Business
TRADING UPDATE - THREE MONTHS TO 31 DECEMBER 2023
TRADING UPDATE - THREE MONTHS TO 31 DECEMBER 2023.
About this update from Foresight Group Holdings Ltd.
[{"type":"text","content":"\n\nLEI: 213800NNT42FFIZB1T09\n9 January 2024\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\nTrading update for the three months ended 31 December 2023\n \nDiversified and resilient business model continues to deliver profitable growth\n \nForesight Group Holdings Limited (\"Foresight\", the \"Group\"), a leading infrastructure and private equity investment manager, is pleased to announce a trading update for the three months ended 31 December 2023 (\"Q3 FY24\", \"the quarter\", \"the period\").\n \nFinancial and Operational Highlights1\n \nProfitability\n \n\n\n\n\n●\n\n\nFull year core EBITDA pre-Share Based Payments (\"SBP\") is on track to strongly outperform the prior year, in line with market expectations2 and 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\nPerformance fees from successful realisations, contributing £1.9 million in the quarter\n\n\n\n\n \nAUM/FUM3\n \n\n\n\n\n●\n\n\nIn the period, Assets under Management (\"AUM\") increased by 1% to £12.4 billion and Funds under Management (\"FUM\") remained at £8.8 billion (H1 FY24: £12.2 billion AUM and £8.8 billion FUM)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n○\n\n\nOn course to deliver record annual retail fundraising into higher margin vehicles, with Q3 FY24 inflows of £104 million driven by Foresight's in-house sales team\n\n\n\n\n\n\n\n○\n\n\nThe private equity division raised £60 million of institutional funds in the period by expanding its footprint with the first close of two funds in Wales and Northern Ireland, as previously announced\n\n\n\n\n\n\n\n○\n\n\nForesight Capital Management (\"FCM\") AUM decreased by £52 million during the period. This movement included net outflows of £124 million, as well as p...