Petershill Partners H1 partner distributable earnings rise

Petershill Partners said on Wednesday that partner distributable earnings had climbed to $169.0m, while adjusted underlying earnings for the six months ended 30 June came to $153.0m, with an adjusted earnings margin of 90%. IFRS losses after tax came to $359.0m.

APM basis investments at fair value came to $5.0bn, down $570.0m or 10% as higher operating results were offset by an increase in discount rates on private capital assets - which moved from a blended 15% to a blended 17% during the period.

Petershill, which declared an interim dividend of 3.5 cents per share, also amended its 2022 full-year guidance, stating that partner-firm organic gross fee paying assets under management had risen to $50.0bn in 2022, up from $40.0bn-45.0bn a year earlier.

Chairman Naguib Kheraj said: "Our first half results demonstrate the strength and resilience of our distinctive business model. Our partner-firms delivered strong underlying performance.

"While the macroeconomic and equity market backdrop is challenging and volatile, our partner-firms continue to be successful in fundraising and this is expected to support double-digit growth in management fee revenues, although performance fees and investment gains are expected to be lower than the prior year."

As of 0940 BST, Petershill shares were up 0.46% at 218.50p.

Reporting by Iain Gilbert at Sharecast.com