Trading update for the 6 months ended 30 Sept 2024
H1 FY25 core EBITDA pre-SBP expected at c.£29m; AUM and FUM grew to £12.6bn and £8.8bn respectively.
vs expectations: in line with management expectations
- Core EBITDA pre-SBP c.£29 million
- Assets under Management £12.6 billion (prior £12.1 billion)
- Funds under Management £8.8 billion (prior £8.4 billion)
- FEIP II first close €300 million
- Retail fundraising £241 million
- FCM positive investment performance £56 million
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Foresight Group Holdings Limited ("Foresight", the "Group"), a leading investment manager in real assets and capital for growth, is pleased to announce its trading update for the six months ended 30 September 2024 ("H1 FY25", the "period").
Key Messages1
- H1 FY25 core EBITDA pre-SBP is expected to be c.£29 million, in line with management expectations to deliver the Group's medium-term organic growth guidance to double core EBITDA pre-Share Based Payments ("SBP") over 5 years2
- Assets under Management ("AUM") and Funds under Management ("FUM") were £12.6 billion3,4 and £8.8 billion4 respectively (FY24: £12.1 billion and £8.4 billion)
AUM movements in the period included:
o A €300 million first close for Foresight Energy Infrastructure Partners II SCSp ("FEIP II")
o £241 million raised into higher margin retail vehicles
o As a direct result of the improving outlook for interest rate reductions, Foresight Capital Management had a positive investment performance of £56 million, coupled with decelerating net outflows of £111 million
- High quality recurring revenue is within our target range of 85-90%, supplemented by performance fees generated from a strong period of realisations by the Private Equity division
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, commented:
"We delivered another period of stability and growth in the first half of FY25, driven by effective retail fundraising and the initial close of our flagship institutional energy transition fund, FEIP II. This momentum is in line with our expectations and keeps us on track to deliver our five-year growth guidance.
Looking ahead, the anticipated unwinding of high interest rates and the narrowing valuation gap between public and private markets will drive improved investor sentiment. This positive shift will support our fundraising ambitions and create opportunities for value-accretive acquisitions from our cash-generative business."
Interim Results Announcement
Foresight's Interim Results to 30 September 2024 are scheduled to be released on 28 November 2024, with a presentation for analysts on the same day. Details on how to attend the presentation will be available on https://www.foresightgroup.eu/shareholders in due course.
Notes:
- Please note that all figures contained in this announcement are unaudited and subject to change
- Growth guidance 5-year time horizon of FY25 to FY29
- Divisional AUM movement:
| (£ billion) | H1 FY25 | FY24 | Change % |
|---|---|---|---|
| Infrastructure | 10.3 | 9.8 | +5% |
| Private Equity | 1.6 | 1.6 | 0% |
| FCM | 0.7 | 0.7 | 0% |
- 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 | 12.6 | 12.1 | +4% | 12.6 | +4% |
| FUM | 8.8 | 8.4 | +5% | 8.8 | +5% |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.