16th Nov 2022 11:03
(Alliance News) - Bridgepoint Group PLC on Wednesday backed its 2022 financial guidance as it remains on track to hit budgeted realisations.
Bridgepoint is a FTSE-250 London-based private equity investor.
Shares were down 5.0% at 222.20 pence each on Wednesday in London.
It said capital raising for its equity and credit businesses continues to make progress. Its buyout fund Bridgepoint Europe VII is on track to complete its fund raise in the first half of next year, with the fund expected to hold its formal second closing in the first quarter with "some investors wishing to draw capital from their 2023 annual allocations".
Additionally, Bridgepoint confirmed that its investment portfolios are trading largely in line with expectations.
Looking ahead, it said it remains on track to hit budgeted realisations for 2022 with "two major exits signed in [the third quarter] at valuations ahead of expectations".
"Bridgepoint Credit continues to perform well against its targets for 2022", it added.
Bridgepoint said: "Bridgepoint's financial guidance for 2022 remains unchanged and the group's outlook for 2023 financial performance remains positive".
In July, Bridgepoint said pretax profit jumped by 20% to GBP48.3 million for the six months that ended on June 30, from GBP40.4 million a year earlier. Total operating income went up by 15% to GBP140.1 million from GBP122.2 million.
By Xindi Wei; [email protected]
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