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Pollen Street Group Limited issued its Interim Report for the six months ended 30 June 2025 on 16 September 2025. The company reported a 35% increase in Assets Under Management to £6.1 billion and a 37% rise in Fee-paying AUM to £4.7 billion. Additionally, its Private Equity Fund V achieved a final close at €1.5 billion, and an interim dividend of 27.0 pence per share was declared, payable on 24 October 2025, with earnings per share increasing by 25% to 46.0 pence.
| Date | 16 Sept 2025 |
| Time | 07:00:13 |
| Category | Results |
| ID | 4216Z |
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] 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]
· 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] 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/
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.
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.
Register for the webinar: 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
MUFG Corporate Governance Limited - Company Secretary
POLNcosec@cm.mpms.mufg.com
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.
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.
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.
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.
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.
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.
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
Crispin Goldsmith
Chief Financial Officer
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], 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).
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 (£ billion) |
31-Dec-24 (£ billion) |
H1 2024 (£ 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 (£ billion) |
31-Dec-24 (£ billion) |
H1 2024 (£ 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 (£ million) |
H1 2024 (£ 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 (% of Average Fee-Paying AuM) |
1.76% |
1.26% |
|
Performance Fee Rate (% of Fund Management Income) |
8% |
21% |
|
Fund Management EBITDA Margin (% of Fund Management Income) |
43% |
31% |
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.
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 |
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 (£ million) |
H1 2024 (£ 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 (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.
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
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.
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
|
|
|
For the period ended 30 June 2025 |
For the period ended 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 Foreign currency translation reserve |
|
(425) |
(32) |
|
Total comprehensive income |
|
27,502 |
23,539 |
|
Earnings per share (basic and diluted) |
6 |
46.0 pence |
36.9 pence |
The notes to the accounts form an integral part of these interim financial statements.
|
|
|
As at 30 June 2025 |
As at 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.
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.
|
|
|
For the period ended 30 June 2025 |
For the period ended 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.
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.
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.
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.
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.
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 £'000 |
Investment Company £'000 |
Central £'000 |
Group £'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] |
- |
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 £'000 |
Investment Company £'000 |
Central £'000 |
Group £'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] |
- |
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 |
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 30 June 2025 |
For the period ended 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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'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 |
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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'000 |
|
Profit before taxation |
29,616 |
23,190 |
|
Profit before taxation multiplied by the blended rate of UK Corporation tax (25.0%) (2024: 25.0%) |
7,404 |
5,798 |
|
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 30 June 2025 |
For the year ended 31 December 2024 |
||||
|
Group |
Deferred tax asset £'000 |
Deferred tax liability £'000 |
Total £'000 |
Deferred tax asset £'000 |
Deferred tax liability £'000 |
Total £'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.
The following table shows the Group's earnings per share for the period ended 30 June 2025:
|
Group |
For the period ended 30 June 2025 |
For the period ended 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 |
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 £'000 |
Allowance for ECL £'000 |
Net Carrying Amount £'000 |
Gross Carrying Amount £'000 |
Allowance for ECL £'000 |
Net Carrying Amount £'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 £'000 |
Stage 2 £'000 |
Stage 3 £'000 |
Total £'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 £'000 |
Stage 2 £'000 |
Stage 3 £'000 |
Total £'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 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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] |
(762) |
593 |
|
Loans sold & write-offs |
- |
- |
|
Allowance for ECL |
8,142 |
8,904 |
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 30 June 2025 £'000 Impact of sensitivity |
As at 31 December 2024 £'000 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 £'000 |
Level 2 £'000 |
Level 3 £'000 |
Total £'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 £'000 |
Level 2 £'000 |
Level 3 £'000 |
Total £'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.
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 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'000 |
|
Depreciation expense |
751 |
422 |
|
Finance costs - Lease liability interest |
100 |
95 |
|
Total |
851 |
517 |
The following tables show the goodwill and intangible assets held by the Group for their respective periods:
|
Group |
For the period ended 30 June 2025 |
For the year ended 31 December 2024 |
||||
|
|
Goodwill £'000 |
Intangibles £'000 |
Total £'000 |
Goodwill £'000 |
Intangibles £'000 |
Total £'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.
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 30 June 2025 £'000 |
As at 31 December 2024 £'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 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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 £'000 |
Decrease £'000 |
Increase £'000 |
Decrease £'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 30 June 2025 £'000 |
As at 31 December 2024 £'000 |
|
Opening balance |
1,365 |
1,365 |
|
Carried interest income recognised in the profit or loss |
- |
- |
|
Closing balance |
1,365 |
1,365 |
The following table shows a breakdown of the Group's receivables:
|
Group |
As at 30 June 2025 £'000 |
As at 31 December 2024 £'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 |
The following table presents the movement in the undiscounted notional values of the foreign exchange forward contracts for the Group:
|
|
For the period ended 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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.
The following table sets out a breakdown of the Group's interest-bearing borrowings:
|
Group |
As at 30 June 2025 £'000 |
As at 31 December 2024 £'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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'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 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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 £'000 |
1 - 5 years £'000 |
More than 5 years £'000 |
Total £'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 £'000 |
1 - 5 years £'000 |
More than 5 years £'000 |
Total £'000 |
|
Credit facility |
- |
187,767 |
- |
187,767 |
|
Interest and commitment fees payable |
498 |
- |
- |
498 |
|
Total exposure |
498 |
187,767 |
- |
188,265 |
The following table shows a breakdown of the Group's payables:
|
Group |
As at 30 June 2025 £'000 |
As at 31 December 2024 £'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 |
a) Share capital and premium
The following table shows the movement in shares during the period:
|
|
For the period ended 30 June 2025 |
For the year ended 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.
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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'000 |
|
Total dividend paid in period |
16,528 |
8,347 |
|
Total dividend in relation to period |
16,251 |
16,522 |
|
Group |
|
For the period ended 30 June 2025 |
For the period ended 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 |
On 15 September 2024 a dividend of 27.0 pence per ordinary share was approved for payment on 24 October 2025.
|
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 |
|
|
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.
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Asset-Based Lending |
Collateralised financing where loans are secured by a company's assets with credit limits determined by the assets' liquidation value. |
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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. |
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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. |
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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. |
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Average Number of Shares |
Average number of closing daily ordinary shares, excluding treasury shares. |
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Co-investment |
A direct investment made alongside or in a Fund taking a pro-rata share of all instruments. |
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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. |
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Credit Assets |
Loans made by the Group to counterparties, together with investments in Private Credit funds managed or advised by the Group. |
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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. |
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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. |
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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. |
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Fund Management EBITDA |
Fund Management Income less Fund Management Administration Costs. |
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Fund Management Income |
The income of the Group's Asset Manager according to IFRS reporting standards. |
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Fund Management EBITDA Margin |
The ratio of the Fund Management Adjusted EBITDA and the Fund Management Income, expressed as a percentage. |
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Group |
Pollen Street Group Limited and its subsidiaries. |
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IFRS |
International Financial Reporting Standards as adopted by the United Kingdom. |
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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. |
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Investment Asset |
The Group's portfolio of Equity Assets and Credit Assets. |
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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. |
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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. |
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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. |
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Net Investment Assets |
The Investment Assets plus surplus cash, net of debt. |
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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. |
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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. |
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Private Credit |
The Group's strategy for managing Credit Assets within its private funds. |
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Private Equity |
The Group's strategy for managing Equity Assets within its private funds. |
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Registrar |
An entity that manages the Company's shareholder register. The Company's registrar is Computershare Investor Services PLC. |
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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". |
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Reported Net Investment Return |
The ratio of the income from Investment Company to the Net Investment Assets, expressed as an annualised ratio. |
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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. |
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SMA |
Separately Managed Accounts |
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Sterling Overnight Interbank Average Rate ("SONIA") |
The effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. |
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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. |
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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. |
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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'000 |
|
Carried interest & performance fee income for the Asset Manager |
3,424 |
5,575 |
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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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'000 |
|
Operating profit of the Asset Manager |
17,667 |
8,350 |
|
Fund Management EBITDA[8] |
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 30 June 2025 £'000 |
For the period ended 30 June 2024 £'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 30 June 2025 £ pence |
For the period ended 30 June 2024 £ 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 30 June 2025 |
For the period ended 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 30 June 2025 £'000 |
For the year ended 31 December 2024 £'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] Percentage movements are calculated using the underlying unrounded figures; consequently, they may differ slightly from percentage movements derived from the rounded amounts presented
[2] 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] 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] Percentage movements are calculated using the underlying unrounded figures; consequently, they may differ slightly from percentage movements derived from the rounded amounts presented.
[5] 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] 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] 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] 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.