TIDMFSG
RNS Number : 9905X
Foresight Group Holdings Limited
11 January 2022
LEI: 213800NNT42FFIZB1T09
11 January 2022
Quarterly results for the three months ended 31 December
2021
'AUM increased to GBP8.4 billion, up 17% in the nine months
ended 31 December 2021; outlook for the final quarter remains
favourable'
Foresight Group Holdings Limited ("Foresight", "Foresight
Group", "the Group"), a leading infrastructure and private equity
manager, is pleased to announce a trading update for the three
months ended 31 December 2021 ("Q3 FY22").
Q3 FY22 Highlights
-- Continued growth in Assets under Management ("AUM") to GBP8.4
billion and Funds under Management ("FUM") to GBP6.4 billion at
31 December 2021, up 4% and 5% respectively in the quarter and
up 17% and 24% respectively in the nine months ended 31 December
2021
-- Net inflows and performance totalled GBP0.3 billion in the quarter
(Q3 FY22)
-- The Group is on track to deliver on its ambitious FY22 AUM growth
targets
-- Operational margins remain robust, with Revenue and Core EBITDA
pre share-based payments for the full year to 31 March 2022 in
line with our expectations
Q3 Business Update
Net retail inflows were GBP171 million in the quarter, of which
Foresight Capital Management ("FCM") contributed GBP102 million,
continuing its strong growth trajectory. FCM now manages GBP1.5
billion of AUM.
As previously communicated, the Group listed its first dedicated
forestry fund on 24 November 2021, raising GBP130 million [1] at an
additional cost of c.1% of the capital raised.
The Group deployed over GBP90 million across its Infrastructure
and Private Equity businesses in the period including a first
investment into geothermal heat generation in Europe, a new asset
class for Foresight. The pipeline for deployment and new fund
opportunities remains strong through the remainder of this
financial year and into FY23.
The performance of the Group's first North-West fund, Foresight
Regional Investment Fund (FRIF), has exceeded our initial
expectations after three exits by delivering a cash return of 1.8x
total fund cost to its investors with 14 portfolio companies
remaining. This will generate forecasted performance fees in FY22
but does not change our guidance for recurring revenues to be
within the 85-90% range. Clearly, if FRIF maintains this level of
performance it will have a positive impact for the Group in the
medium term and beyond.
Bernard Fairman, Executive Chairman of Foresight Group Holdings
Limited, commented:
"I am delighted to announce another period of healthy growth for
Foresight Group. Our performance in the year-to-date, delivering a
significant increase in AUM on an organic basis and across a
diversified investor base, while expanding into new asset classes
is testament to the unique combination of skills and experience
that we have established over the last 37 years.
The outlook for sustainable infrastructure investment and
regional private equity investment in the UK remains favourable.
Foresight has a strong pipeline of new launches and deployment
opportunities for the final quarter of the year and into FY23 which
provides us with considerable confidence that we will achieve our
ambitious targets for the full year to 31 March 2022. Looking
ahead, we remain well positioned to benefit from sector tailwinds
and to deliver on our medium-term targets."
The next scheduled market update for Foresight Group will be a
Q4 FY22 trading update in April 2022.
For further information please contact:
Foresight Group Investors Citigate Dewe Rogerson
Caroline Merrell / Toby
Liz Scorer Moore
+44 (0) 7852 210329
/ +44 (0) 7768 981763
+44 (0) 7966 966956 caroline.merrell@citigatedewerogerson.com
ir@foresightgroup.eu /
toby.moore@citigatedewerogerson.com
About Foresight Group Holdings Limited
Foresight Group was founded in 1984 and is a leading
infrastructure and private equity investment manager, operating
from 12 offices across six countries in Europe and Australia with
AUM of c. GBP8.4 billion as at 31 December 2021. With a
long-established focus on ESG and sustainability-led strategies, it
aims to provide attractive returns to its institutional and private
investors from hard-to-access private markets. Foresight Group
manages over 300 infrastructure assets with a focus on solar and
onshore wind assets, bioenergy and waste, as well as renewable
energy enabling projects, energy efficiency management solutions,
social and core infrastructure projects and sustainable forestry
assets. Its private equity team manages eight regionally focused
investment funds across the UK, supporting over 120 SMEs. Foresight
Group listed on the Main Market of the London Stock Exchange in
February 2021. https://www.fsg-investors.com/
Disclaimer - Forward-looking statements
This statement, prepared by Foresight Group Holdings Limited
(the "Company"), may contain forward-looking statements about the
Company and its subsidiaries (the "Group"). 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
Group 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 2021. The annual report can be found on the
Company's website (www.fsg-investors.com). 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 statement should be construed as a profit forecast.
[1] Of which GBP39 million was from other Foresight funds
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END
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