16th Mar 2023 11:26
(Alliance News) - Bridgepoint Group PLC on Thursday reported a surge in annual profit and a double-digit rise in revenue, as it starts 2023 with good momentum.
The London-based quoted private assets growth investor focused on the middle-market said revenue increased by 14% to GBP307.4 million for 2022 from GBP270.6 million in 2021.
Fee-paying assets under management increased by 21% to EUR23.4 billion on December 31 from EUR19.3 billion a year before.
Pretax profit surged to GBP127.4 million from GBP62.6 million, as underlying pretax profit rose by 33% to GBP120.0 million from GBP90.5 million a year earlier. Operating profit increased by 69% to GBP118.8 million from GBP70.3 million.
Earnings before interest, tax, depreciation and amortisation amounted to GBP137.1 million, up 61% from GBP85.3 million in 2021.
Chair William Jackson said: "Bridgepoint is one of the world's leading middle market alternative investment companies, focusing on supporting high growth businesses in sectors or niches which enjoy structural tailwinds and where we have strong investment conviction. This positioning has been especially rewarding in 2022."\
Bridgepoint declared a final dividend of 4.0 pence per share, up 9.9% from 3.64p a year prior. This took its total dividend to 8.0p per share, up also by 9.9% from 7.28p per share a year prior.
Looking ahead, Bridgepoint said it has started 2023 with good momentum as it looks ahead with "optimism".
Shares were up 3.1% at 211.60 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.