REG - Foresight Group Hldg - Half-year Results for 6 months ending 30/09/2024

Foresight groupAnnouncement

28/11/2024 07:00

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RNS Number : 9358N  Foresight Group Holdings Limited  28 November 2024

LEI: 213800NNT42FFIZB1T09

28 November 2024

 

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WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE
UNLAWFUL

 

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 Highlights(1)

 

                                   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 years(2).

 ·         Assets under Management ("AUM") and Funds under Management ("FUM") increased
           to £12.4 billion(3,4) and £8.7 billion(4) 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 14(th) 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
(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
(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
(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
(https://url.uk.m.mimecastprotect.com/s/KLC7CMjD3C2jz0XhkhVH8IVZc?domain=sparklive.lseg.com)
.

 

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
(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                              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           12.4          12.1         +2%       12.5                               +3%
 FUM           8.7           8.4          +3%       8.7                                +4%

 

                                                      H-Advisors Maitland

 Foresight Group Investors
 Liz Scorer / Ben McGrory                             Sam Cartwright / Genevieve Ryan
 +44 (0) 7966 966956 / +44 (0) 7443 821577            +44 (0) 782 725 4561 / +44 (0) 781 710 5562
 ir@foresightgroup.eu (mailto:ir@foresightgroup.eu)   Foresight@h-advisors.global (mailto: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 (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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