Foresight Group boosts revenue in "strong and resilient" six months

(Alliance News) - Foresight Group Holdings Ltd on Thursday reported increased revenue and ...

Alliance News 30 November, 2023 | 10:18AM
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(Alliance News) - Foresight Group Holdings Ltd on Thursday reported increased revenue and earnings in its latest half year, while assets under management remained flat.

The infrastructure and private equity investment manager said pretax profit increased 1.4% to GBP13.3 million in the six months that ended on September 30, from GBP13.2 million the year before.

Revenue meanwhile increased 34% to GBP67.8 million from GBP50.7 million. Core earnings before interest, tax, depreciation and amortisation, excluding share-based payments, increased 28% to GBP27.6 million.

Foresight Group also said that assets under management rose by 0.6% to GBP12.25 billion.

Administrative expenses increased 68% to GBP51.5 million, from GBP30.7 million. Foresight Group had also incurred one-off acquisition-related costs GBP3.5 million in financial 2022.

Foresight Group declared an interim dividend of 6.7 pence, up from 4.6p the prior year.

"Foresight's diversified business model has successfully delivered a strong and resilient performance, during one of the steepest increases in interest rates in living memory," said Executive Chair Bernard Fairman. "We are well positioned to benefit from interest rate stabilisation and normalisation."

Foresight Group added that although the infrastructure institutional financing environment is "currently challenging", it expects this to start improving during the first half of 2024.

"On the back of [our] resilient performance and our strong pipeline of opportunities, we remain confident in Foresight's ability to deliver on our strategic targets and to continue to deliver profitable growth and shareholder value," Fairman commented.

Shares in Foresight Group were down 1.5% at 409.00 pence on Thursday morning in London.

By Emma Curzon, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Foresight Group Holdings Ltd Ordinary Share 423.00 GBX -0.47 -

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