Business update highlights continued growth
12/04/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220412:nRSL0262Ia&default-theme=true
RNS Number : 0262I Gresham House PLC 12 April 2022
REACH
12 April 2022
Gresham House plc
("Gresham House", the "Company" or the "Group")
Business update highlights continued positive growth
Gresham House, the specialist alternative asset manager, is pleased to
announce continued positive fundraising momentum into Q1 2022 with a strong
pipeline for the remainder of the year.
Fundraises:
The Group has held successful fundraises for its underlying funds totalling
over £300mn across institutional, wholesale, and private client distribution
channels so far this year.
Strategic Equity generated net inflows of c.£140mn with £70mn raised across
the VCT business as both Baronsmead and Mobeus VCT fundraises reached their
maximum fundraising targets in the first quarter and our open-ended equity
funds had net inflows of c.£70mn.
Real Assets held a number of fundraising closes in the quarter, increasing
commitments to funds of over £160mn. Notable fundraises include Gresham House
Forestry Fund VI LP, which held a first close with commitments of £75mn from
institutional clients, and £80mn raised in our affordable housing funds
comprising commitments to Gresham House Residential Secure Income LP and an
equity capital raise by Residential Secure Income plc.
Other notable updates:
Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest
utility-scale battery energy storage fund, announced its third set of annual
results since its IPO in November 2018. The results showed another year of
growth focused on value creation with highlights including:
· Net Asset Value (NAV) up 42.6% to £511.7mn (FY20: £358.9mn)
· NAV per share up 13.5% to 116.86p (FY20: 102.96p) and NAV total
return of 20.3%
· Share price total return of 23.0% versus FTSE All-Share Index
total return of 18.3% over the 12 month period
· Dividends of 7.0p per share paid for the year, with Operational
Dividend Cover(1) at 1.32x
GRID announced it has secured a 180MW pipeline in the Republic of Ireland,
which is expected to commission in 2024, and hopes to continue to invest
internationally.
LF Gresham House UK Multi Cap Income Fund has demonstrated substantial growth,
against a challenging backdrop for equity markets more recently, and now
stands at more than £260mn, a notable increase over the past 12 months from
the £87.6mn recorded at 31 March 2021.
Tony Dalwood, Chief Executive of Gresham House, said:
"I am pleased to see the continuing progress being made across the Group's
divisions which have cumulatively raised over £300mn in Q1 2022. This is
testament to the strength of alternative assets which have not been subject to
the same volatility seen by other asset classes in what has been a turbulent
start to 2022 for capital markets.
"The strong 2021 annual results for Gresham House plc highlight the quality of
our people and our investments. Alongside the recent progress in our UK
market-leading battery energy storage fund, GRID, we believe there is
substantial growth potential within the Group. Our performance so far in 2022
is further evidence of our focus on the upgraded GH25 strategic objectives and
our commitment to delivering value to all our stakeholders."
1. Operational Dividend Cover is the ratio between net earnings of the
underlying investment portfolio in the year less costs in GRID and "MidCo" and
dividends paid in respect of the same period. ("MidCo" is Gresham House Energy
Storage Holdings plc and is wholly owned by GRID.)
- Ends -
For more information contact:
Gresham House plc
Tony Dalwood, Chief Executive Officer +44 (0)20 3837 6270
Kevin Acton, Chief Financial Officer
Houston - Media and analysts
Kay Larsen gh@houston.co.uk
Joseph Burgess +44 (0)204 529 0549
Canaccord Genuity Limited - Nominated Adviser and Joint Broker
Bobbie Hilliam
Georgina McCooke +44 (0)20 7523 8000
Jefferies International Limited - Joint Broker
Paul Nicholls +44 (0)20 7029 8000
Max Jones
About Gresham House
Gresham House is a specialist alternative asset management group, dedicated to
sustainable investments across a range of strategies, with expertise across
forestry, housing, sustainable infrastructure, renewable energy and battery
storage, public and private equity.
Our origins stretch back to 1857, while our focus is on the future and the
long term. Quoted on the London Stock Exchange (GHE:LN) we actively manage
c.£6.5 billion (31 December 2021) of assets on behalf of institutions,
family offices, charities and endowments, private individuals, and their
advisers. We act responsibly within a culture of empowerment that encourages
individual flair and entrepreneurial thinking.
As a signatory to the UN-supported Principles for Responsible Investment, we
are committed to operating responsibly and sustainably. We believe taking the
long view in delivering sustainable investment solutions will continue to be a
growing factor in the strength of our market positioning.
www.greshamhouse.com (http://www.greshamhouse.com)
This announcement contains forward-looking statements that involve substantial
risks and uncertainties, and actual results and developments may differ
materially from those expressed or implied by these statements. These
forward-looking statements are statements regarding Gresham House plc's
intentions, beliefs or current expectations concerning, among other things,
its results of operations, financial condition, prospects, growth, strategies,
and the industry in which it operates. By their nature, forward-looking
statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future. These
forward-looking statements speak only as of the date of this announcement and
Gresham House plc does not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date of this announcement.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NRAIBMFTMTABBBT