19th Jul 2024 09:20
(Alliance News) - Bridgepoint Group PLC on Friday said its first-half results were ahead of expectations, as it prepares to complete its GBP835 million acquisition of Energy Capital Partners Holding LP.
Bridgepoint is a London-based private equity investor, while ECP is an infrastructure investor focused on energy transition and sustainability. The deal was first announced back in September of last year, and Bridgepoint on Friday said it expects it to complete in the third quarter of this year.
Bridgepoint said assets under management totalled EUR42.7 billion on June 30, this was up 8.1% from EUR39.5 billion a year before. Pro forma AuM including ECP was EUR67.3 billion.
Fee paying AuM was EUR25.8 billion excluding ECP, up 4.9% from EUR24.6 billion. Including ECP, it was EUR36.8 billion.
Bridgepoint reported a half-year pretax profit excluding ECP of GBP48.8 million, down 8.1% from GBP53.1 million a year before. Pro forma pretax profit including ECP was GBP99.9 million.
Underlying pretax profit excluding ECP, however, was up 57% to GBP78.7 million from 50.0 million, as underlying management fees excluding ECP rose by 25% to GBP156.0 million from GBP124.6 million a year before. Including ECP, pretax profit was GBP129.8 million and management fees were GBP211.2 million on an underlying basis.
Bridgepoint said it will pay a 4.6 pence interim dividend, up 4.5% from 4.4p a year before. It plans to pay a final dividend of no less than 4.6p.
Bridgepoint said it expects full-year results to be ahead of prior guidance, thanks to the expected close of the ECP deal in the second half and improving economic conditions.
Bridgepoint shares were up 5.3% to 272.70 pence early Friday in London.
By Tom Waite, Alliance News editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.