Arrow Global's nine-month profit falls; on track to deliver in-line FY earnings

9th Nov 2016 15:38

(ShareCast News) - Arrow Global has turned in a nine-month pretax profit of £14.2m, from a year-earlier's profit of £25.9m, and said it is on track to deliver full-year earnings in-line with its forecasts."Arrow Global continues to expand its European footprint and client offering across attractive markets where the group is targeting leadership positions," said chief executive Tom Drury."This coupled with a high-quality and diversified investment portfolio, has enabled us to achieve another strong set of results," he said.Total revenue from portfolios was £133.4m, from £110.8m. Total revenue was £164.4m, from £119.9m. Higher total other operating expenses and recurring finance costs were factors in the lower pre-tax profit.Arrow also ponied up with an interim dividend of 2.7p a share, versus 1.7p in first-half 2015."Our portfolio purchases year-to-date, the good visibility on our pipeline and the continued strong performance of our enlarged asset management business, continue to lay the foundation for future earnings growth," said Drury.This meant the company was on track to deliver "overall full-year earnings in line with our expectations."At 15:30 GMT, shares in Arrow Global were down 1.98% to 297.25p.