Foresight Group Hldg - Trading update for the 6 months ended 30 Sept 2024
10/10/2024 07:00
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RNS Number : 6177H Foresight Group Holdings Limited 10 October 2024
LEI: 213800NNT42FFIZB1T09
10 October 2024
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. FOR IMMEDIATE RELEASE
Trading update for the six months ended 30 September 2024
Growth delivered through 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 trading update for the six months ended 30 September 2024 ("H1
FY25", the "period").
Key Messages(1)
· 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
years(2)
· Assets under Management ("AUM") and Funds under Management
("FUM") were £12.6 billion(3,4) and £8.8 billion(4) 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
(https://www.foresightgroup.eu/shareholders) in due course.
Notes:
1. Please note that all figures contained in this announcement are
unaudited and subject to change
2. Growth guidance 5-year time horizon of FY25 to FY29
3. 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%
4. Group AUM and FUM movement summary on a constant currency basis:
Actuals Constant currency basis (Last 6 months)
(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%
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 (https://www.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.
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