TIDMFSG
RNS Number : 8877E
Foresight Group Holdings Limited
04 July 2023
LEI: 213800NNT42FFIZB1T09
04 July 2023
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This announcement contains inside information, as that term is
defined in the UK version of the Market Abuse Regulation
(Regulation (EU) No 596/2014) which is incorporated into English
law by virtue of the European Union (Withdrawal) Act 2018.
Full year results for the financial year ended 31 March 2023
A record year of profitability and AUM growth
Foresight Group Holdings Limited ("Foresight", the "Group"), a
sustainability-led infrastructure and private equity investment
manager, is pleased to announce its results for the financial year
ended 31 March 2023 ("FY23", "the period").
Financial and Operational Highlights
-- 58% increase in core EBITDA pre Share-Based Payments ("SBP") to
GBP50.2 million evidencing highly profitable growth
-- Predictable long-term revenue model providing strong platform
for continued growth, with recurring revenue of 86.6% for
the period comfortably within our target range of 85 - 90%
-- High quality asset and portfolio management capabilities
generated GBP5.8 million in performance fees across the
business
-- Exceptional growth of 38% and 35% in Assets under Management ("AUM")
and Funds under Management ("FUM") in FY23 to GBP12.2 billion and
GBP9.0 billion respectively (FY22: GBP8.8 billion AUM and GBP6.7
billion FUM), well in excess of our target
-- Drove a 38% increase in revenue to GBP119.2 million
-- GBP3.3 billion added to AUM through the financially and
strategically accretive acquisitions of Infrastructure Capital
Group (now integrated as Foresight Australia) and the technology
ventures division of Downing LLP
-- In-house sales team drove strong inflows of GBP0.3 billion
into high margin retail products
-- Expansion of high margin regional growth strategy with three
new funds in the UK and a first impact fund in Ireland
-- Continued international expansion and diversification, with
AUM outside the UK having increased from 23% at IPO (February
2021) to 43% as at 31 March 2023
-- Scalable platform facilitates margin expansion while allowing investment
for future growth
-- 5.1 ppts core EBITDA pre-SBP margin improvement to 42.1%
as 38% year-on-year revenue growth outpaced costs
-- Increasing rate of deployment across infrastructure strategies
to GBP690 million, up 42% year-on-year with additional GBP1.7
billion of future deployment rights
-- Entered US market through appointment as sub-adviser to
the Cromwell Foresight Global Sustainable Infrastructure
Fund
-- 56% growth in earnings per share translated into strong cash generation
-- Total dividend of 20.1p per share for FY23, a year-on-year
increase of 46%
-- Final dividend of 15.5p per share will be paid on 20 October
2023 based on an ex-dividend date of 28 September 2023 and
a record date of 29 September 2023
Key Financial Metrics
31 March 2023 31 March 2022 Change
-------------------------------- ------------- ------------- --------
Year-end AUM (GBPm) 12,167 8,839 +38%
Year-end FUM (GBPm) 9,022 6,675 +35%
Total Revenue (GBPm) 119.2 86.1 +38%
Recurring Revenue (% of Total) 86.6% 86.9% -0.3 pts
Core EBITDA pre-SBP (GBPm) 50.2 31.8 +58%
Core EBITDA pre-SBP margin (%) 42.1% 37.0% +5.1 pts
Basic earnings per share before
non-underlying items (pence) 34.6p 22.2p +56%
Dividend per Share (pence) 20.1p 13.8p +46%
-------------------------------- ------------- ------------- --------
Current Trading and Outlook
-- As at 30 June 2023 ("Q1 FY24"), both AUM and FUM were marginally
lower at GBP12.0 billion and GBP8.8 billion respectively
-- This reflects a combination of negative FX movements and
net OEIC outflows, which were partially offset by inflows
into high margin products
-- Additionally, we received further commitments into ARIF
Bernard Fairman, Executive Chairman of Foresight Group Holdings
Limited, commented:
"This was a record year of highly profitable growth for
Foresight, which saw the Group extend its excellent track record of
delivering against ambitious growth targets and materially
increasing shareholder returns with a very significant increase to
the dividend.
"We are now focused on further organic growth and have a strong
pipeline of fundraising across asset classes scheduled for this
year and beyond. This includes established strategies such as ARIF
and FEIP, alongside new opportunities such as core European
renewables and our expansion into adjacent asset classes such as
hydrogen. We also continue to assess the market for accretive
M&A opportunities, although the timing of these remains
unpredictable.
"The market opportunity for Foresight is very significant. Our
infrastructure investment strategies cover the whole spectrum of
renewable energy generation, transition and wider economic
decarbonisation. This positions us well to support the broader
energy transition by investing in real assets that are driving this
change.
"Despite current uncertainty in the markets, we remain confident
in the ability of our diversified business model to deliver
profitable growth in FY24. This will be achieved through a
combination of high-quality recurring revenue and a visible
pipeline of high margin retail and institutional fundraising. "
Annual Report and Sustainability Report
A copy of the 2023 Annual Report has been submitted to the
National Storage Mechanism and will shortly be available at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The annual report will also be available on the Company's
website at
https://fghl-ar-online-summary.foresightgroup.eu/ where further
information on Foresight can be found.
In accordance with DTR 6.3.5(1A), the unedited full text of the
regulated information required to be made public under DTR 4.1 is
contained within the 2023 Annual Report.
A copy of the company's first Sustainability Report, published
in June 2023 is also available on the Company's website at:
https://foresight.group/sustainability-report-fy23
Analyst Presentation
A pre-recorded presentation will be available to view on the
Company's website ( https://www.foresightgroup.eu/shareholders ) on
4 July 2023.
This presentation will be played at the start of a webcast from
9.00 a.m. (UK time) on 4 July 2023 and be followed by live Q&A
for analysts hosted by Bernard Fairman (Executive Chairman) and
Gary Fraser (CFO).
Those wishing to join the webcast should register via the
following link: Register here
Retail Investor Presentation via Investor Meet Company
Foresight will also provide a live presentation via Investor
Meet Company on 10 July 2023 at 11:00am BST.
The presentation is open to all existing and potential
shareholders and will be hosted by Gary Fraser (CFO). Questions can
be submitted pre-event via your Investor Meet Company dashboard up
until 9am the day before the meeting or at any time during the live
presentation.
Investors can sign up to Investor Meet Company for free and add
to meet Foresight via:
https://www.investormeetcompany.com/foresight-group-holdings-limited/register-investor
Investors who already follow Foresight on the Investor Meet
Company platform will automatically be invited.
For further information please contact:
Foresight Group Investors Citigate Dewe Rogerson
Liz Scorer Caroline Merrell / Toby Moore
+44 (0) 7852 210329 / +44 (0) 7768
+44 (0) 7966 966956 981763
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 listed
infrastructure and private equity investment manager. 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 manages
over 400 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 eleven regionally focused
investment funds across the UK and an SME impact fund supporting
Irish SMEs. This team reviews over 2,500 business plans each year
and currently supports more than 250 investments in SMEs. Foresight
Capital Management manages four strategies across seven investment
vehicles.
Foresight operates in eight countries across Europe, Australia
and United States with AUM of GBP12.0(1) billion. Foresight Group
Holdings Limited listed on the Main Market of the London Stock
Exchange in February 2021.
https://www.foresightgroup.eu/shareholders
(1) Based on unaudited AUM as at 30 June 2023.
Disclaimer - Forward-looking statements
This announcement, 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
Company 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 2023. The annual report can be found on the
Company's website (https://www.foresightgroup.eu/). 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 announcement should be construed as a profit forecast.
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END
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