Business
Foresight Group Holdings Limited Half-year results
Foresight Group Holdings Limited Half-year results.
About this update from Foresight Group Holdings Ltd.
[{"type":"text","content":"\n\nLEI: 213800NNT42FFIZB1T09\n30 November 2023\n \nNOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. FOR IMMEDIATE RELEASE\n \n\n \nHalf-year results for the six months ended 30 September 2023\n \nDiversified and resilient business model continues to deliver profitable growth\n \nForesight Group Holdings Limited (\"Foresight\", the \"Group\"), a sustainability-led infrastructure and private equity investment manager, is pleased to announce its results for the six months ended 30 September 2023 (\"H1 FY24\", the \"period\").\n \nFinancial and Operational Highlights1\n \n\n\n\n\n●\n\n\nStrong growth in Core EBITDA pre-Share Based Payments (\"SBP\"), up 28% on the prior year period to £27.6 million (H1 FY23: £21.5 million), driven by:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n○\n\n\nSuccessful prior year and year-to-date fundraising into higher margin and longer tenure vehicles\n\n\n\n\n\n\n\n○\n\n\nAnnualisation of FY23 acquisition activity\n\n\n\n\n\n\n\n○\n\n\nMaintenance of firm cost discipline in an inflationary environment \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n●\n\n\nAssets under Management (\"AUM\") marginally up at £12.2 billion2 in the six months to 30 September 2023 with Funds under Management (\"FUM\") slightly lower at £8.8 billion (FY23: £12.2 billion and £9.0 billion). On a constant currency basis, AUM increased to £12.4 billion3 in the period with FUM at £8.9 billion3\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n○\n\n\n£247 million was raised into higher margin retail vehicles\n\n\n\n\n\n\n\n○\n\n\nThe private equity division achieved further success in institutional fundraising through a £30 million third close of the Foresight North East Fund\n\n\n\n\n\n\n\n○\n\n\nWith rising interest rates continuing to impact the valuation of long duration infrastructure assets in the period, Foresight Capital Management (\"FCM\") AUM decreased by £348 million, including net outflows of £207 million\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n●\n\n\nThe Board is pleased to extend the strong and growing dividend tra...