Foresight Group Holdings Limited has released its full-year results for the financial year ended 31 March 2024, showcasing strong financial and operational performance. The company reported a 19% increase in total revenue to £141.3 million, with recurring revenue accounting for 86.6% of the total. Core EBITDA pre-Share Based Payments (SBP) saw an 18% increase to £59.3 million, driven by successful fundraising and effective cost management. Despite challenging market conditions, the company's Assets under Management (AUM) and Funds under Management (FUM) stood at £12.1 billion and £8.4 billion, respectively.
The revenue growth was attributed to organic growth, an improved FUM mix, and acquisition activity, with high-quality revenue visibility maintained. The company also announced a 10% year-on-year increase in the total dividend to 22.2p, reflecting its commitment to growing shareholder returns. Additionally, the Board extended the buyback program from £5 million to £10 million, aiming to optimize existing cash resources.
Foresight Group Holdings Limited also emphasized its sustainability efforts, conducting a double materiality assessment and outlining a sustainability strategy for the next three years in its FY24 Sustainability Report. Looking ahead, the company updated its growth guidance, aiming to double core EBITDA pre-SBP over the next 5 years, with a focus on organic growth and scalability of infrastructure strategies. The Group also provided an update on its current trading, estimating an increase in AUM and FUM in Q1 FY25, driven by successful fundraising and new investments, including a solar PV portfolio in Greece.
The company's commitment to sustainable growth, strong financial performance, and strategic investments positions it for continued success in the coming years.