Foresight Group Holdings Limited, a leading infrastructure and private equity investment manager, has released a trading update for the three months ended 31 December 2023. The company's diversified and resilient business model has continued to deliver profitable growth, with several financial and operational highlights.
The company reported that full-year core EBITDA pre-Share Based Payments (SBP) is on track to strongly outperform the prior year, driven by successful fundraising, annualization of acquisition activity, firm cost discipline, and performance fees from successful realizations. Assets under Management (AUM) increased by 1% to £12.4 billion, with record annual retail fundraising and institutional fund raising in the private equity division. However, Foresight Capital Management (FCM) AUM decreased by £52 million during the period.
Foresight Group maintained high-quality revenue visibility, with recurring revenue within the target range of 85-90%. The company also announced an interim dividend of 6.7 pence per share, a 46% uplift on the prior year, in line with its dividend policy.
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, expressed confidence in the company's performance, stating, "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."
The next scheduled market update for Foresight Group will be a FY24 trading update in April 2024. Foresight Group Holdings Limited operates in eight countries across Europe, Australia, and the United States, with AUM of £12.4 billion.