Business
Trading Statement
Trading Statement.
About this update from Bridgepoint Group Plc
[{"type":"text","content":"\n \n \n \n Bridgepoint Group plc\n \n \n \n (\"Bridgepoint\" or the \"Company\", and together with its subsidiaries the \"Group\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n Trading statement: Resilient progress across the Group and guidance for FY 2022 unchanged\n \n \n \n \n \n \n \n \n \n \n \n \n \n Despite more challenging macro conditions, Bridgepoint is pleased to report that it remains on track against key targets for 2022.\n \n \n \n \n \n \n Capital raising\n \n \n \n \n \n \n Capital raising for Bridgepoint's equity and credit businesses continues to make progress, reflecting the attractions of the well-balanced portfolios Bridgepoint constructs which have a good track record of delivering attractive returns from growth investment niches through cycles. In particular:\n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n Bridgepoint Europe VII is on track to complete its fund raise in H1 2023 with the Fund expected to hold its formal second closing in Q1 2023 with some investors wishing to draw capital from their 2023 annual allocations\n \n \n \n \n \n \n •\n \n \n \n \n The Fund continues to enjoy strong interest from investors. As noted previously, the broader fund raise market is affected by the well documented denominator effect with falling quoted portfolio valuations impacting portfolio weightings. This is extending most current fund raising processes\n \n \n \n \n \n \n •\n \n \n \n \n Both Bridgepoint Credit and Bridgepoint Growth fund raising programmes are also making good progress\n \n \n \n \n \n \n \n \n \n \n Portfolio valuation\n \n \n \n \n \n \n Following its September portfolio and valuation review, the Group can confirm that its investment portfolios are trading largely in line with expectations set at the start of the year despite current macro volatility:\n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n Bridgepoint's equity portfolios comprise mainly high margin, cash generative, growth companies (for example, 29% EBITDA/revenue average margin in BE VI)\n \n \n \n \n \n \n •\n \n \n \n \n Equity portfolios have currency hedging covering some 78% of non-Euro exposures\n \n \n \n \n \n \n •\n \n \n \n \n Rate hedging is in place for 69% of equity fund interest costs\n \n \n \n \n \n \n •\n \n \n \n \n Funds have limited exposure to the UK (comprising on...