TIDMFSG
RNS Number : 7159H
Foresight Group Holdings Limited
08 April 2022
LEI: 213800NNT42FFIZB1T09
08 April 2022
FY22 Trading Update
Continuing to deliver on our growth strategy
Foresight Group Holdings Limited ("Foresight", "Foresight
Group", "the Group"), a leading infrastructure and private equity
manager, today provides an update on its performance for the
financial year ended 31 March 2022 ("FY22").
Financial Highlights[1]
-- Strong growth in AUM to GBP8.7 billion, up 21% on the prior year
and meeting our ambitious target, with FUM increasing 27% to GBP6.5
billion. This increase was achieved through wholly organic growth
-- Both Revenue and Core EBITDA (pre share-based payments) are anticipated
to be in line with or slightly ahead of our expectations, with
operational margins remaining robust
-- Total net inflows and performance of GBP1.5 billion for FY22,
an increase of 57% on the prior year (FY21: GBP0.9 billion) with
positive inflows in every quarter. Further disclosure on inflows
and performance will be provided in the Group's FY22 results
Operational Highlights(1)
Infrastructure
-- Continued to invest in core asset classes including Forestry and
Fibre networks, while expanding into adjacent assets such as Geothermal
Energy, Pumped Hydro, and Interconnectors. This has been largely
achieved through further investment in development platforms which
involve moderate initial deployments but provide substantial opportunities
for further future deployments
-- FY22 deployment figures reflect this, with 41 transactions at
a total value of GBP484 million coupled with substantial future
deployment rights of GBP427 million giving a total of GBP911 million
(FY21: 46 transactions, GBP595 million deployed, future deployment
rights2 GBP47 million)
Private Equity
-- Deployed GBP81 million across 53 equity transactions as SME entrepreneurs
and owner-managers were able to focus on their corporate strategies
as the uncertainties created by COVID-19 ease (FY21: GBP59 million
deployed, across 41 equity transactions)
-- Considerably grew our presence in secured lending, investing GBP47
million (FY21: GBP13 million)
-- As announced in January, strong performance by the Group's first
North-West fund (FRIF) exceeded expectations, generating performance
fees in FY22
Foresight Capital Management ("FCM")
-- Expanded the OEIC offering in Q4 FY22 with the launch of the FP
Foresight Sustainable Future Themes Fund. This fund aims to deliver
growth by investing in the shares of listed companies that operate
across five core themes, underpinned by sustainable development
and decarbonisation
-- At 31 March 2022, FCM had GBP1.6 billion of AUM, with net inflows
and performance of GBP455 million in the 12 month period. This
includes GBP72 million of net inflows and performance in Q4 FY22,
which we view as a strong performance given the challenging market
backdrop
-- The Group has recently offset its scope 1, 2, and 3 emissions
using verified carbon credits from ClimateCare, a step on the
Group's journey to becoming Net-Zero by 2050 or before
-- Agreed an innovative new collaboration with the Eden Project,
with launch scheduled by the end of June 2022 when further details
will be announced
Bernard Fairman, Executive Chairman of Foresight Group Holdings
Limited, commented:
"Foresight Group's first full year as a listed company has been
extremely successful. We set out a clear strategy and ambitious
targets at IPO and I am delighted that we are delivering as
promised.
"Additionally, we are actively engaged in a number of
strategically compelling M&A opportunities.
"Progress towards a low-carbon power system and a sustainable
society more broadly is accelerating. This transition will impact
multiple sectors, including energy itself but also industry,
transport, agriculture and the way we value and use our land. We
expect to see an increased appreciation of the natural capital
services provided by forests, soil and oceans - in particular their
ability to facilitate carbon sequestration and the reestablishment
of biodiversity.
"Underpinned by strong business fundamentals and proven
expertise as a sustainability-led investor, Foresight is well
positioned to benefit from long term structural trends and macro
conditions favouring both sustainable infrastructure and UK
regional private equity investment. In short, the outlook for the
Group through this year and beyond remains very positive."
FY22 Results Announcement
Foresight's Full Year Results to 31 March 2022 are scheduled to
be released on Tuesday 12 July 2022, with a presentation for
analysts on the same day. Details on how to attend the presentation
will be available on https://www.fsg-investors.com/ in due
course.
Please note that all figures contained in this announcement are
unaudited and subject to change.
Enquiries:
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 GBP8.7 billion as of 31 March 2022. 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 Capital Management manages four strategies
across six investment vehicles with an AUM of over GBP1.6 billion.
It has made over 270 clean energy investments to date.
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] Net inflows are calculated on FUM
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END
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