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| Date | 8 Apr 2022 |
| Time | 07:00:02 |
| Category | Trading updates |
| ID | 7159H |
LEI: 213800NNT42FFIZB1T09
08 April 2022
FY22 Trading Update
Continuing to deliver on our growth strategy
Foresight Group Holdings Limited ("Foresight", "Foresight Group", "the Group"), a leading infrastructure and private equity manager, today provides an update on its performance for the financial year ended 31 March 2022 ("FY22").
Financial Highlights[1]
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Strong growth in AUM to £8.7 billion, up 21% on the prior year and meeting our ambitious target, with FUM increasing 27% to £6.5 billion. This increase was achieved through wholly organic growth |
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Both Revenue and Core EBITDA (pre share-based payments) are anticipated to be in line with or slightly ahead of our expectations, with operational margins remaining robust |
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Total net inflows and performance of £1.5 billion for FY22, an increase of 57% on the prior year (FY21: £0.9 billion) with positive inflows in every quarter. Further disclosure on inflows and performance will be provided in the Group's FY22 results |
Operational Highlights1
Infrastructure
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Continued to invest in core asset classes including Forestry and Fibre networks, while expanding into adjacent assets such as Geothermal Energy, Pumped Hydro, and Interconnectors. This has been largely achieved through further investment in development platforms which involve moderate initial deployments but provide substantial opportunities for further future deployments |
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FY22 deployment figures reflect this, with 41 transactions at a total value of £484 million coupled with substantial future deployment rights of £427 million giving a total of £911 million (FY21: 46 transactions, £595 million deployed, future deployment rights2 £47 million) |
Private Equity
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Deployed £81 million across 53 equity transactions as SME entrepreneurs and owner-managers were able to focus on their corporate strategies as the uncertainties created by COVID-19 ease (FY21: £59 million deployed, across 41 equity transactions) |
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Considerably grew our presence in secured lending, investing £47 million (FY21: £13 million) |
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As announced in January, strong performance by the Group's first North-West fund (FRIF) exceeded expectations, generating performance fees in FY22 |
Foresight Capital Management ("FCM")
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Expanded the OEIC offering in Q4 FY22 with the launch of the FP Foresight Sustainable Future Themes Fund. This fund aims to deliver growth by investing in the shares of listed companies that operate across five core themes, underpinned by sustainable development and decarbonisation |
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At 31 March 2022, FCM had £1.6 billion of AUM, with net inflows and performance of £455 million in the 12 month period. This includes £72 million of net inflows and performance in Q4 FY22, which we view as a strong performance given the challenging market backdrop |
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The Group has recently offset its scope 1, 2, and 3 emissions using verified carbon credits from ClimateCare, a step on the Group's journey to becoming Net-Zero by 2050 or before |
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Agreed an innovative new collaboration with the Eden Project, with launch scheduled by the end of June 2022 when further details will be announced |
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, commented:
"Foresight Group's first full year as a listed company has been extremely successful. We set out a clear strategy and ambitious targets at IPO and I am delighted that we are delivering as promised.
"Additionally, we are actively engaged in a number of strategically compelling M&A opportunities.
"Progress towards a low-carbon power system and a sustainable society more broadly is accelerating. This transition will impact multiple sectors, including energy itself but also industry, transport, agriculture and the way we value and use our land. We expect to see an increased appreciation of the natural capital services provided by forests, soil and oceans - in particular their ability to facilitate carbon sequestration and the reestablishment of biodiversity.
"Underpinned by strong business fundamentals and proven expertise as a sustainability-led investor, Foresight is well positioned to benefit from long term structural trends and macro conditions favouring both sustainable infrastructure and UK regional private equity investment. In short, the outlook for the Group through this year and beyond remains very positive."
FY22 Results Announcement
Foresight's Full Year Results to 31 March 2022 are scheduled to be released on Tuesday 12 July 2022, with a presentation for analysts on the same day. Details on how to attend the presentation will be available on https://www.fsg-investors.com/ in due course.
Please note that all figures contained in this announcement are unaudited and subject to change.
Enquiries:
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Foresight Group Investors |
Citigate Dewe Rogerson |
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Liz Scorer |
Caroline Merrell / Toby Moore |
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+44 (0) 7966 966956 |
+44 (0) 7852 210329 / +44 (0) 7768 981763 |
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About Foresight Group Holdings Limited
Foresight Group was founded in 1984 and is a leading infrastructure and private equity investment manager, operating from 12 offices across six countries in Europe and Australia with AUM of £8.7 billion as of 31 March 2022. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets.
Foresight Group manages over 300 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. Its private equity team manages eight regionally focused investment funds across the UK, supporting over 120 SMEs. Foresight Capital Management manages four strategies across six investment vehicles with an AUM of over £1.6 billion. It has made over 270 clean energy investments to date.
Foresight Group listed on the Main Market of the London Stock Exchange in February 2021. https://www.fsg-investors.com/
Disclaimer - Forward-looking statements
This statement, prepared by Foresight Group Holdings Limited (the "Company"), may contain forward-looking statements about the Company and its subsidiaries (the "Group"). Such forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "projects", "estimates", "plans", "anticipates", "targets", "aims", "continues", "expects", "intends", "hopes", "may", "will", "would", "could" or "should" or, in each case, their negative or other various or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which are beyond the Company's control and are based on the Company's beliefs and expectations about future events as of the date the statements are made. If the assumptions on which the Group bases its forward-looking statements change, actual results may differ from those expressed in such statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including those set out under "Principal Risks" in the Company's annual report for the financial year ended 31 March 2021. The annual report can be found on the Company's website (www.fsg-investors.com). Forward-looking statements speak only as of the date they are made. Except as required by applicable law and regulation, the Company undertakes no obligation to update these forward-looking statements. Nothing in this statement should be construed as a profit forecast.
[1] Net inflows are calculated on FUM