Gresham House plc
("Gresham House" or the "Company")
The Board of Gresham House, (AIM: GHE) the specialist alternative asset manager, is pleased to provide the following trading update for the financial year ended 31 December 2019.
· Strong organic growth in Assets Under Management ("AUM") up over 20% to at least £2.75 billion
· Financial performance in line with market expectations
· FIM and Livingbridge integration complete and delivering in line with expectations
· Strong cash generation to support significant business development and dividend growth
· Increasing focus on the sustainable investment and ESG aspects of our product portfolio
Trading in the second half of the financial year has continued in line with the Board's expectations. Despite a volatile wider market background, organic growth in sustainable funds and investment performance within our equity funds products has been pleasing, with AUM increasing by over 20% to at least £2.75 billion in the year. Financial performance is in line with market expectations and includes investment to scale the Gresham House platform.
The year has seen the successful integration of the FIM and Livingbridge acquisitions of 2018. Both are performing in line with our plans since the completion of the integration, consistent with our strategy of making selected acquisitions which subsequently contribute to ongoing organic growth.
We continue to successfully raise funds for our investment strategies, underpinned by the strength of their performance. The Gresham House Energy Storage Fund plc (LSE: GRID) has now successfully raised the £200 million outlined in its IPO prospectus and the Gresham House British Strategic Investment Fund (BSIF) had a further close with new institutional and wholesale clients.
Tony Dalwood, Chief Executive of Gresham House, said:
"We have continued to deliver against our strategic priorities; growing organically, integrating acquisitions, and using our balance sheet effectively to develop the business and align with the interests of our clients.
Gresham House is well positioned to benefit from the increasing focus on impact and sustainable investments and, alongside the strong performance of many of our products, we are excited for 2020 and beyond."
Gresham House will publish its full year results for the financial year ended 31 December 2019 on 5 March 2020.
- Ends -
For more information contact:
Gresham House plc
Tony Dalwood, Chief Executive
Kevin Acton, Chief Financial Officer
+44 (0)20 3837 6271
Houston - PR advisors
+44 (0)20 3701 7660
Canaccord Genuity Limited - Nominated Adviser and Joint Broker
+44 (0)20 7523 8000
Jefferies International Limited - Financial Adviser and Joint Broker
+44 (0)20 7029 8000
About Gresham House
Gresham House plc is a London Stock Exchange quoted specialist alternative asset management group (GHE.LN) that provides funds, direct investments and tailored investment solutions including co-investment. It focuses on five areas of long-term alternative investment within its two divisions of Strategic Equity and Real Assets.
Gresham House manages investments and co-investments through its FCA regulated investment management platform Gresham House Asset Management Limited on behalf of institutions, family offices, charities and endowments and private individuals.
The Group aims to generate superior returns across a range of alternative investment strategies over long-term investment horizons. As a signatory to the UN-supported Principles for Responsible Investment, Gresham House is committed to operating responsibly and sustainably and believes its strategy of taking the long view in delivering sustainable investment solutions will continue to be a growing factor in the strength of its market positioning.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.