TIDMFSG
RNS Number : 0196Z
Foresight Group Holdings Limited
09 January 2024
LEI: 213800NNT42FFIZB1T09
9 January 2024
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. FOR IMMEDIATE
RELEASE
Trading update for the three months ended 31 December 2023
Diversified and resilient business model continues to deliver
profitable growth
Foresight 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").
Financial and Operational Highlights(1)
Profitability
-- Full year core EBITDA pre-Share Based Payments ("SBP") is on track
to strongly outperform the prior year, in line with market expectations(2)
and driven by:
-- Successful prior year and year-to-date fundraising into higher
margin and longer tenure vehicles
-- Annualisation of FY23 acquisition activity
-- Maintenance of firm cost discipline in an inflationary environment
-- Performance fees from successful realisations, contributing
GBP1.9 million in the quarter
AUM/FUM(3)
-- In the period, Assets under Management ("AUM") increased by 1%
to GBP12.4 billion and Funds under Management ("FUM") remained
at GBP8.8 billion (H1 FY24: GBP12.2 billion AUM and GBP8.8 billion
FUM)
-- On course to deliver record annual retail fundraising into higher
margin vehicles, with Q3 FY24 inflows of GBP104 million driven
by Foresight's in-house sales team
-- The private equity division raised GBP60 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
-- Foresight Capital Management ("FCM") AUM decreased by GBP52
million during the period. This movement included net outflows
of GBP124 million, as well as positive NAV performance of GBP72
million following early signs of an improving macroeconomic
environment
Revenue
-- High quality revenue visibility maintained, with recurring revenue
within our target range of 85-90%
Dividend
-- As previously announced and in line with our dividend policy,
an interim dividend of 6.7 pence per share, a 46% uplift on the
prior year (H1 FY23: 4.6 pence), will be paid on 26 January 2024,
with an ex-dividend date of 11 January 2024 and a record date
of 12 January 2024
Bernard Fairman, Executive Chairman of Foresight Group Holdings
Limited, commented:
"Foresight finished 2023 strongly, against the backdrop of a
challenging macroeconomic environment. During the period, we
delivered robust inflows into higher margin retail vehicles,
successful institutional fundraising, and profitable exits from our
private equity business. Our pre marketing discussions have also
shown signs of improving sentiment in the institutional
infrastructure fundraising market.
As we enter 2024, we continue to believe that the energy
transition is the largest investment opportunity of our generation
and remain confident that the Group will continue to deliver
against our strategic growth targets as our three business
divisions combine to extend our consistent track record of
profitable growth."
FY24 Announcement
The next scheduled market update for Foresight Group will be a
FY24 trading update in April 2024.
Notes:
Please note that all figures contained in this announcement
1. are unaudited and subject to change.
As at 1 December 2023, the consensus estimate for FY24 core
2. EBITDA pre-SBP was GBP59.3 million.
3. AUM and FUM movement:
Last 3 months Last 9 months Constant currency
basis
-------------- -------
31 Dec 30 Sep Change 31 Mar Change 31 Dec Change
(GBP billion) 2023 2023 % 2023 % 2023 %
------- ------- -------- ------- -------- -------- ---------
AUM 12.4 12.2 +1% 12.2 +2% 12.4 -1%
FUM 8.8 8.8 -1% 9.0 -3% 8.8 0%
------- ------- -------- ------- -------- -------- ---------
Percentage movements are calculated on underlying numbers.
AUM (GBP billion) Q3 FY24 H1 FY24 Change %
Infrastructure 10.0 9.8 +1%
------- ------- --------
Private Equity 1.5 1.4 +4%
------- ------- --------
FCM 0.9 1.0 -5%
------- ------- --------
Foresight Group Investors Citigate Dewe Rogerson
Liz Scorer / Ben McGrory Caroline Merrell / Toby Moore
+44 (0) 7852 210329 / +44 (0) 7768
981763
+44 (0) 7966 966956 / +44 (0) 7443 821577 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 an extensive footprint of
regionally focused investment funds across the UK and Ireland. This
team reviews over 3,000 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 GBP12.4 billion*. Foresight Group
Holdings Limited listed on the Main Market of the London Stock
Exchange in February 2021 and is a constituent of the FTSE250
index. https://www.foresightgroup.eu/shareholders
*Based on unaudited AUM as at 31 December 2023.
Disclaimer - Forward-looking statements
This announcement, prepared by Foresight Group Holdings Limited
(the "Company"), may contain forward-looking statements about the
Company. 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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