24th Mar 2022 09:12
(Alliance News) - Bridgepoint Group PLC said it topped expectations as it reported its maiden set of annual results since its float back in July of last year.
For 2021, the private investment firm's pretax profit rose 29% to GBP62.6 million, from GBP48.5 million in 2020. Total operating income GBP270.6 million, up 41% from GBP191.8 million.
Bridgepoint had total assets under management of EUR32.9 billion at December 31, up 24% from EUR26.6 billion at the same time the year before.
Fundraising added EUR4.1 billion to AuM over the course of the year. Revaluations contributed EUR5.7 billion, meanwhile. Divestments knocked the AuM figure by EUR3.5 billion.
Bridgepoint declared a 3.64p dividend for 2021, up from 0.79p in 2020.
The London-based company, priced its July initial public offering at 350 pence per share, giving Bridgepoint a market capitalisation on admission of GBP2.88 billion.
The stock surged 12% to 324.00 pence each in London on Thursday morning, giving it a market cap of GBP2.67 billion. Shares are down 7.4% from the IPO price, however.
Its investees include the Burger King UK chain, and sports management business Dorna which organises the MotoGP and Superbike world championships, two premier motorcycle racing competitions.
Chair William Jackson said the 2021 performance topped expectations set out at the time of its IPO.
Looking ahead, Bridgepoint said it is well positioned for 2022, with its financial performance in line with expectations.
"Looking forward, whilst we expect market volatility to continue, we are excited by the medium-term strategic growth prospects for the group with our business development plans continuing to evolve post IPO and we remain confident in Bridgepoint's ability to deliver strong returns for our fund investors and our shareholders alike," said Chair Jackson.
"Our capital raising plans for Bridgepoint Europe and Direct Lending remain unchanged despite congested fundraising markets and we remain well positioned to deliver 2022 financial performance in line with expectations."
By Eric Cunha; [email protected]
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