Private equity investment firm Intermediate Capital reported annual results showing a more than doubling in profits as it saw a huge increase in performance fee income, while assets under management rose by nearly a quarter. Group profit before was up 132% on the year before, while management fee income increased by 5%, topping half a billion pounds for the first time, with performance fee income soaring by 276%. Assets under management rose by 23% to £98bn. Intermediate Capital shares were up 3.7% by 10am.
Drugs giant AstraZeneca revealed that survival rates from the datopotamab deruxtecan (Dato-DXd) lung cancer treatment which it is developing with Japan’s Daiichi Sankyo, were "numerically favoured ... but did not reach statistical significance". However, as there was a clinically meaningful improvement in overall survival compared to the current standard-of-care chemotherapy, the company said the results support applications currently under review by regulatory authorities globally. AstraZeneca stock lost 1.1% by 10am.
The provider of IT infrastructure technology services said its full-year results are set to be in line with expectations in a very brief update for the third quarter ended 30 April 2024. Softcat said market conditions and trading remained consistent with the first half and it has delivered further growth in gross invoiced income, gross profit and operating profit. The firm continues to anticipate that full year gross profit and operating profit results will be in line with expectations. Softcat shares had eased 0.7% by 10am.
Headlines we expect on Wednesday
Pets at Home Final Results
This time last year https://www.investegate.co.uk/announcement/rns/pets-at-home-group--pets/fy23-preliminary-results/7542040 Revenue £1,404m, Statutory profit before tax £122.5m
React Group Interim Results
This time last year Half-year Report | Company Announcement | Investegate Revenue £9.32m, net loss £86,000
Intermediate Capital rises as it reports a near doubling in annual profits, but AstraZeneca eases as trial results for a lung cancer treatment slightly disappoint, and Softcat slips after a very brief in-line trading update.
