Foresight Group set to report 'record' year of profitability
Foresight Group Holdings Ltd
444.00p
16:30 26/04/24
Infrastructure and private equity investment manager Foresight Group said on Thursday that it expects to report a record year of profitability as it hailed an "exceptional" increase in assets and funds under management.
In an update for the year to the end of March, the company said it was strengthening its previously guided 8-10% upgrade on FY23 core EBITDA pre-share based payments to the top end of this range.
It said assets under management and funds under management in FY23 rose 37% and 34% to £12.2bn and £9bn respectively, well in excess of the company’s target.
Foresight said revenue was "significantly" higher on the year and is expected to be ahead of the last consensus estimates of £116.6m. Meanwhile, recurring revenue is expected to be within its target range of 85-90%.
Executive chairman Bernard Fairman said: "This was an outstanding year for the group, with our diversified and resilient business model achieving exceptional results against a challenging market backdrop. This included significantly growing our geographic footprint through the transformational acquisition of Infrastructure Capital Group in Australia and our FCM division expanding into the US sub-advisory market.
"The outlook for the group remains very positive, being ideally positioned to capture the long-term structural growth trends in our key markets."