16 sep 25   pollen street group - interim accounts h1 2025 pollen street group limited | poln | 880 -16.0 (-1.8%) | mkt cap: 529.7m    rns number : 4216z pollen street group limited 16 september 2025   16 september 2025 pollen street group limited interim accounts h1 2025 strong half-year performance with continued aum and earnings growth pollen street group limited ("pollen steet", together with its subsidiaries, the "group") today issues its interim report for the six months ended 30 june 2025. the group delivered significant earnings growth with further progress on fundraising and capital deployment. the group is on track to achieve its growth objectives, underpinned by strong investor demand for our products and a robust investment pipeline. highlights for h1 2025 ·      assets under management ("aum") increased by 35%[1] 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       1.  ceo report lindsey mcmurray chief executive officer the first half of 2025 saw pollen street make strong progress against our strategic goals, resulting in continued growth in both aum and earnings. this performance reflects the strength of our platform and the ongoing demand for our investment strategies and underpins our confidence in delivering the group's medium-term targets, including our £10 billion aum target. we are proud that our investors - established relationships and new partners - continue to place their trust in us, committing £0.7 billion in new capital during the first half of the year. we have further scaled our platform, increasing our aum to £6.1 billion as at 30 june 2025 (31 december 2024: £5.4 billion). during the period we have deployed £0.6 billion on behalf of our investors, supporting fee-paying assets under management ("fee-paying aum") growth of £0.7 billion. this translated into excellent management fee growth in the period and a fund manager ebitda margin of 43 per cent, which included the benefit of catch-up fees from private equity fund v. we continue to build on the progress made in 2024, with strong fund performance and platform growth demonstrating the effectiveness of our strategic plan. strong fundraising across both private equity fund v and private credit fund iv we delivered strong fundraising in a competitive environment. in private equity we completed the successful final close of our flagship fund v in july, securing commitments of €1.5 billion, exceeding our initial €1 billion target. including associated co-investment vehicles, the group has raised more than €2 billion in total equity capital for this flagship strategy. this fundraise attracted a range of new limited partners and broadened our investor base across north america and europe, underscoring the deep and sustained confidence from a global base of institutional investors. private credit iv also achieved strong aum growth with £0.6bn in commitments closed at the end of june. we have a robust and advanced pipeline of investors which gives us visibility on achieving our initial £1 billion target during the course of the year. this success in fundraising is underpinned by the long-term relationships we build with our investors, something that we have supported through ongoing investment in our investor relations team. private equity: building next generation leaders we are continuing our mission of building the next generation of leaders across the european financial and business services landscape by making controlling-interest investments in middle-market companies across europe. we are investing in businesses delivering revenue-led growth through high quality products serving end markets that are benefitting from structural growth aligned with industry megatrends. we support those businesses with pollen street's active ownership model. so far during 2025 we have completed the acquisition of two additional platform investments - orderyoyo, a provider of payment-enabled ecommerce solutions to restaurants; and leonard curtis, a uk-based corporate restructuring services operator. we have also completed seven bolt-on acquisitions to existing portfolio companies. private credit: controlled risk our credit strategy provides asset-based lending facilities to non-bank lenders, leasing businesses, technology companies, and other firms with diverse portfolios generating contractual cash flows. asset-based lending is the funding behind the everyday credit that powers our economy and society. our experienced team invests in asset-backed facilities ranging from sme loans, mid-market residential family homes, government-backed receivables, and fleet financings, delivering superior returns with controlled risk and significant credit protection, achieved through both asset security and transaction structuring. the high pace of deployment continued during the period with 14 new deals completed and £0.4 billion deployed and a strong pipeline for h2. investment company: delivering returns and growth our balance sheet is an important driver of income for pollen street. our balance sheet delivers consistently strong performance with investments across our strategies but with a continued focus on our credit strategy. we have committed £196 million to pollen street managed funds, including a £70 million commitment to private credit fund iv and £42 million to private equity fund v. 70 per cent of these commitments were drawn as of 30 june 2025. the investment company continues to perform in line with our expectations. reported net investment return for the first half was 8.4 per cent (h1 2024: 9.7 per cent), reflecting solid performance across our portfolio. underlying net investment return was 8.8 per cent (h1 2024: 9.7 per cent), with the reported figure impacted by temporary dilution effects from equalisation as a result of the strong aum growth achieved in the period. sector outlook: appetite for alternatives and the mid-market the strong fundraising in h1 2025 is testament to sustained investor interest in our strategies as well as growing demand for private equity and private credit more generally. the alternative asset management industry continues to expand, generating over half of global aum revenue despite accounting for less than a quarter of total aum. growth in private markets is supported by long-term outperformance and increasing investor familiarity. in the uk and europe, mid-market alternatives are attracting heightened interest - supported by the chancellor's mansion house reforms, which aim to unlock pension capital access to private markets. with a strong track record and deep sector expertise, pollen street's strategy means that we are able to capitalise on these structural trends and continue delivering for our clients. looking ahead: momentum in performance and growth as we look ahead, these trends and our positioning in the market gives us confidence in maintaining our momentum through the second half of the year and beyond. notwithstanding uncertain macroeconomic and geopolitical conditions, our clear strategic direction and focus on performance continues to drive our delivery for our clients and shareholders. strategic priorities: ·      continue fundraising for private credit fund iv; ·      active deployment across both private equity and private credit strategies; ·      progressing the private equity realisation pipeline; and ·      strategic use of share buybacks within the capital allocation framework. i am delighted to welcome lynn fordham as chair of the board and james gillies as a non-executive director. both bring a wealth of experience across the private capital industry. lynn succeeds robert sharpe and on behalf of the board, i would like to thank robert for his long-standing strategic direction and support over the past nine years. i would like to thank our fund investors and shareholders for their support; our team for all their hard work in achieving this strong start to the year; and the board for its guidance. as i look forward to the rest of 2025, i am confident in the momentum we have built for continued growth and consistent delivery for our investors and shareholders.   lindsey mcmurray chief executive officer 15 september 2025   2.  cfo report crispin goldsmith chief financial officer continuing growth the group's interim results reflect continued progress on fundraising and strong execution against our strategic objectives. this has driven an increase in total aum to £6.1 billion at the end of june 2025 (31 december 2024: £5.4 billion). fee-paying aum increased by £0.7 billion, or 18 per cent[4], to £4.7bn in the period, equating to an annual increase of £1.3 billion (37 per cent) from june 2024. this has, in turn, generated significant growth in management fees to £37.9 million for the six months to 30 june 2025 (up 79 per cent versus h1 2024: £21.2 million) including £8.4 million of catch-up fees (h1 2024: £1.2 million). we were pleased to announce the final close of private equity fund v at €1.5 billion (together with a further €0.5bn of associated co-investment capital) in july 2025. as well as significantly exceeding the target fund size of €1 billion, it is particularly positive that a significant number of new limited partner investors have made commitments to the fund, marking significantly increased penetration with large investment programs in both the eu and north america. we are also pleased with the strong fundraising momentum for private credit fund iv which drove £0.4 billion (17 per cent) growth in total credit aum to £2.3 billion in the period. we continue to benefit from a strong and advanced pipeline of investors as we capitalise on our leading position in the asset-backed credit market and have visibility of securing significant further commitments during the remainder of h2 to take us past the initial £1 billion target. deployment rates have been good across both parts of the business. in private equity, two new platform deals, and seven bolt-on transactions have been signed. in private credit, 14 new deals have been completed with £0.4 billion drawn by customers and an attractive origination pipeline for h2 giving visibility on continued growth in fee-paying aum through the remainder of fy25. strong growth in third party aum across both private equity and private credit had the effect of temporarily diluting the investment company's returns on its investments in these funds through equalisation with new investors. the equalisation process aims to treat all investors as having come into the fund at the first close. to do so, gains initially allocated to earlier investors in the fund are re-allocated to later investors pro rata to the increased fund size. in return, newer investors pay interest to the older investors to compensate them for their cost of capital on funds which have previously been drawn. during h1, the investment company has also seen some seasonality in the recognition of returns on its equity positions, in part reflecting the phasing of underlying portfolio company budgets which are typically targeted to their own december year-ends. this has reduced reported annualised net investment return for h1 2025 to 8.4 per cent. however, underlying portfolio performance remains robust and consistent with our full year expectations to deliver return on net investment assets in-line with 2024 (full year 2024: income on net investment assets of £31.8 million reflecting a return of 9.6 per cent). substantial management fee growth, combined with the benefits of the group's inherent operational gearing, delivered a year-on-year increase in operating profit for the group of 28 per cent to £30.9 million which includes a net £(0.1) million of central costs (h1 2024: £24.1 million including £(0.1) million central costs). this reflects a 112 per cent increase in the operating profit of the asset manager segment to £17.7 million (h1 2024: £8.4 million), including the benefit of £8.4 million of catch-up fees relating to private equity fund v. the investment company operating profit of £13.3 million was £2.5 million (16 per cent) below h1 2024 having returned £70.6 million of capital to shareholders since january 2024 through dividends (£41.4 million) and share buy-backs (£29.2 million). increasing asset manager share of earnings as at 30 june 2025, total aum stood at £6.1 billion, up from £5.4 billion at 31 december 2024. total aum h1 2025 (£ 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. investment company returns in line with expectations underlying investment company returns for h1 were in line with expectations with an underlying net investment return of 8.8 per cent. the reported net investment return of 8.4 per cent (h1 2024: 9.7 per cent) was impacted by equalisation effects on investments in our private equity and private credit funds, reflecting the strong fundraising in the period, and a lower weighting of equity gains during h1 than is expected for h2. income on net investments assets of £13.3 million was down from £15.8 million in h1 2024, in part reflecting the temporary effects noted above as well as the return of £70.6 million of capital to shareholders since january 2024, which resulted in a £10 million reduction in average net investment assets from june 2024 to june 2025. investment company segment h1 2025 h1 2024 investment assets £520 million £430 million average net investment assets £319 million £329 million income on net investment assets £13.3 million £15.8 million reported net investment return 8.4 per cent 9.7 per cent   operating profit and tax profit before tax for the group increased by 28 per cent to £29.6 million for h1 2025 (h1 2024: £23.2 million). the main drivers of this are the increase of £9.3 million in the operating profit from the asset manager segment, offset by a £2.5 million decrease in operating profit of the investment company, as outlined above. the charge for depreciation and amortisation is £1.3 million (h1 2024: £0.9 million). this relates to a charge of £0.2 million (h1 2024: £0.2 million) associated with the depreciation of the group's fixed assets, a charge of £0.3 million (h1 2024: £0.3 million) associated with the amortisation of intangible assets representing the value of customer relationships, and a charge of £0.8 million (h1 2024: £0.4 million) associated with the depreciation of the group's leased assets (reflecting the changed methodology for office lease costs noted above). the corporation tax charge for the period was £1.7 million (h1 2024: £0.4 million credit) which included the benefit of a reduction in the deferred tax liability held at december 2024 following a detailed review with our advisers. the underlying tax charge for the period before this adjustment was £4.2 million. as detailed in note 5 to the financial statements, the group has a lower effective tax rate than the uk statutory rate. this is largely driven by timing differences on the taxation of management fee income and the tax treatment of certain other forms of income.     h1 2025 (£ 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 and dividend earnings per share (basic and diluted) increased by 25 per cent to 46.0 pence per share (h1 2024: 36.9 pence per share), ahead of the 18 per cent growth in profit after tax given the benefit of share buybacks. the board is pleased to confirm an interim dividend for the period ended 30 june 2025 of 27.0 pence per share, amounting to a total payment of £16.3 million (h1 2024: dividend of 26.5 pence per share, amounting to a total payment of £16.5 million). the interim dividend will be paid on 24 october 2025 to shareholders on the share register at the record date, being 26 september 2025. the ex-dividend date will be 25 september 2025. pollen street operates a dividend re-investment programme ("drip"), details of which are available from the company's registrars, computershare. the final date for drip elections will be 3 october 2025. during h1 2025, we completed £6.3 million of share buybacks, bringing the total buybacks completed under the initial share buyback programme announced on 21 march 2024 to £29.2 million (4,021,101 shares). share buybacks remain a key component of the group's capital allocation policy, evaluated against other value-creation opportunities available. authority for further share buybacks was confirmed by shareholders at the june 2025 annual general meeting. outlook the group remains in a strong position and is strategically well-placed and well-resourced for further growth through h2 2025 and beyond. fund management income for h2 is expected to be lower than for h1 given the benefit of catch-up fees received in h1. fee-paying aum will continue to grow as a result of further capital raises in private credit fund iv and their subsequent deployment. investment company investment returns for the full year are expected to be in-line with the returns delivered in fy24, continuing our long track record of delivering stable and robust performance from our balance of direct positions and investments in pollen street managed funds. the group is trading in line with expectations.   crispin goldsmith chief financial officer 15 september 2025   3.  risk management & principal risks and uncertainties the directors do not consider there to have been any material changes to the principal risks and uncertainties since the 2024 annual report and accounts were published and the directors expect the principal risks and uncertainties not to change over the second half of 2025. details of the group's approach to risk management is set out within pages 54 to 62 of the 2024 annual report and accounts, which is available in the financial information section of the group's website. the principal risks within the 2024 annual report and accounts include: economic & market conditions, fundraising, management fee rates and other fund terms, investment underperformance and financial risks, talent and retention, and information security and resilience.  4.  directors' responsibilities for the financial statements the directors, being the persons responsible, confirm that to the best of their knowledge: a)    the condensed set of financial statements contained within the interim report have been prepared in accordance with uk-adopted ias 34 'interim financial reporting' and the disclosure and transparency rules ("dtr") sourcebook of the uk's financial conduct authority, and gives a true, fair, balanced and understandable view of the assets, liabilities, financial position and comprehensive income of the group; b)    the interim report includes a fair review, as required by disclosure and transparency rule 4.2.7r, of important events that have occurred during the first six months of the financial year, their impact on the condensed set of unaudited financial statements, and a description of the principal risks and perceived uncertainties for the remaining six months of the financial year; and c)     the interim report includes a fair review of the information concerning related parties' transactions as required by disclosure and transparency rule 4.2.8r. signed on behalf of the board by:     lynn fordham chair 15 september 2025     5.  condensed consolidated financial statements     6.  condensed consolidated statement of comprehensive income     for the period ended 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.     7.  condensed consolidated statement of financial position     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.  8.  condensed consolidated statement of changes in shareholders' funds for the period ended 30 june 2025   ordinary share capital share premium retained earnings foreign currency translation reserve total equity   £'000 £'000 £'000 £'000 £'000 shareholders' funds as at 1 january 2025 610 549,757 29,196 (207) 579,356 profit after taxation - - 27,927 - 27,927 dividends paid - - (16,528) - (16,528) buybacks (8) (6,307) - - (6,315) foreign currency translation reserve - - - (425) (425) shareholders' funds as at 30 june 2025 602 543,450 40,595 (632) 584,015   for the year ended 31 december 2024   ordinary share capital share premium retained earnings special distributable reserve merger reserves foreign currency translation reserve total equity   £'000 £'000 £'000 £'000 £'000 £'000 £'000 shareholders' funds as at 1 january 2024 642 - 4,978 351,625 225,270 (269) 582,246 reallocation of reserves - 576,895 - (351,625) (225,270) - - profit after taxation - - 49,598 - - - 49,598 reclassification of transaction costs - 517 (517) - - - - transaction costs in relation to the reorganisation - (4,833) - - - - (4,833) dividends paid - - (24,863) - - - (24,863) buybacks (32) (22,822) - - - - (22,854) foreign currency translation reserve - - - - - 62 62 shareholders' funds as at 31 december 2024 610 549,757 29,196 - - (207) 579,356 the notes to the accounts form an integral part of these interim financial statements.     9.  condensed consolidated statement of cash flows     for the period ended 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.       10.         notes to the financial statements 1.    general information pollen street group limited is a public company limited by shares, incorporated and registered under the laws of guernsey with registration number 70165. pollen street group limited is referred to as the "company", and together with its subsidiaries, the "group". the registered office of the company is: mont crevelt house, bulwer avenue, st. sampson, guernsey, gy2 4lh. the principal place of business of the company is 11-12 hanover square, london, w1s 1jj. the principal activity of the group is to act as an alternative asset manager investing within the financial and business services sectors across both private equity and private credit strategies, as well as holding on-balance sheet investments consisting of both direct investments and investments in funds managed by pollen street. the principal activity of the company is to be the holding company for two 100 per cent owned subsidiaries engaged in these asset management and investment activities. 2.    material accounting policies basis of preparation these condensed consolidated interim financial statements ("interim financial statements") for the six months ended 30 june 2025 have been prepared in accordance with uk-adopted international accounting standards, ias 34 'interim financial reporting', and the disclosure guidance and transparency rules sourcebook of the uk's financial conduct authority ("fca"). the interim financial statements should be read in conjunction with the annual report for the year ended 31 december 2024 including the statutory accounts for the year to 31 december 2024 (the "2024 financial statements"). the group's accounting policies, areas of significant judgement and significant accounting estimate, and the key sources of estimation uncertainty are consistent with those applied to the 2024 financial statements. the information in these interim financial statements is unaudited and does not constitute statutory accounts within the meaning of the companies (guernsey) law, 2008, as amended. however, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the group's financial position and performance since the end of 2024. these interim financial statements were approved by the board of directors on 15 september 2025. the unaudited interim condensed consolidated financial statements included in the interim financial statements have been reviewed by the group's auditor, pwc, in accordance with international standard on review engagements (uk) 2410, 'review of interim financial information performed by the independent auditor of the entity' issued by the financial reporting council for use in the united kingdom ("isre (uk) 2410"). the statutory accounts of pollen street group limited for the year ended 31 december 2024 have been prepared in accordance with the companies (guernsey) law, 2008, as amended, and filed with the guernsey registry. the group's auditor, pwc, has reported on those accounts. its report was unqualified, did not include a reference to any matters to which pwc drew attention by way of emphasis without qualifying its report and did not contain a statement under section 263(2) or 263(3) of the companies (guernsey) law, 2008. going concern the directors have reviewed the financial projections of the group, which show that the group will be able to generate sufficient cash flows in order to meet its liabilities as they fall due within 12 months from the approval of these interim financial statements. these financial projections have been performed for the group under stressed scenarios, and in all cases the group is able to meet its liabilities as they fall due. the stressed scenarios included no new fundraising and late repayments of a number of structured facilities. the directors consider these scenarios to be the most relevant risks to the group's operations. finally, the directors reviewed financial and non-financial covenants in place for all debt facilities within the subsidiaries of the group with no breaches anticipated, even in the stressed scenario. the directors are satisfied that the going concern basis remains appropriate for the preparation of the financial statements. related party transactions all related party transactions that took place in the six months ended 30 june 2025 are consistent in nature with the disclosures in note 25 to the 2024 financial statements. there have been no material changes to the nature or size of related party transactions since 31 december 2024. 3.    operating segments the group has two operating segments: the asset manager segment and the investment company segment. the asset manager segment incorporates the activities of the group that provide investment management and investment advisory services to a range of funds under management within private equity and private credit strategies. the primary revenue streams for the asset manager segment consist of management fees, performance fees and carried interest. fund management services are also provided to the investment company segment, however fees from these services are eliminated from the group consolidated financial statements. fund management ebitda in the strategic report is the operating profit of the asset manager segment. the investment company segment holds the investment assets of the group. the primary revenue stream for this segment is interest income and fair value gains on the investment asset portfolio. the operating profit of the investment company segment is referred to as the income on net investment assets in the strategic report. the following tables show the consolidated operating segments profit and loss movements for their respective periods:   for the period ended 30 june 2025 group asset manager £'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         4.    employees the following tables show the average monthly number of employees and the directors during the period: group - average number of staff for the period ended 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           5.    corporation tax a)      tax expense the tax charge for the group for the period was £1.7 million (h1 2024: £0.4 million credit). group for the period ended 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.       6.    earnings per share the following table shows the group's earnings per share for the period ended 30 june 2025: group for the period ended 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       7.    credit assets at amortised cost a)      credit assets at amortised cost the allowance for ecl movement during the period was a release of £0.8 million (h1 2024: charge £1.1 million). the following table presents the gross carrying value of financial instruments to which the impairment requirements in ifrs 9 are applied and the associated allowance for ecl provision: group as at 30 june 2025 as at 31 december 2024   gross carrying amount £'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         8.    investment assets at fair value through profit or loss a)   investment assets at fair value through profit or loss the following table shows the total investment assets at fair value through profit or loss of the group, which includes equity assets and credit assets:   for the period ended 30 june 2025 group equity assets £'000 credit assets £'000 total £'000 opening balance 83,384 110,792 194,176 additions at cost 3,614 15,468 19,082 realisations - (14,657) (14,657) unrealised gains through profit or loss 3,385 (8,033) (4,648) realised gains through profit or loss - 14,657 14,657 foreign exchange revaluation - (1,313) (1,313) closing balance 90,383 116,914 207,297 comprising:    valued using net asset value 50,915 89,514 140,429 valued using an earnings multiple 15,385 - 15,385 valued using a discounted cash flow 1,360 27,400 28,760 valued using a liquidity discount 22,723 - 22,723 closing balance 90,383 116,914 207,297     for the year ended 31 december 2024 group equity assets £'000 credit assets £'000 total £'000 opening balance 26,839 61,381 88,220 additions at cost 45,172 49,812 94,984 realisations (168) (8,021) (8,189) unrealised gains through profit or loss 11,541 1,330 12,871 realised gains through profit or loss - 5,813 5,813 foreign exchange revaluation - 477 477 closing balance 83,384 110,792 194,176 comprising:    valued using net asset value 43,916 85,115 129,031 valued using an earnings multiple 15,385 - 15,385 valued using a discounted cash flow 1,360 25,677 27,037 valued using a liquidity discount 22,723 - 22,723 closing balance 83,384 110,792 194,176   b)   fair value classification of total investment assets the group investment assets at fair value through profit or loss are classified as level 3 assets with a value as at 30 june 2025 of £207.3 million (31 december 2024: £194.2 million). there were no movements for the group (31 december 2024: no movements) between the fair value hierarchies during the year. c)   sensitivity analysis of assets at fair value through profit or loss the investments are in equity assets, private equity funds and private credit funds, which are valued using different techniques, including net asset value ("nav"), earnings multiple, discounted cash flows ("dcf"), recent transactions and a market approach. sensitivity to the quantitative information regarding the unobservable inputs for the group's level 3 positions as at 30 june 2025 and 31 december 2024 is given below: valuation technique sensitivity applied as at 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.           9.    leases the group leases include office premises where the group is a tenant which include fixed periodic rental payments over the fixed lease terms of no more than five years remaining from the reporting date. the total cash outflow during the period in relation to leases was £0.8 million (h1 2024: £0.7 million). the following table shows the carrying amounts of lease assets recognised and the movements during the period: group - lease assets for the period ended 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  10.  goodwill and intangible assets the following tables show the goodwill and intangible assets held by the group for their respective periods: group for the period ended 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.               11.  carried interest assets the following table shows the total value of the carried interest held by the group, which includes both the carried interest at fair value through profit or loss and the carried interest receivable: group as at 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   12.  trade and other receivables 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       13.  derivative financial assets & liabilities the following table presents the movement in the undiscounted notional values of the foreign exchange forward contracts for the group:   for the period ended 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.         14.  interest-bearing borrowings 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       15.  trade and other payables 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         16.  equity 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.       17.  dividends the following table shows the dividends in relation to or paid during the period ended 30 june 2025 and year ended 31 december 2024.   payment date amount per share (pence) total £'000 interim dividend for the period to 31 december 2023 1 march 2024 13.0p 8,347 interim dividend for the period to 30 june 2024 11 october 2024 26.5p 16,522 second interim dividend for the period to 31 december 2024 2 may 2025 27.1p 16,528 interim dividend for the period to 30 june 2025 24 october 2025 27.0p 16,251   the 30 june 2025 interim dividend of 27.0 pence was approved on 15 september 2025 and will be paid on 24 october 2025. the following table show the total dividends declared and the total dividends paid:   for the period ended 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           18.  cash generated from operations 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       19.  subsequent events on 15 september 2024 a dividend of 27.0 pence per ordinary share was approved for payment on 24 october 2025.     11.         shareholders' information     12.         directors, advisers and service providers directors financial advisers and brokers lindsey mcmurray barclays bank plc lynn fordham 1 churchill place jim coyle canary wharf gustavo cardenas london e14 5h james gillies england joanne lake  richard rowney investec bank plc all at the registered office below 30 gresham street  london ec2v 7qp registered office england mont crevelt house  bulwer avenue registrar st sampson computershare investor services plc guernsey gy2 4lh the pavilions, bridgewater road  england company secretary  mufg corporate governance limited website 19th floor http://www.pollenstreetgroup.com/ 51 lime street  london share identifiers ec3m 7dq isin: gg00bmhg0h12  sedol: bmhg0h1 independent auditors ticker: poln pricewaterhousecoopers llp  7 more london riverside  london se1 2rt        website the company's website can be found at www.pollenstreetgroup.com. the site provides visitors with company information and literature downloads. the company's profile is also available on third-party sites such as www.trustnet.com and www.morningstar.co.uk. share prices and net asset value information the company's ordinary shares of 1p each are quoted on the london stock exchange: ·      sedol number: bmhg0h1 ·      isin number: gg00bmhg0h12 ·      epic code: poln the codes above may be required to access trading information relating to the company on the internet. annual and half-yearly reports the group's consolidated annual report & audited financial statements, half-yearly reports and other formal communications are available on the company's website. to reduce costs the company's half-yearly financial statements are not posted to shareholders but are instead made available on the company's website. whistleblowing the company has established a whistleblowing policy. the audit committee reviews the whistleblowing procedures of the group to ensure that the concerns of their staff may be raised in a confidential manner. warning to shareholders - share fraud scams fraudsters use persuasive and high-pressure tactics to lure investors into scams. they may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment. while high profits are promised, if you buy or sell shares in this way, you will probably lose your money. how to avoid share fraud ·      keep in mind that firms authorised by the fca are unlikely to contact you out of the blue with an offer to buy or sell shares ·      do not get into a conversation, note the name of the person and firm contacting you and then end the call ·      check the financial services register from www.fca.org.uk to see if the person and firm contacting you is authorised by the fca ·      beware of fraudsters claiming to be from an authorised firm, copying its website or giving you false contact details ·      use the firm's contact details listed on the register if you want to call it back ·      call the fca on 0800 111 6768 if the firm does not have contact details on the register or you are told they are out of date ·      search the list of unauthorised firms to avoid at www.fca.org.uk/scams ·      consider that if you buy or sell shares from an unauthorised firm you will not have access to the financial ombudsman service or financial services compensation scheme. ·      think about getting independent financial and professional advice before you hand over any money ·      remember: if it sounds too good to be true, it probably is! 5,000 people contact the financial conduct authority about share fraud each year, with victims losing an average of £20,000. report a scam if you are approached by fraudsters, please tell the fca using the share fraud reporting form at fca.org.uk /scams, where you can find out more about investment scams. you can also call the fca consumer helpline on 0800 111 6768. if you have already paid money to share fraudsters, you should contact action fraud on 0300 123 2040.       13.         definitions and reconciliation to alternative performance measures     14.         definitions asset-based lending collateralised financing where loans are secured by a company's assets with credit limits determined by the assets' liquidation value. asset manager the business segment of the group that is responsible for managing third-party aum and the investment company's assets. all activities of this segment reside in pollen street capital holdings limited and its subsidiaries. aum the assets under management of the group, defined as: ·      investor commitments for active private equity funds; ·      invested cost for other private equity funds; ·      the total assets for the investment company; and investor commitments for private credit funds. average fee-paying aum the fee-paying asset under management of the group, defined as: ·      investor commitments for active fee-paying private equity funds; ·      invested cost for other fee-paying private equity funds; ·      the total assets for the investment company; and ·      net invested amount for fee-paying private credit funds. the average is calculated using the opening and closing balances for the period. average number of shares average number of closing daily ordinary shares, excluding treasury shares. co-investment a direct investment made alongside or in a fund taking a pro-rata share of all instruments. combination the acquisition of 100 per cent of the share capital of pollen street capital holdings limited by pollen street limited (formerly honeycomb investment trust plc) with newly issued shares in pollen street limited as the consideration that completed on 30 september 2022. credit assets loans made by the group to counterparties, together with investments in private credit funds managed or advised by the group. equity assets instruments that have equity-like returns; that is, instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer's net assets. examples include ordinary shares or investments in private equity funds managed or advised by the group. carried interest receivable by the group is not classified as an equity asset. fair value the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. fee-paying aum the fee-paying asset under management of the group, defined as: ·      investor commitments for active fee-paying private equity funds; ·      invested cost for other fee-paying private equity funds; ·      the total assets for the investment company; and ·      net invested amount for fee-paying private credit funds. fund management ebitda fund management income less fund management administration costs. fund management income the income of the group's asset manager according to ifrs reporting standards. fund management ebitda margin the ratio of the fund management adjusted ebitda and the fund management income, expressed as a percentage. group pollen street group limited and its subsidiaries. ifrs international financial reporting standards as adopted by the united kingdom. internal rate of return the discount rate that makes the net present value of all cash flows from a particular investment equal to zero, effectively indicating the annualised rate of return that the investment is expected to generate. investment asset the group's portfolio of equity assets and credit assets. investment company the business segment of the group that holds the investment asset portfolio and the debt facilities. the activities of this segment predominately reside within pollen street limited, pollen street investments limited, sting funding limited and bud funding limited. management fee rate the ratio of the fund management income attributable to management fees and the average fee-paying aum, annualised and expressed as a percentage. multiple on invested capital the return on an investment by comparing the total value realised to the initial capital invested, indicating how many times the original investment has been multiplied. net investment assets the investment assets plus surplus cash, net of debt. performance fees share of profits that the asset manager is due once it has returned the cost of investment and agreed preferred return to investors. performance fee rate the ratio of the fund management income attributable to carried interest and performance fees and the total fund management income, expressed as a percentage. private credit the group's strategy for managing credit assets within its private funds. private equity the group's strategy for managing equity assets within its private funds. registrar an entity that manages the company's shareholder register. the company's registrar is computershare investor services plc. reorganisation the reorganisation that was affected on 14 february 2024, to distribute the entire issued share capital of pollen street capital holdings limited from pollen street limited to the company referred to as the distribution. the scheme and the distribution are together referred to as the "reorganisation". reported net investment return the ratio of the income from investment company to the net investment assets, expressed as an annualised ratio. the scheme the scheme of arrangement that was affected on 24 january 2024, to change the listing category of pollen street limited's shares to that of a commercial company from an investment company and to introduce the company as a guernsey incorporated holding company as the new parent of the group. sma separately managed accounts sterling overnight interbank average rate ("sonia") the effective overnight interest rate paid by banks for unsecured transactions in the british sterling market. structured loan credit asset whereby the group typically has senior secured loans to speciality finance companies, with security on the assets originated by the speciality finance company and first loss protection deriving from the speciality finance company's equity. corporate guarantees are also typically taken. underlying net investment return the annualised ratio of gross income on investment assets, adjusted to exclude equalisation effects and other non-recurring items, to net investment assets.     15.         reconciliation to alternative performance measures the alternative performance measures are used to improve the comparability of information between reporting periods, either by adjusting for uncontrollable or one-off factors that impact upon ifrs measures or, by aggregating measures, to aid the user to understand the activity taking place. alternative performance measures are not considered to be a substitute for ifrs measures but provide additional insight on the performance of the business. management fee rate group for the period ended 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 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. this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir sfdesieisefu return to news summary

Label: Gestiegen