Foresight Group Holdings announce an interim dividend of 4.6p, underpinned by the strong performance of the business and in line with 60% target payout ratio
Other financial highlights include:
● 41% increase in Assets under Management ("AUM") to £12.5 billion1 (FY22: £8.8 billion); 38% increase in Funds under Management ("FUM") to £9.2 billion (FY22: £6.7 billion
●Growth driven by the significant acquisition of Australia-based Infrastructure Capital Group, which added c.£3.0 billion to the Group's AUM, in combination with successful fundraising such as Foresight Sustainable Forestry Company Plc's additional £45 million equity raise
●Updating 20-25% AUM growth target to a rolling 3-year average to better reflect the variable nature of acquisition activity and large institutional fundraises
●89% high quality recurring revenues, at upper end of 85-90% target range
●Total revenue increased by 28% to £50.7 million (H1 FY22: £39.7 million), following FUM uplifts, successful fundraising and significant acquisition activity
● 42.4% core EBITDA margin pre-Share Based Payments ("SBP"), delivered through a combination of strong revenue growth and cost discipline, well on track to meet 43% medium term target
●Infrastructure division building investment scale with average deal size in H1 FY23 twice that of FY22
