LEI: 213800NNT42FFIZB1T09
28 November 2024
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THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION. FOR IMMEDIATE RELEASE
Half-year results for the six
months ended 30 September 2024
Positive momentum across
institutional infrastructure and retail
fundraising
Foresight Group Holdings Limited
("Foresight", the "Group"), a leading investment manager in real
assets and capital for growth, is pleased to announce its results
for the six months ended 30 September 2024 ("H1 FY25", the
"period").
Financial and Operational
Highlights1
|
|
30 September
2024
|
31 March
2024
|
Change
|
|
Period-end AUM (£m)
|
12,434
|
12,144
|
+2%
|
|
Period-end FUM (£m)
|
8,665
|
8,397
|
+3%
|
|
|
|
|
|
|
|
30 September
2024
|
30 September
2023
|
Change
|
|
Total Revenue (£m)
|
73.2
|
67.8
|
+8%
|
|
Recurring Revenue (% of
Total)
|
86.7%
|
87.3%
|
-0.6
pts
|
|
Core EBITDA pre-SBP
(£m)
|
29.0
|
27.6
|
+5%
|
|
Core EBITDA pre-SBP
margin
|
39.6%
|
40.7%
|
-1.1
pts
|
|
Dividend per Share
(pence)
|
7.4
|
6.7
|
+10%
|
|
·
|
Core EBITDA pre-Share Based Payments
("SBP") increased by 5% to £29 million (H1 FY24: £27.6 million),
driven by successful prior year and year-to-date fundraising into
higher margin and longer tenure vehicles. The Group is on track to
deliver on management's medium-term organic growth guidance to
double core EBITDA pre-SBP over five years2.
|
|
·
|
Assets under Management ("AUM") and
Funds under Management ("FUM") increased to £12.4
billion3,4 and £8.7 billion4 respectively
(FY24: £12.1 billion and £8.4 billion). AUM movements in the period
included:
|
|
o
|
A €300 million first close for the
Group's flagship energy transition strategy, Foresight Energy
Infrastructure Partners II SCSp ("FEIP II")
|
|
o
|
£241 million raised into higher
margin retail vehicles
|
|
o
|
Foresight Capital Management
delivered positive investment performance of £56 million and
decelerating net outflows of £111 million
|
|
·
|
High quality recurring revenue of
87% was maintained in the period, within our target range of
85-90%.
|
|
·
|
The Private Equity division
continues to add and realise value, generating £4.3 million in
performance fees across our regional and VCT vehicles. Building on
this performance, the division raised further capital post period
end, completing a £50 million first close of the Foresight South
West Fund.
|
|
·
|
The Board is pleased to extend the
Group's strong dividend track record with an interim dividend of
7.4 pence per share (H1 FY24: 6.7 pence), to be paid on 31 January
2025, with an ex-dividend date of 16 January 2025 and a record date
of 17 January 2025. This is in line with the Group's dividend
policy which targets a total dividend payout ratio of 60% of profit
after tax before non‑underlying items.
|
Bernard Fairman, Executive Chairman of Foresight Group
Holdings Limited, commented:
"During H1 FY25 the Group delivered another period of organic
profit growth, driven by positive momentum across our diversified
business.
Our highly scalable strategies bring investors closer to some
of the world's most exciting investment opportunities, and recent
interest rate reductions should improve investor sentiment further.
Against this backdrop, our flagship institutional energy transition
fund, FEIP II, is making good progress towards a further close as
we target a total fund size of €1.25 billion. Our second dedicated
natural capital strategy has now entered pre-marketing, while our
listed equities products delivered positive performance and
decelerating net outflows in H1.
The well-established retail sales team is on track for a
record year of fundraising for our tax efficient retail strategies.
Post period end, our Private Equity division launched its
14th active regional fund in the South West of England,
with further fundraising anticipated in the
near-term.
Fundraising progress across the Group's diversified strategies
is in line with expectations and keeps us on track to deliver our
guidance to double profit over five years."
Half-year Report
A copy of the H1 FY25 Half-year
Report has been submitted to the National Storage Mechanism and
will shortly be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Half-year Report will also be
available on the Company's website at https://www.foresightgroup.eu/shareholders
where further information on Foresight can be
found.
Analyst Presentation
A pre-recorded presentation will be
available to view on the Company's website on
(https://www.foresightgroup.eu/shareholders)
on 28 November 2024.
This presentation will be played at
the start of a webcast from 09:00 GMT on Thursday 28 November 2024
and be followed by live Q&A for analysts hosted by Bernard
Fairman (Executive Chairman) and Gary Fraser (CFO). Those wishing
to join the webcast should register via the following link:
Register here.
Retail Investor Presentation via Investor Meet
Company
Foresight is also hosting an
investor presentation via Investor Meet Company on Thursday 5
December 2024 at 13:30 GMT. The presentation is open to all
existing and potential shareholders and will be hosted by Gary
Fraser (CFO). Questions can be submitted pre-event via the Investor
Meet Company dashboard up until Wednesday 4 December 2024 at 09:00
GMT, or at any time during the live presentation.
Investors can sign up to Investor
Meet Company for free and register to meet Foresight via
https://www.investormeetcompany.com/foresight-group-holdings-limited/register-investor.
Investors who already follow
Foresight on the Investor Meet Company platform will automatically
be invited.
Notes:
1. All
figures contained in this announcement are unaudited
2. Growth
guidance 5-year time horizon of FY25 to FY29
3.
Divisional AUM movement:
|
(£
billion)
|
H1 FY25
|
FY24
|
Change %
|
|
Infrastructure
|
10.1
|
9.8
|
+3%
|
|
Private Equity
|
1.6
|
1.6
|
+0%
|
|
FCM
|
0.7
|
0.7
|
+0%
|
4. Group AUM
and FUM movement summary on a constant currency basis:
|
|
Actuals
(Last 6
months)
|
Constant currency
basis
(Last 6 months)
|
|
(£
billion)
|
30 Sept
2024
|
31 Mar 2024
|
Change %
|
30 Sept
2024
|
Change %
|
|
|
(a)
|
(b)
|
(a/b)
|
(c)
|
(c/b)
|
|
AUM
|
12.4
|
12.1
|
+2%
|
12.5
|
+3%
|
|
FUM
|
8.7
|
8.4
|
+3%
|
8.7
|
+4%
|
|
Foresight Group Investors
|
H-Advisors Maitland
|
|
Liz Scorer / Ben McGrory
|
Sam Cartwright / Genevieve
Ryan
|
|
+44 (0) 7966 966956 / +44 (0) 7443
821577
ir@foresightgroup.eu
|
+44 (0) 782 725 4561 / +44 (0) 781
710 5562
Foresight@h-advisors.global
|
About Foresight Group Holdings Limited
Founded in 1984, Foresight is a
leading investment manager in real assets and capital for growth,
operating across the UK, Europe, and Australia.
With decades of experience,
Foresight offers investors access to attractive investment
opportunities at the forefront of change. Foresight actively builds
and grows investment solutions to support the energy transition,
decarbonise industry, enhance nature recovery and realise the
economic potential of ambitious companies.
A constituent of the FTSE 250 index,
Foresight's diversified investment strategies combine financial and
operational skillsets to maximise asset value and provide
attractive returns to its investors. Its wide range of private and
public funds is complemented with a variety of investment solutions
designed for the retail market.
Foresight is united by a shared
commitment to build a sustainable future and grow thriving
companies and economies.
Visit https://foresight.group
for more information.
Follow us on LinkedIn for key
updates.
Disclaimer - Forward-looking statements
This announcement, prepared by
Foresight Group Holdings Limited (the "Company"), may contain
forward-looking statements about the Company. Such forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "projects",
"estimates", "plans", "anticipates", "targets", "aims",
"continues", "expects", "intends", "hopes", "may", "will", "would",
"could" or "should" or, in each case, their negative or other
various or comparable terminology. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
other factors which are beyond the Company's control and are based
on the Company's beliefs and expectations about future events as of
the date the statements are made. If the assumptions on which the
Company bases its forward-looking statements change, actual results
may differ from those expressed in such statements. There are a
number of factors that could cause actual results and developments
to differ materially from those expressed or implied by these
forward-looking statements, including those set out under
"Principal Risks" in the Company's annual report for the financial
year ended 31 March 2024. The annual report can be found on the
Company's website (https://www.foresightgroup.eu/). Forward-looking
statements speak only as of the date they are made. Except as
required by applicable law and regulation, the Company undertakes
no obligation to update these forward-looking statements. Nothing
in this announcement should be construed as a profit
forecast.