11th Apr 2024 09:04
(Alliance News) - Foresight Group Holdings Ltd on Thursday backed its full-year outlook for core adjusted earnings, although it did flag a modest drop in assets and funds under management.
Shares in Foresight Group fell 1.1% to 452.20 pence in London on Thursday.
In a trading update for the financial year ended March 31, the London-based infrastructure and private equity investment manager said it expects core full-year earnings before interest, tax, depreciation and amortisation pre-share based payments to be in line with market expectations.
Foresight cited a consensus range of between GBP58.3 million to GBP60.3 million, which would represent year-on-year growth of at least 16% from GBP50.2 million the year before.
Foresight said the performance was supported by successful fundraising into higher margin and long tenure investment vehicles and maintained cost discipline.
In the period, Foresight said assets under management and funds under management decreased modestly against the backdrop of challenging market conditions to GBP11.9 billion and GBP8.4 billion respectively, compared to GBP12.2 billion and GBP9.0 billion before.
On a constant currency basis, AUM decreased to GBP12.1 billion, with FUM at GBP8.5 billion, Foresight stated.
High quality revenue visibility was maintained, with recurring revenue within its target range of 85% to 90%, the company added.
Looking ahead to the new financial year, Foresight said the strength of its higher margin strategies will support continued core Ebitda pre-share based payments growth.
Executive Chair Bernard Fairman said: "Whilst reporting a modest decrease in AUM/FUM in the period, we are well placed to achieve profitable growth....in line with current market expectations."
Foresight's full-year results are scheduled to be released on June 27.
By Jeremy Cutler, Alliance News reporter
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