(Reuters) – Private equity firm CVC Capital Partners reported stronger than expected annual profit on Thursday, supported by a jump in management fees.
CVC, whose 2.3 billion euro initial public offering marked one of the biggest debuts in Europe last year, reported a 36% rise in its adjusted after-tax profit to 830 million euros ($903.79 million) in 2024, beating the average of 748 million euros expected by analysts polled by the company.
Its management fees for the year jumped 23% to 1.33 billion euros the group said, adding it expected further “strong” growth of earnings from management fees in 2025.
“Whilst the economic and geopolitical environment remains uncertain, our experience shows that these conditions can provide some of our most attractive investment opportunities,” CEO Robert Lucas said in a statement.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 966 million euros compared with 874 million expected by analysts in a company-compiled consensus.
CVC recommended a dividend of 21 euro cents per share for the second half of the year, translating to a total of 225 million euros distributed to shareholders.
($1 = 0.9184 euros)
(Reporting by Mateusz Rabiega and Alban Kacher in Gdansk, Editing by Louise Heavens and Tomasz Janowski)
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