Pacific Current lifts first-half profit on revaluations, disposals

The news: Asset manager Pacific Current Group has reported a jump in first-half profit on the back of revaluation of its stake in Victory Park Capital and gains on disposals.

The numbers: Statutory net profit for the six months to December 2024 jumped to $100.3 million, from $11.7 million a year ago. Underlying profit was down 8% to $15.3 million. The company will pay an interim dividend of 15 cents a share, unchanged from a year ago.

The context: The asset manager said its increased profit included a fair value uplift in the remaining stake in Victory Park, as well as gains on recent exits, but was partially offset by impairment of its stake in Aether Investment Partners.

The company said its focus for 2025 includes reducing corporate costs and debt, assessing opportunities to increase investment in current boutique partners, and making significant changes to the organisation structure and decision making processes.