LONDON - Private equity group CVC reported an increase in half-year profit on Thursday and said it expected margins to expand in the second half of 2024, in its first set of earnings since floating on the Amsterdam stock exchange in April.

CVC reported adjusted after-tax profit of 340 million euros ($377 million) for the six months to June, up 16% from 292 million the prior year. The company reported adjusted underlying earnings of 390 million euros, ahead of a 352 million euro average of analyst forecasts compiled by the company.

The company's move to go public has helped reboot Europe's market for initial public offerings this year, along with new offerings from Swiss skincare firm Galderma and Spanish fashion company Puig.

Private equity firms globally have faced tougher trading in recent years, as soaring borrowing costs have squeezed the value of their investments and made it harder for them to sell. But expectations central banks will start cutting interest rates further has started to improve the outlook.

CVC said it expected its margins to improve in the second half as recently-launched funds started to have an impact and boost its finances.

The company's total assets under management jumped to 193.3 billion euros, up from 177.3 billion, as it had previously disclosed in August.

CVC's stock soared on debut on the Amsterdam stock exchange in April and remains about 33% up on its offer price.

The company's sprawling network of investments include stakes in Spanish football league La Liga, Europe's Six Nations rugby tournament, and watchmaker Breitling and its assets span private equity, credit and infrastructure.

Last month, CVC was part of an international consortium that agreed to buy Britain's largest investment platform Hargreaves Lansdown, in a 5.4 billion pound ($7.1 billion) deal. ($1 = 0.9024 euros) ($1 = 0.7603 pounds)

(Reporting by Iain Withers Editing by Tommy Reggiori Wilkes)