ICG returns to full year profit

BUYOUT lender Intermediate Capital Group returned to a full-year profit on capital gains and lower provisions at its investment arm and said it expects to make further progress.

The mezzanine finance specialist’s new chief executive said it will reach its ambitious target to double assets under management both through acquisitions and organic growth, adding it will snap up teams, portfolios or entire businesses if the right opportunity is available.

ICG posted a full-year pre-tax profit of £106m compared to a loss of £67m in 2009.