MPC Capital reported a significant operational improvement in FY21, highlighted by a rise in PBT to €10.4m from €1.3m recorded in FY20. As the company operated under an optimised business model, moving operating management services in the shipping segment into joint venture (JV) structures, the revenue recognition method changed to proportionate consolidation. This led to an apparent decline in total sales despite a 28.3% y-o-y increase in fees from transaction services to €13.8m. We note that assets under management (AUM) expanded during the period (to €4.9bn from €4.4bn in FY20), which supported management fees.
