was unqualified, did not include a
reference to any matters to which PwC drew attention by way of emphasis
without qualifying its report and did not contain a statement under section
263(2) or 263(3) of the Companies (Guernsey) Law, 2008.
Going concern
The Directors have reviewed the financial projections of the Group, which show
that the Group will be able to generate sufficient cash flows in order to meet
its liabilities as they fall due within 12 months from the approval of these
interim financial statements. These financial projections have been performed
for the Group under stressed scenarios, and in all cases the Group is able to
meet its liabilities as they fall due. The stressed scenarios included no new
fundraising and late repayments of a number of structured facilities.
The Directors consider these scenarios to be the most relevant risks to the
Group's operations. Finally, the Directors reviewed financial and
non-financial covenants in place for all debt facilities within the
subsidiaries of the Group with no breaches anticipated, even in the stressed
scenario. The Directors are satisfied that the going concern basis remains
appropriate for the preparation of the financial statements.
Related party transactions
All related party transactions that took place in the six months ended 30 June
2025 are consistent in nature with the disclosures in Note 25 to the 2024
financial statements. There have been no material changes to the nature or
size of related party transactions since 31 December 2024.
3. Operating segments
The Group has two operating segments: the Asset Manager segment and the
Investment Company segment.
The Asset Manager segment incorporates the activities of the Group that
provide investment management and investment advisory services to a range of
funds under management within Private Equity and Private Credit strategies.
The primary revenue streams for the Asset Manager segment consist of
management fees, performance fees and carried interest. Fund management
services are also provided to the Investment Company segment, however fees
from these services are eliminated from the Group consolidated financial
statements. Fund Management EBITDA in the Strategic Report is the Operating
Profit of the Asset Manager segment.
The Investment Company segment holds the Investment Assets of the Group. The
primary revenue stream for this segment is interest income and fair value
gains on the Investment Asset portfolio. The Operating Profit of the
Investment Company segment is referred to as the Income on Net Investment
Assets in the Strategic Report.
The following tables show the consolidated operating segments profit and loss
movements for their respective periods:
For the period ended 30 June 2025
Group Asset Manager Investment Company Central Group
£'000 £'000 £'000 £'000
Management fee income 29,564 - (2,759) 26,805
Catch-up management fee income 8,375 - - 8,375
Carried interest and performance fee income 3,424 - (1,469) 1,955
Interest income on Credit Assets held at amortised cost - 16,970 - 16,970
Gains on Investment Assets held at fair value 5 (#_ftn5) - 10,537 - 10,537
Equalisation on Investment Assets held at fair value - (804) - (804)
Total income 41,363 26,703 (4,228) 63,838
Expected credit loss (charge) / release - 762 - 762
Third-party servicing costs - (566) - (566)
Net operating income 41,363 26,899 (4,228) 64,034
Administration costs (23,596) (5,390) 4,104 (24,882)
Finance costs (100) (8,195) - (8,295)
Operating profit 17,667 13,314 (124) 30,857
Depreciation (921) - - (921)
Amortisation - - (320) (320)
Profit before tax 16,746 13,314 (444) 29,616
For the period ended 30 June 2024
Group Asset Manager Investment Company Central Group
£'000 £'000 £'000 £'000
Management fee income 19,999 - (2,407) 17,592
Catch-up management fee income 1,181 - - 1,181
Carried interest and performance fee income 5,575 - (1,761) 3,814
Interest income on Credit Assets held at amortised cost - 24,223 - 24,223
Gains on Investment Assets held at fair value 6 (#_ftn6) - 7,681 - 7,681
Equalisation on Investment Assets held at fair value - (151) - (151)
Total income 26,755 31,753 (4,168) 54,340
Expected credit loss charge - (1,152) - (1,152)
Third-party servicing costs - (499) - (499)
Net operating income 26,755 30,102 (4,168) 52,689
Administration costs (18,311) (5,313) 4,045 (19,579)
Finance costs (94) (8,951) - (9,045)
Operating profit 8,350 15,838 (123) 24,065
Depreciation (555) - - (555)
Amortisation - - (320) (320)
Profit before tax 7,795 15,838 (443) 23,190
4. Employees
The following tables show the average monthly number of employees and the
Directors during the period:
Group - Average number of staff For the period ended For the period ended
30 June 2025 30 June 2024
Directors 6 7
Professional staff 91 84
Total 97 91
The following table shows the total staff costs for the period. This includes
the seven Non-Executive Directors of Pollen Street Group Limited (30 June
2024: five). The total number of employees and directors as at the reporting
date was 100 (30 June 2024: 97).
Group - Staff costs For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Wages and salaries 15,466 12,460
Social security costs 2,961 1,759
Defined contribution pension cost 105 115
Total 18,532 14,334
5. Corporation tax
a) Tax expense
The tax charge for the Group for the period was £1.7 million (H1 2024: £0.4
million credit).
Group For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Current tax expenses
UK corporation tax charge for the period 3,622 1,503
Prior year adjustment 231 (97)
Total current tax 3,853 1,406
Deferred tax expense
Origination and reversal of timing differences (2,164) 1,121
Relief from losses previously unrecognised - 2,490
Recognition of losses previously unrecognised - (5,496)
Prior year adjustment - 98
Total deferred tax (2,164) (1,787)
Total tax charge / (credit) 1,689 (381)
b) Factors affecting taxation charge for the year
The taxation charge for the year is based on the standard rate of UK
corporation tax of 25 per cent from 1 April 2025 (2024: 25.0 per cent). A
reconciliation of the taxation charge for the year is based on the standard
rate of UK corporation tax to the actual taxation charge is shown below.
The effective tax rate for the period ended 30 June 2025 is 5.7 per cent (H1
2024: (1.6) per cent). The corporation tax charge for the period includes the
benefit of a reduction in the deferred tax liability held at December 2024.
The underlying tax charge for the period before this adjustment was £4.2
million, giving an underlying effective tax rate of 14.2 per cent. This is
primarily due to timing differences on taxation of management fee income and
the tax treatment of certain other forms of income.
Factors affecting taxation charge for the period
Group For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Profit before taxation 29,616 23,190
Profit before taxation multiplied by the blended rate of UK Corporation tax 7,404 5,798
(25.0%) (2024: 25.0%)
Effects of:
Dividends not chargeable to UK corporation tax - (92)
Non-taxable and non-deductible items (3,292) (484)
Origination and reversal of timing differences (2,605) (3,975)
Recognition of previously unrecognised losses - (1,521)
Group relief surrendered - 66
Changes in tax rate for deferred tax (49) (76)
Prior year adjustment 231 (97)
Total tax charge / (credit) 1,689 (381)
The following table shows the deferred tax asset and liability for the period:
For the period ended For the year ended
30 June 2025 31 December 2024
Group Deferred tax asset Deferred tax liability Total Deferred tax asset Deferred tax liability Total
£'000 £'000 £'000 £'000 £'000 £'000
Opening balance 3,256 (8,866) (5,610) - (3,093) (3,093)
(Charge) / credit to profit or loss (1,066) 3,230 2,164 3,256 (5,531) (2,275)
Prior year adjustment - - - - (242) (242)
Closing balance 2,190 (5,636) (3,446) 3,256 (8,866) (5,610)
The deferred tax asset in respect of short-term timing differences and carried
forward losses of £8.8 million is expected to crystallise fully in 2025. The
deferred tax liability in respect of the recognition of fair value gains
within the Investment Company and carried interest in the Asset Manager will
crystallise as the realised gain from these begins to flow to the Group in the
medium term.
6. Earnings per share
The following table shows the Group's earnings per share for the period ended
30 June 2025:
Group For the period ended For the period ended
30 June 2025 30 June 2024
Profit after tax (£'000) 27,927 23,571
Average number of shares ('000) 60,649 63,909
Earnings per ordinary share 46.0 pence 36.9 pence
7. Credit Assets at amortised cost
a) Credit Assets at amortised cost
The allowance for ECL movement during the period was a release of £0.8
million (H1 2024: charge £1.1 million).
The following table presents the gross carrying value of financial instruments
to which the impairment requirements in IFRS 9 are applied and the associated
allowance for ECL provision:
Group As at 30 June 2025 As at 31 December 2024
Gross Carrying Amount Allowance for ECL Net Carrying Amount Gross Carrying Amount Allowance for ECL Net Carrying Amount
£'000 £'000 £'000 £'000 £'000 £'000
Credit Assets at amortised cost
Stage 1 288,736 (284) 288,452 283,226 (596) 282,630
Stage 2 13,767 (322) 13,445 15,785 (368) 15,417
Stage 3 18,676 (7,536) 11,140 19,316 (7,940) 11,376
Closing balance 321,179 (8,142) 313,037 318,327 (8,904) 309,423
The following table analyses ECL by staging for the Group:
For the period ended 30 June 2025
Group Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
As at 1 January 2025 596 368 7,940 8,904
Movement from stage 1 to stage 2 - 69 - 69
Movement from stage 1 to stage 3 - - 25 25
Movement from stage 2 to stage 1 - (30) - (30)
Movement from stage 2 to stage 3 - (106) 179 73
Movement from stage 3 to stage 1 - - (70) (70)
Movement from stage 3 to stage 2 - 22 (76) (54)
Movements within stage (8) 3 (241) (246)
Decreases due to repayments (241) (13) (209) (463)
Remeasurements due to modelling (63) 9 (12) (66)
Allowance for ECL as at 30 June 2025 284 322 7,536 8,142
For the year ended 31 December 2024
Group Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
As at 1 January 2024 693 576 7,042 8,311
Movement from stage 1 to stage 2 (2) 90 - 88
Movement from stage 1 to stage 3 (1) - 280 279
Movement from stage 2 to stage 1 - (75) - (75)
Movement from stage 2 to stage 3 - (101) 173 72
Movement from stage 3 to stage 1 - - (104) (104)
Movement from stage 3 to stage 2 - 15 (66) (51)
Movements within stage (12) (3) 752 737
Decreases due to repayments (241) (38) (234) (513)
Remeasurements due to modelling 159 (96) 97 160
Allowance for ECL as at 31 December 2024 596 368 7,940 8,904
b) Expected Credit Loss allowance for IFRS 9
Under the IFRS 9 expected credit loss model, impairment provisions are driven
by changes in credit risk of instruments, with a provision for lifetime
expected credit losses recognised where the risk of default of an instrument
has increased significantly since initial recognition.
The following table analyses Group loans by stage:
Group For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
As at 1 January 8,904 8,311
Release for period - Stage 1 (312) (97)
Release for period - Stage 2 (46) (208)
(Release) / charge for period - Stage 3 (404) 898
(Release) / charge for period - total 7 (#_ftn7) (762) 593
Loans sold & write-offs - -
Allowance for ECL 8,142 8,904
8. Investment Assets at fair value through profit or loss
a) Investment Assets at fair value through profit or loss
The following table shows the total Investment Assets at fair value through
profit or loss of the Group, which includes Equity Assets and Credit Assets:
For the period ended 30 June 2025
Group Equity Assets £'000 Credit Assets £'000 Total
£'000
Opening balance 83,384 110,792 194,176
Additions at cost 3,614 15,468 19,082
Realisations - (14,657) (14,657)
Unrealised gains through profit or loss 3,385 (8,033) (4,648)
Realised gains through profit or loss - 14,657 14,657
Foreign exchange revaluation - (1,313) (1,313)
Closing balance 90,383 116,914 207,297
Comprising:
Valued using net asset value 50,915 89,514 140,429
Valued using an earnings multiple 15,385 - 15,385
Valued using a discounted cash flow 1,360 27,400 28,760
Valued using a liquidity discount 22,723 - 22,723
Closing balance 90,383 116,914 207,297
For the year ended 31 December 2024
Group Equity Assets £'000 Credit Assets £'000 Total
£'000
Opening balance 26,839 61,381 88,220
Additions at cost 45,172 49,812 94,984
Realisations (168) (8,021) (8,189)
Unrealised gains through profit or loss 11,541 1,330 12,871
Realised gains through profit or loss - 5,813 5,813
Foreign exchange revaluation - 477 477
Closing balance 83,384 110,792 194,176
Comprising:
Valued using net asset value 43,916 85,115 129,031
Valued using an earnings multiple 15,385 - 15,385
Valued using a discounted cash flow 1,360 25,677 27,037
Valued using a liquidity discount 22,723 - 22,723
Closing balance 83,384 110,792 194,176
b) Fair value classification of total Investment Assets
The Group Investment Assets at fair value through profit or loss are
classified as level 3 assets with a value as at 30 June 2025 of £207.3
million (31 December 2024: £194.2 million). There were no movements for the
Group (31 December 2024: no movements) between the fair value hierarchies
during the year.
c) Sensitivity analysis of assets at fair value through profit or loss
The investments are in Equity Assets, Private Equity Funds and Private Credit
Funds, which are valued using different techniques, including net asset value
("NAV"), earnings multiple, discounted cash flows ("DCF"), recent transactions
and a market approach. Sensitivity to the quantitative information regarding
the unobservable inputs for the Group's Level 3 positions as at 30 June 2025
and 31 December 2024 is given below:
Valuation technique Sensitivity applied As at As at
30 June 2025 31 December 2024
£'000 £'000
Impact of sensitivity Impact of sensitivity
Net asset value NAV changed by 10% 14,043 12,903
Earnings multiple Earnings multiple changed by 1x 1,296 1,296
Discounted cash flow Cash flows changed by 10% 2,876 2,704
Liquidity discount Discount changed by 10% 2,840 2,840
d) Assets and liabilities not carried at fair value but for which fair
value is disclosed
For the Group as at 30 June 2025:
As Presented Fair Value
Group £'000 Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Assets
Credit Assets at amortised cost 313,037 - - 347,045 347,045
Carried interest receivable 1,365 - - 1,365 1,365
Trade and other receivables 38,875 - 38,875 - 38,875
Cash and cash equivalents 6,724 6,724 - - 6,724
Total assets 360,001 6,724 38,875 348,410 394,009
Liabilities
Trade and other payables (24,794) - (24,794) - (24,794)
Interest-bearing liabilities (206,284) - (206,284) - (206,284)
Total liabilities (231,078) - (231,078) - (231,078)
For the Group as at 31 December 2024:
Carrying Value Fair Value
Group £'000 Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Assets
Credit Assets at amortised cost 309,423 - - 317,629 317,629
Carried interest receivable 1,365 - - 1,365 1,365
Trade and other receivables 35,542 - 35,542 - 35,542
Cash and cash equivalents 11,195 11,195 - - 11,195
Total assets 357,525 11,195 35,542 318,994 365,731
Liabilities
Trade and other payables (29,249) - (29,249) - (29,249)
Interest-bearing liabilities (188,265) - (188,265) - (188,265)
Total liabilities (217,514) - (217,514) - (217,514)
Note 7 provides further details of the loans at amortised cost held by the
Group.
The fair value of the receivable and payable balances approximates their
carrying amounts due to the short-term nature of the balances.
9. Leases
The Group leases include office premises where the Group is a tenant which
include fixed periodic rental payments over the fixed lease terms of no more
than five years remaining from the reporting date. The total cash outflow
during the period in relation to leases was £0.8 million (H1 2024: £0.7
million).
The following table shows the carrying amounts of lease assets recognised and
the movements during the period:
Group - Lease assets For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
Cost
Opening balance 7,367 4,873
Additions 192 -
Remeasurement due to lease modification - 2,494
Closing balance 7,559 7,367
Accumulated depreciation
Opening balance (2,507) (1,056)
Depreciation expense (751) (1,451)
Closing balance (3,258) (2,507)
Net book value 4,301 4,860
The following table shows the carrying amounts of lease liabilities and the
movements during the period:
Group - Lease liabilities For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
Opening balance 5,132 4,152
Remeasurement due to lease modification - 2,309
Additions 193 -
Accretion of interest 100 235
Payments (811) (1,564)
Closing balance 4,614 5,132
The following table below shows the lease liabilities by maturity:
Group - Lease liabilities For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
Current 1,516 1,376
Non-current 3,098 3,756
Closing balance 4,614 5,132
The following table shows the amounts recognised in the Condensed Consolidated
Statement of Comprehensive Income:
Group - Amounts recognised in profit or loss For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Depreciation expense 751 422
Finance costs - Lease liability interest 100 95
Total 851 517
10. Goodwill and intangible assets
The following tables show the goodwill and intangible assets held by the Group
for their respective periods:
Group For the period ended For the year ended
30 June 2025 31 December 2024
Goodwill Intangibles Total Goodwill Intangibles Total
£'000 £'000 £'000 £'000 £'000 £'000
Cost
Opening balance 224,540 4,000 228,540 224,540 4,000 228,540
Closing balance 224,540 4,000 228,540 224,540 4,000 228,540
Amortisation
Opening balance - (1,440) (1,440) - (800) (800)
Amortisation - (320) (320) - (640) (640)
Closing balance - (1,760) (1,760) - (1,440) (1,440)
Net book value 224,540 2,240 226,780 224,540 2,560 227,100
Goodwill
Goodwill is calculated as the consideration for an acquisition less the value
of the assets acquired. The goodwill relates to the acquisition of 100 per
cent of the share capital of Pollen Street Capital Holdings Limited ("PSCHL")
by Pollen Street Limited ("PSL") on 30 September 2022. The goodwill recognised
was made up of one cash-generating unit, which includes future management and
performance fees.
In accordance with IAS 36 Impairment of Assets, goodwill is reviewed for
indicators of impairment at each reporting date. As at 30 June 2025,
management has undertaken a review to assess whether any indicators of
impairment exist in respect of the goodwill recognised. No indicators of
impairment have been identified during the period. Management has therefore
concluded that no impairment testing is required as at the interim reporting
date.
The key assumptions, methodologies, and valuation models used in the
impairment assessment performed for the year ended 31 December 2024 remain
unchanged. There have been no significant changes in the cash flow forecasts,
discount rate, or other key inputs that would give rise to a revision in the
carrying value of goodwill.
Management continues to monitor relevant internal and external factors and
remains satisfied that there is appropriate headroom in the value in use model
to support the carrying amount of goodwill.
Intangible assets
The intangible assets arose as part of the acquisition and represents existing
customer relationships of PSCHL. The intangible assets have a finite life,
which is estimated to be up to the end of 2028, and so the intangibles are
amortised on a straight-line basis up to the end of 2028 and are included in
Administration costs in the Condensed Consolidated Statement of Comprehensive
Income.
11. Carried interest assets
The following table shows the total value of the carried interest held by the
Group, which includes both the carried interest at fair value through profit
or loss and the carried interest receivable:
Group As at As at
30 June 2025 31 December 2024
£'000 £'000
Carried interest at fair value 24,938 23,708
Carried interest receivable 1,365 1,365
Closing balance 26,303 25,073
Carried interest assets at fair value through profit or loss
a) Movements during the period
Group For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
Opening balance 23,708 15,967
Net changes in fair value movement 1,547 7,741
Realised proceeds (317) -
Closing balance 24,938 23,708
Gains through profit or loss are presented in the 'Carried interest and
performance fee income' line on the Condensed Consolidated Statement of
Comprehensive Income.
b) Fair value classification of carried interest at fair value
through profit or loss
Carried Interest at fair value through profit or loss is classified as a level
3 asset with a value as at 30 June 2025 of £24.9 million (31 December 2024:
£23.7 million). There were no movements between the fair value hierarchies
during the period (H1 2024: no movements).
c) Sensitivity analysis of carried interest at fair value through
profit or loss
The following table shows the sensitivity impact on the inputs applied to the
carried interest assets at fair value. The sensitivity parameters are
considered reasonable movements in the input assumptions:
As at 30 June 2025 As at 31 December 2024
Valuation Parameter Sensitivity applied Increase Decrease Increase Decrease
£'000 £'000 £'000 £'000
Fund NAV +/- 10% 5,116 (3,679) 5,874 (4,886)
Liquidity discount +/- 10% (2,395) 2,395 - -
Option volatility +/- 10% 2,357 (2,235) 1,696 (504)
Option time to maturity +/- 1 Year 2,189 (2,628) 2,086 (1,819)
Option risk free rate +/- 1% 510 (501) 829 (384)
Carried interest receivable
d) Movements during the period
Group As at As at
30 June 2025 31 December 2024
£'000 £'000
Opening balance 1,365 1,365
Carried interest income recognised in the profit or loss - -
Closing balance 1,365 1,365
12. Trade and other receivables
The following table shows a breakdown of the Group's receivables:
Group As at As at
30 June 2025 31 December 2024
£'000 £'000
Management and performance fees 19,069 17,762
Amounts due from debtors 49 50
Prepayments and other receivables 19,757 17,730
Closing balance 38,875 35,542
13. Derivative financial assets & liabilities
The following table presents the movement in the undiscounted notional values
of the foreign exchange forward contracts for the Group:
For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
Group EUR USD EUR USD
Opening notional balance 28,772 43,522 42,987 19,360
Movement in notional value 5,201 946 (14,215) 24,162
Closing notional balance 33,973 44,468 28,772 43,522
The following table presents the mark to market of the foreign exchange
forward contracts as at the end of the period for the Group:
For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
Group EUR USD Total EUR USD Total
Opening balance 28 (1,495) (1,467) (191) 12 (179)
Fair value movement (453) 2,783 2,330 219 (1,507) (1,288)
Closing balance (425) 1,288 863 28 (1,495) (1,467)
Fair value classification of derivatives
The Group derivatives are classified as level 2 in the fair value hierarchy
with a GBP equivalent value of £0.9 million (30 June 2024: £1.5 million
liability). There were no movements between the fair value hierarchies during
the period. The derivatives are valued using market forward rates and are
contracts with a third party and so they are not traded on an exchange.
14. Interest-bearing borrowings
The following table sets out a breakdown of the Group's interest-bearing
borrowings:
Group As at As at
30 June 2025 31 December 2024
£'000 £'000
Current liabilities
Interest and commitment fees 262 218
Prepaid interest and commitment fees - 280
Total current liabilities 262 498
Non-current liabilities
Credit facility 208,090 190,500
Prepaid interest and commitment fees (2,068) (2,733)
Total non-current liabilities 206,022 187,767
Total interest-bearing borrowings 206,284 188,265
The following table shows the related debt costs incurred by the Group during
the period:
Group For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Interest and commitment fees 8,195 8,951
Other finance charges 100 94
Total finance costs 8,295 9,045
The following table shows the movements in the Group's interest-bearing
borrowings:
Group For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
Opening balance 188,265 210,764
Drawdowns of interest-bearing borrowings 64,205 240,500
Repayments of interest-bearing borrowing (47,000) (260,519)
Origination and legal fees 385 (2,880)
Finance costs 8,195 16,351
Interest paid on financing activities (7,766) (15,951)
Closing balance 206,284 188,265
The following table analyses the Group's financial liabilities into relevant
maturity groupings:
As at 30 June 2025
Group <1 year 1 - 5 years More than 5 years Total
£'000 £'000 £'000 £'000
Credit facility - 206,022 - 206,022
Interest and commitment fees payable 262 - - 262
Total exposure 262 206,022 - 206,284
As at 31 December 2024
Group <1 year 1 - 5 years More than 5 years Total
£'000 £'000 £'000 £'000
Credit facility - 187,767 - 187,767
Interest and commitment fees payable 498 - - 498
Total exposure 498 187,767 - 188,265
15. Trade and other payables
The following table shows a breakdown of the Group's payables:
Group As at As at
30 June 2025 31 December 2024
£'000 £'000
Staff salaries and bonuses 10,344 16,282
Audit fee accruals 477 953
Deferred income and other payables 13,973 12,014
Closing balance 24,794 29,249
16. Equity
a) Share capital and premium
The following table shows the movement in shares during the period:
For the period ended For the year ended
30 June 2025 31 December 2024
No. Issued, allocated and fully paid ordinary shares of £0.01 each Ordinary shares Treasury shares Ordinary shares Treasury shares
Opening number of shares 60,987,340 3,222,257 64,209,597 -
Number of shares bought back (798,844) 798,844 (3,222,257) 3,222,257
Closing number of shares 60,188,496 4,021,101 60,987,340 3,222,257
b) Other reserves
As at 30 June 2025, the Group had a retained earnings reserve balance of
£40.6 million (31 December 2024: £29.2 million).
The Foreign Currency Translation Reserve reflects the foreign exchange
differences arising on translation that are recognised in the Condensed
Consolidated Statement of Comprehensive Income.
17. Dividends
The following table shows the dividends in relation to or paid during the
period ended 30 June 2025 and year ended 31 December 2024.
Payment Date Amount per Share (pence) Total
£'000
Interim dividend for the period to 31 December 2023 1 March 2024 13.0p 8,347
Interim dividend for the period to 30 June 2024 11 October 2024 26.5p 16,522
Second interim dividend for the period to 31 December 2024 2 May 2025 27.1p 16,528
Interim dividend for the period to 30 June 2025 24 October 2025 27.0p 16,251
The 30 June 2025 interim dividend of 27.0 pence was approved on 15 September
2025 and will be paid on 24 October 2025.
The following table show the total dividends declared and the total dividends
paid:
For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Total dividend paid in period 16,528 8,347
Total dividend in relation to period 16,251 16,522
18. Cash generated from operations
Group For the period ended For the period ended
30 June 2025 30 June 2024
Notes £'000 £'000
Profit before taxation 29,616 23,190
Adjustments for:
(Release) / charge in expected credit loss 7 (762) 1,152
Gains on Investment Assets held at fair value 8 (10,009) (7,502)
Net interest from Credit Assets at amortised cost (1,622) (2,147)
Finance costs 14 8,295 9,045
Foreign exchange revaluation (1,558) 649
Gains in carried interest 11 (1,546) (3,791)
Depreciation of fixed assets 169 133
Depreciation of lease assets 9 751 422
Amortisation of intangible assets 10 320 320
Increase in receivables 12 (3,333) (5,186)
Decrease in payables 15 (4,455) (13,106)
Decrease in derivatives 13 (2,330) (244)
Cash generated from operations 13,536 2,935
19. Subsequent events
On 15 September 2024 a dividend of 27.0 pence per ordinary share was approved
for payment on 24 October 2025.
11. Shareholders' Information
12. Directors, Advisers and Service Providers
Directors Financial Advisers and Brokers
Lindsey McMurray Barclays Bank plc
Lynn Fordham 1 Churchill Place
Jim Coyle Canary Wharf
Gustavo Cardenas London E14 5H
James Gillies England
Joanne Lake
Richard Rowney Investec Bank plc
all at the registered office below 30 Gresham Street
London EC2V 7QP
Registered Office England
Mont Crevelt House
Bulwer Avenue Registrar
St Sampson Computershare Investor Services PLC
Guernsey GY2 4LH The Pavilions, Bridgewater Road
England
Company Secretary
MUFG Corporate Governance Limited Website
19th Floor http://www.pollenstreetgroup.com/ (http://www.pollenstreetgroup.com/)
51 Lime Street
London Share Identifiers
EC3M 7DQ ISIN: GG00BMHG0H12
Sedol: BMHG0H1
Independent Auditors Ticker: POLN
PricewaterhouseCoopers LLP
7 More London Riverside
London SE1 2RT
Website
The Company's website can be found at www.pollenstreetgroup.com. The site
provides visitors with Company information and literature downloads.
The Company's profile is also available on third-party sites such as
www.trustnet.com and www.morningstar.co.uk.
Share prices and Net Asset Value information
The Company's ordinary shares of 1p each are quoted on the London Stock
Exchange:
· SEDOL number: BMHG0H1
· ISIN number: GG00BMHG0H12
· EPIC code: POLN
The codes above may be required to access trading information relating to the
Company on the internet.
Annual and half-yearly reports
The Group's Consolidated Annual Report & audited financial statements,
half-yearly reports and other formal communications are available on the
Company's website. To reduce costs the Company's half-yearly financial
statements are not posted to shareholders but are instead made available on
the Company's website.
Whistleblowing
The Company has established a whistleblowing policy. The Audit Committee
reviews the whistleblowing procedures of the Group to ensure that the concerns
of their staff may be raised in a confidential manner.
Warning to shareholders - share fraud scams
Fraudsters use persuasive and high-pressure tactics to lure investors into
scams. They may offer to sell shares that turn out to be worthless or
non-existent, or to buy shares at an inflated price in return for an upfront
payment. While high profits are promised, if you buy or sell shares in this
way, you will probably lose your money.
How to avoid share fraud
· Keep in mind that firms authorised by the FCA are unlikely to
contact you out of the blue with an offer to buy or sell shares
· Do not get into a conversation, note the name of the person and
firm contacting you and then end the call
· Check the Financial Services Register from www.fca.org.uk to see
if the person and firm contacting you is authorised by the FCA
· Beware of fraudsters claiming to be from an authorised firm,
copying its website or giving you false contact details
· Use the firm's contact details listed on the Register if you want
to call it back
· Call the FCA on 0800 111 6768 if the firm does not have contact
details on the Register or you are told they are out of date
· Search the list of unauthorised firms to avoid at
www.fca.org.uk/scams
· Consider that if you buy or sell shares from an unauthorised firm
you will not have access to the Financial Ombudsman Service or Financial
Services Compensation Scheme.
· Think about getting independent financial and professional advice
before you hand over any money
· Remember: if it sounds too good to be true, it probably is!
5,000 people contact the Financial Conduct Authority about share fraud each
year, with victims losing an average of £20,000.
Report a scam
If you are approached by fraudsters, please tell the FCA using the share fraud
reporting form at fca.org.uk /scams, where you can find out more about
investment scams.
You can also call the FCA Consumer Helpline on 0800 111 6768.
If you have already paid money to share fraudsters, you should contact Action
Fraud on 0300 123 2040.
13. Definitions and Reconciliation to Alternative Performance Measures
14. Definitions
Asset-Based Lending Collateralised financing where loans are secured by a company's assets with
credit limits determined by the assets' liquidation value.
Asset Manager The business segment of the Group that is responsible for managing third-party
AuM and the Investment Company's assets. All activities of this segment reside
in Pollen Street Capital Holdings Limited and its subsidiaries.
AuM The assets under management of the Group, defined as:
· investor commitments for active Private Equity funds;
· invested cost for other Private Equity funds;
· the total assets for the Investment Company; and
investor commitments for Private Credit funds.
Average Fee-Paying AuM The fee-paying asset under management of the Group, defined as:
· investor commitments for active fee-paying Private Equity funds;
· invested cost for other fee-paying Private Equity funds;
· the total assets for the Investment Company; and
· net invested amount for fee-paying Private Credit funds.
The average is calculated using the opening and closing balances for the
period.
Average Number of Shares Average number of closing daily ordinary shares, excluding treasury shares.
Co-investment A direct investment made alongside or in a Fund taking a pro-rata share of all
instruments.
Combination The acquisition of 100 per cent of the share capital of Pollen Street Capital
Holdings Limited by Pollen Street Limited (formerly Honeycomb Investment Trust
Plc) with newly issued shares in Pollen Street Limited as the consideration
that completed on 30 September 2022.
Credit Assets Loans made by the Group to counterparties, together with investments in
Private Credit funds managed or advised by the Group.
Equity Assets Instruments that have equity-like returns; that is, instruments that do not
contain a contractual obligation to pay and that evidence a residual interest
in the issuer's net assets. Examples include ordinary shares or investments in
Private Equity funds managed or advised by the Group. Carried interest
receivable by the Group is not classified as an Equity Asset.
Fair Value The amount that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants.
Fee-Paying AuM The fee-paying asset under management of the Group, defined as:
· investor commitments for active fee-paying Private Equity funds;
· invested cost for other fee-paying Private Equity funds;
· the total assets for the Investment Company; and
· net invested amount for fee-paying Private Credit funds.
Fund Management EBITDA Fund Management Income less Fund Management Administration Costs.
Fund Management Income The income of the Group's Asset Manager according to IFRS reporting standards.
Fund Management EBITDA Margin The ratio of the Fund Management Adjusted EBITDA and the Fund Management
Income, expressed as a percentage.
Group Pollen Street Group Limited and its subsidiaries.
IFRS International Financial Reporting Standards as adopted by the United Kingdom.
Internal Rate of Return The discount rate that makes the net present value of all cash flows from a
particular investment equal to zero, effectively indicating the annualised
rate of return that the investment is expected to generate.
Investment Asset The Group's portfolio of Equity Assets and Credit Assets.
Investment Company The business segment of the Group that holds the Investment Asset portfolio
and the debt facilities. The activities of this segment predominately reside
within Pollen Street Limited, Pollen Street Investments Limited, Sting Funding
Limited and Bud Funding Limited.
Management Fee Rate The ratio of the Fund Management Income attributable to management fees and
the Average Fee-Paying AuM, annualised and expressed as a percentage.
Multiple on Invested Capital The return on an investment by comparing the total value realised to the
initial capital invested, indicating how many times the original investment
has been multiplied.
Net Investment Assets The Investment Assets plus surplus cash, net of debt.
Performance Fees Share of profits that the Asset Manager is due once it has returned the cost
of investment and agreed preferred return to investors.
Performance Fee Rate The ratio of the Fund Management Income attributable to carried interest and
performance fees and the total Fund Management Income, expressed as a
percentage.
Private Credit The Group's strategy for managing Credit Assets within its private funds.
Private Equity The Group's strategy for managing Equity Assets within its private funds.
Registrar An entity that manages the Company's shareholder register. The Company's
registrar is Computershare Investor Services PLC.
Reorganisation The reorganisation that was affected on 14 February 2024, to distribute the
entire issued share capital of Pollen Street Capital Holdings Limited from
Pollen Street Limited to the Company referred to as the Distribution. The
Scheme and the Distribution are together referred to as the "Reorganisation".
Reported Net Investment Return The ratio of the income from Investment Company to the Net Investment Assets,
expressed as an annualised ratio.
The Scheme The scheme of arrangement that was affected on 24 January 2024, to change the
listing category of Pollen Street Limited's shares to that of a commercial
company from an investment company and to introduce the Company as a Guernsey
incorporated holding company as the new parent of the Group.
SMA Separately Managed Accounts
Sterling Overnight Interbank Average Rate ("SONIA") The effective overnight interest rate paid by banks for unsecured transactions
in the British sterling market.
Structured Loan Credit Asset whereby the Group typically has senior secured loans to
speciality finance companies, with security on the assets originated by the
speciality finance company and first loss protection deriving from the
speciality finance company's equity. Corporate guarantees are also typically
taken.
Underlying Net Investment Return The annualised ratio of gross income on Investment Assets, adjusted to exclude
equalisation effects and other non-recurring items, to Net Investment Assets.
15. Reconciliation to Alternative Performance Measures
The alternative performance measures are used to improve the comparability of
information between reporting periods, either by adjusting for uncontrollable
or one-off factors that impact upon IFRS measures or, by aggregating measures,
to aid the user to understand the activity taking place. Alternative
performance measures are not considered to be a substitute for IFRS measures
but provide additional insight on the performance of the business.
Management fee rate
Group For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Management fee income for the Asset Manager 37,939 21,180
Average Fee-Paying AuM 4,312,085 3,369,152
Management fee rate 1.76% 1.26%
The Management Fee Rate is calculated by dividing the management fee income
for the Asset Manager by the Average Fee-Paying AuM. The Management Fee Rate
is annualised.
Performance fee rate
Group For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Carried interest & performance fee income for the Asset Manager 3,424 5,575
Fund Management Income for the Asset Manager 41,363 26,755
Performance fee rate 8% 21%
The Performance Fee Rate is calculated by dividing the Carried interest and
performance fee income for the Asset Manager by the Fund Management Income for
the Asset Manager.
Fund Management EBITDA & Fund Management EBITDA Margin
Group For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Operating profit of the Asset Manager 17,667 8,350
Fund Management EBITDA 8 (#_ftn8) 17,667 8,350
Fund Management Income for the Asset Manager 41,363 26,755
Fund Management EBITDA Margin 43% 31%
The Fund Management EBITDA is equal to the statutory operating profit of the
Asset Manager. The Fund Management EBITDA Margin is calculated by dividing the
Fund Management EBITDA by the Fund Management Income.
EBITDA
Group For the period ended For the period ended
30 June 2025 30 June 2024
£'000 £'000
Operating profit of the Asset Manager 17,667 8,350
Operating Profit of the Investment Company 13,314 15,838
EBITDA 30,981 24,188
The Fund Management EBITDA is equal to the statutory operating profit of the
Asset Manager. EBITDA of the Group is calculated as the sum of the Fund
Management EBITDA and the Operating Profit of the Investment Company.
Dividends per share
Group For the period ended For the period ended
30 June 2025 30 June 2024
£ pence £ pence
Interim dividend 27.0 26.5
Dividend per share (pence) 27.0 26.5
Reported and Underlying Net Investment Return
Group For the period ended For the period ended
30 June 2025 30 June 2024
Investment Assets (£'m) 520 430
Average Net Investment Assets (£'m) 319 329
Income on Net Investment Assets (£'m) 13.3 15.8
Reported Net Investment Return (%) 8.4% 9.7%
Add back: Equalisation Impact (£'m) 0.8 0.2
Underlying Income on Net Investment Assets (£'m) 14.1 16.0
Underlying Net Investment Return (%) 8.8% 9.7%
Tangible Net Asset Value, Debt-to-Tangible Equity Ratio & Net
Debt-to-Tangible Equity Ratio
Group For the period ended For the year ended
30 June 2025 31 December 2024
£'000 £'000
Net asset value 584,015 579,356
Goodwill & intangible assets (226,780) (227,100)
Tangible net asset value 357,235 352,256
Interest-bearing borrowings 206,284 188,265
Debt-to-tangible equity ratio 57.7% 53.4%
Cash and cash equivalents 6,724 11,195
Net debt-to-tangible equity ratio 55.9% 50.3%
The debt-to-tangible equity ratio is calculated as the Group's
interest-bearing debt divided by the tangible net asset value, expressed as a
percentage. The net debt-to-tangible equity ratio is calculated as the Group's
interest-bearing debt less cash and cash equivalents, divided by the tangible
net asset value expressed, as a percentage.
1 (#_ftnref1) Percentage movements are calculated using the underlying
unrounded figures; consequently, they may differ slightly from percentage
movements derived from the rounded amounts presented
2 (#_ftnref2) Investors in PE coming in after the first close pay management
fees going back to the date of the first close. The out of period element of
these are classified as catch-up fees (ie for H1 2025, fees relating to
January 2025). No further catch-up fees are expected in Private Equity Fund V
given the final close of the fund in July 2025.
3 (#_ftnref3) Equalisation is the process by which gains are reallocated
between investors to treat all investors as if they had come in at the first
close of the fund.
4 (#_ftnref4) Percentage movements are calculated using the underlying
unrounded figures; consequently, they may differ slightly from percentage
movements derived from the rounded amounts presented.
5 (#_ftnref5) The 'Gains on Investment Assets held at fair value' includes
£277k from unrealised foreign exchange gains and realised & unrealised
derivative gains, which are not included in Note 8.
6 (#_ftnref6) The 'Gains on Investment Assets held at fair value' includes
£29k from unrealised foreign exchange gains and realised & unrealised
derivative gains, which are not included in Note 8.
7 (#_ftnref7) The prior period comparative is for the year ended 31 December
2024, the equivalent charge for the six month period ended 30 June 2024 was
£1,152k.
8 (#_ftnref8) In previous reporting periods, including the interim financial
statements for the six months ended 30 June 2024, Fund Management EBITDA was
adjusted to include the full cost of the office lease, which is accounted for
as depreciation of a lease asset and financing cost under IFRS 16. For H1 2025
and moving forward, Fund Management EBITDA has not been adjusted for the cost
of the office lease. The reported Fund Management EBITDA therefore now follows
the accounting, with the office lease costs being charged below EBITDA.. The
prior year comparatives have been updated to reflect this change in
methodology resulting in a £0.4 million increase in the comparative Fund
Management EBITDA compared to the interim financial statements for the six
months ended 30 June 2024.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR SFDESIEISEFURecent news on Pollen Street
See all newsREG - Pollen Street Group - Interim Dividend Declaration
AnnouncementREG - Pollen Street Group - Interim Accounts H1 2025
AnnouncementREG - Tiger Bidco Limited - Statement Re Rule 19.6(C)
AnnouncementREG - Pollen Street Group - Director/PDMR Shareholding
AnnouncementREG - Pollen Street Group - Total Voting Rights
Announcement