Final Results

•

52% increase in pro forma underlying management and other income to £404.0 million (2023: £266.3 million);

•

63% increase in pro forma Fee Related Earnings ("FRE") to £155.3 million (2023: £95.0 million);

•

150% increase in pro forma Performance Related Earnings ("PRE") to £138.5 million (2023: £55.3 million);

•

96% increase in pro forma underlying EBITDA to £292.0 million (2023: £148.8 million) with an EBITDA margin of 54%;

•

Reported profit before tax (excluding unrealised FX losses) in 2024 of £93.0 million (2023: £88.4 million);

•

Reported profit after tax in 2024 of £69.1 million (2023: £70.7 million) including ECP transaction costs in both years;

•

€8.5 billion returned to fund investors (2023: €1.7 billion);

•

Fundraising for BDC V to conclude shortly at €2.8 billion, well ahead of €2 billion cover number, following on from the success of the BE VII and ECP V fundraises earlier in the year; and

•

69% increase in AUM to $75.6 billion (2023: $44.7 billion) and 49% increase in Fee Paying AUM to €38.7 billion (2023: €26.0 billion) driven by robust organic growth and the completion of the ECP transaction in August 2024.

•

Increasing 2024-2026 'next cycle' fundraising target from €20 billion to €24 billion;

•

ECP VI expected to become fee paying in Q2 2025, cover number of US$5 billion;

•

PRE of ca. 25% of total income across 2025 and 2026; and

•

Profile across 2025/26 subject to timing of BE VI carry and Calpine proceeds and timing.

•

AUM of $75.6 billion and Fee Paying AUM of €38.7 billion;

•

Pro forma underlying management fees of £404.0 million, including £30.4 million of catch-up fees from BE VII (£22.2 million) and ECP V (£8.2 million) (2023: BE VII, £6.8 million). No further catch-up fees charged in H2 2024;

•

Pro forma underlying Expenses of £248.7 million;

•

Pro forma FRE of £155.3 million;

•

Pro forma PRE of £138.5 million;

•

Pro forma underlying EBITDA of £292.0 million with an EBITDA margin of 54%;

•

Pro forma underlying profit before tax (excluding unrealised FX losses) of £249.8 million; and

•

Pro forma underlying profit before tax of £237.5 million, giving pro forma underlying basic EPS of 25.7p.

•

BDC V expected to close in March at €2.8 billion, well ahead of €2 billion cover number;

•

ECP VI has started fundraising this quarter with a cover number of US$5 billion;

•

ECP's evergreen product and the Group's wealth products soon to launch; and

•

€6 billion of the previous fundraising target of €20 billion from mid-2024 to the end of 2026 has now been raised.

•

Consistent deployment pace in 2024 with BE VII 64% committed across 13 investments, ECP V 66% committed and BDC V 11% committed; and

•

BDL III 88% committed.

Note: Private equity deployment calculated as a percentage of primary capital.

•

Across the Group, €8.5 billion returned to fund investors in 2024, the strongest ever period for capital returns; and

•

Against the backdrop of improving transaction volumes in the market, there is good near-term visibility on several further exits for 2025 with two-thirds of these exits expected to close in the second half.

•

Management and other fees of £329.2 million (2023: £265.3 million);

•

EBITDA of £146.2 million (2023: £97.1 million); and

•

Profit after tax of £69.1 million (2023: £70.7 million), including ECP transaction costs in both years, and basic EPS of 8.0p (2023: 8.7p).

Note: for details for underlying results included in reported financial performance see the table below 'Reconciliation of pro forma underlying income statement to IFRS income statement'.

•

Final dividend of 4.6 pence per share to be paid in May 2025 subject to shareholder approval at the Annual General Meeting.

•

Increasing 2024-2026 'next cycle' fundraising target from €20 billion to €24 billion

•

BDC V expected to close in March at €2.8 billion, charging fees since Q4 2024

•

BG II expected to close in March at €0.3 billion, charging fees since Q4 2022

•

BE VIII expected to become fee paying mid 2026 with final close in 2027

•

BDL IV first close of €1.9 billion, charging fees from Q2 2025

•

BCO V expected to become fee paying in H2 2025

•

Intention to close two CLOs per year

•

ECP VI expected to become fee paying in Q2 2025, cover number of US$5 billion

•

Further co-investment, continuation fund and SMA opportunities

•

Continue to target high single digit growth in expenses per annum

•

Expected to be c.25% of total income in 2025 and 2026

•

Profile across 2025/26 subject to timing of BE VI carry and Calpine proceeds and timing

•

EBITDA margin expected to be 52-55% in 2025/26

Presentation and Q&A

Management will hold a webcast to answer questions from analysts and investorsat 8:30 a.m. GMT on Thursday, 13 March:

Join via weblink:

Bridgepoint Group plc 2024 Full Year Results | SparkLive | LSEG

Register for conference call:

 LSEG Registration | Bridgepoint Group plc 2024 Full Year Results

The slides from this presentation will be available on the Company's website: 

Financial Information - Bridgepoint

Ex-dividend date:

24 April 2025

Record date:

25 April 2025

Payment date:

22 May 2025

Analysts and investors

Adam Key

[email protected]

+44 7833 748010

Media

Christian Jones

[email protected]

+44 20 7034 3500

£ million

Pro forma year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Underlying management and other fees

402.9

336.0

265.3

51.9%

26.6%

PRE

138.5

90.7

55.3

150.5%

64.0%

Other operating income

1.1

1.0

1.0

6.0%

-

Underlying total operating income

542.5

427.7

321.6

68.7%

33.0%

Total expenses

(318.2)

(281.9)

(224.5)

41.7%

25.6%

Total expenses (excluding exceptional expenses and adjusted items)

(248.7)

(212.4)

(171.3)

45.2%

24.0%

EBITDA

224.7

146.2

97.1

131.4%

50.6%

Underlying EBITDA

292.0

213.5

148.8

96.2%

43.5%

FRE

155.3

124.6

95.0

63.4%

31.1%

Depreciation and amortisation

(38.3)

(36.2)

(18.7)

104.8%

93.6%

Net finance and other (expense) or income

(24.1)

(17.0)

10.0

(341.0)%

(270.0)%

Underlying profit before tax (excluding FX)

249.8

180.5

136.2

83.4%

32.5%

FX

(12.3)

(12.3)

(2.4)

412.5%

412.5%

Underlying profit before tax

237.5

168.2

133.8

77.5%

25.7%

Profit before tax

150.0

80.7

86.0

74.4%

(6.2)%

Tax

(25.6)

(11.6)

(15.3)

67.3%

(24.2)%

Profit after tax

124.4

69.1

70.7

76.0%

(2.3)%

Summarised consolidated statement of financial position (IFRS basis)

£ million

As at 31 December 2024

As at 31 December 2023

Change (%)

Assets

Non-current assets

 1,791.0

582.2

207.6%

Current assets

 2,303.9

1,795.5

28.3%

Total Assets

 4,094.9

2,377.7

72.2%

Liabilities

Non-current liabilities

 2,495.6

1,318.8

89.2%

Current liabilities

 408.1

337.7

20.8%

Total Liabilities

 2,903.7

1,656.5

75.3%

Net Assets

 1,191.2

721.2

65.2%

Equity

Share capital and premium

 375.2

289.9

29.4%

Other reserves

 53.1

12.6

321.4%

Retained earnings

 555.1

418.7

32.6%

Non-controlling interests

 207.8

-

N/A

Total Equity

 1,191.2

721.2

65.2%

Summarised consolidated cash flow statement (IFRS basis)

£ million

Year ended 31 December 2024

Year ended 31 December 2023

Change

(%)

Net cash flows from operating activities

10.8

95.0

(88.6)%

Net cash flows from investing activities

(928.9)

(320.0)

190.3%

Net cash flows from financing activities

776.1

325.6

138.4%

Net (decrease)/ increase in cash and cash equivalents

(142.0)

100.6

(241.1)%

Total cash and cash equivalents at beginning of the year

314.8

220.6

42.7%

Effect of exchange rate changes

(13.0)

(6.4)

103.1%

Total cash and cash equivalents at the end of the year

 159.8

314.8

(49.2)%

of which: cash and cash equivalents at the end of the year (for use within the Group)

90.8

238.8

(62.0)%

of which: CLO cash (restricted for use within relevant CLO)

69.0

76.0

(9.2)%

Total cash and cash equivalents at the end of the year

159.8

314.8

(49.2)%

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change

pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Total AUM ($bn)

N/A

75.6

44.7

N/A

69.1%

Total AUM (€bn)

N/A

73.0

40.5

N/A

80.2%

Fee Paying AUM (€bn)

N/A

38.7

26.0

N/A

48.8%

Management fee margin on Fee Paying AUM (%)

1.17%

1.17%

1.12%

0.05ppt

0.05ppt

Underlying management and other income (£m)

404.0

337.0

266.3

51.7%

26.5%

Underlying total operating income (£m)

542.5

427.7

321.6

68.7%

33.0%

Total expenses (excluding exceptional expenses and adjusted items) (£m)

(248.7)

(212.4)

(171.3)

45.2%

24.0%

Underlying EBITDA (£m)

292.0

213.5

148.8

96.2%

43.5%

Underlying EBITDA margin (%)

53.8%

49.9%

46.3%

16.3%

7.9%

FRE (£m)

155.3

124.6

95.0

63.4%

31.1%

FRE margin (%)

38.4%

37.0%

35.7%

7.7%

3.6%

FRE margin (excluding catch-up fees) (%)

33.4%

32.5%

34.0%

(1.7)%

(4.3)%

PRE (£m)

138.5

90.7

55.3

150.5%

64.0%

Underlying profit before tax (excluding FX) (£m)

249.8

180.5

136.2

83.4%

32.5%

Underlying profit before tax (£m)

237.5

168.2

133.8

77.5%

25.7%

Profit before tax (£m)

150.0

80.7

86.0

74.4%

(6.2)%

Underlying profit after tax (£m)

211.9

156.6

118.5

78.8%

32.2%

Profit after tax (£m)

124.4

69.1

70.7

76.0%

(2.3)%

Basic EPS (pence)

15.1

8.0

8.7

73.5%

(7.5)%

Diluted EPS (pence)

12.2

6.4

8.7

39.8%

(27.2)%

Underlying basic EPS (pence)

25.7

19.5

14.9

72.5%

30.4%

Underlying diluted EPS (pence)

20.6

15.5

14.9

38.0%

3.9%

*

The pro forma results assume that the acquisition of ECP completed on 1 January 2024.

£ million

Pro forma

year ended 31 December 2024 (ECP: full year)

ECP results between 1 January 2024 to 19 August 2024

Underlying year ended 31 December 2024 (ECP: from completion date)

Exceptionals and adjusted items

IFRS year ended 31 December 2024 (ECP: from completion date)

Management and other fees

402.9

66.9

336.0

(6.8)

329.2

PRE

138.5

47.8

90.7

7.2

97.9

Other operating income

1.1

0.1

1.0

-

1.0

Total operating income

542.5

114.8

427.7

0.4

428.1

Personnel expenses

(184.9)

(28.9)

(156.0)

(58.6)

(214.6)

Other operating expenses

(63.8)

(7.4)

(56.4)

(10.9)

(67.3)

Expenses excluded from FRE**

(1.8)

-

(1.8)

1.8

-

EBITDA

292.0

78.5

213.5

(67.3)

146.2

EBITDA margin (%)

53.8%

68.4%

49.9%

N/A

34.2%

FRE

155.3

30.7

124.6

(76.3)

48.3

FRE margin (%)

38.4%

45.8%

37.0%

N/A

14.6%

Depreciation and amortisation

(18.9)

(2.1)

(16.8)

(19.4)

(36.2)

Net finance and other (expense)

(35.6)

(7.1)

(28.5)

(0.8)

(29.3)

Profit before tax

237.5

69.3

168.2

(87.5)

80.7

Tax

(25.6)

(14.0)

(11.6)

-

(11.6)

Profit after tax

211.9

55.3

156.6

(87.5)

69.1

**

Other excluded personnel expenses include investment linked bonuses and other personnel expenses relating to corporate development activities. They are excluded from FRE but are added back to EBITDA. Further details are set out in supplementary information: alternative performance measures (APMs).

*

The pro forma results assume that the acquisition of ECP completed on 1 January 2024

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change

pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Total AUM ($bn)

N/A

75.6

44.7

N/A

69.1%

Total AUM (€bn)

N/A

73.0

40.5

N/A

80.2%

Fee Paying AUM (€bn)

N/A

38.7

26.0

N/A

48.8%

Management fee margin on Fee Paying AUM (%)

1.17%

1.17%

1.12%

0.05ppt

0.05ppt

Underlying management and other income (£m)

404.0

337.0

266.3

51.7%

26.5%

Underlying total operating income (£m)

542.5

427.7

321.6

68.7%

33.0%

Total expenses (excluding exceptional expenses and adjusted items) (£m)

(248.7)

(212.4)

(171.3)

45.2%

24.0%

Underlying EBITDA (£m)

292.0

213.5

148.8

96.2%

43.5%

Underlying EBITDA margin (%)

53.8%

49.9%

46.3%

16.3%

7.9%

FRE (£m)

155.3

124.6

95.0

63.4%

31.1%

FRE margin (%)

38.4%

37.0%

35.7%

7.7%

3.6%

FRE margin (excluding catch-up fees) (%)

33.4%

32.5%

34.0%

(1.7)%

(4.3)%

PRE (£m)

138.5

90.7

55.3

150.5%

64.0%

Underlying profit before tax (excluding FX) (£m)

249.8

180.5

136.2

83.4%

32.5%

Underlying profit before tax (£m)

237.5

168.2

133.8

77.5%

25.7%

Profit before tax (£m)

150.0

80.7

86.0

74.4%

(6.2)%

Underlying profit after tax (£m)

211.9

156.6

118.5

78.8%

32.2%

Profit after tax (£m)

124.4

69.1

70.7

76.0%

(2.3)%

Basic EPS (pence)

15.1

8.0

8.7

73.5%

(7.5)%

Diluted EPS (pence)

12.2

6.4

8.7

39.8%

(27.2)%

Underlying basic EPS (pence)

25.7

19.5

14.9

72.5%

30.4%

Underlying diluted EPS (pence)

20.6

15.5

14.9

38.0%

3.9%

*

The pro forma results assume that the acquisition of ECP completed on 1 January 2024.

·

the underlying results for the year ended 31 December 2024 with ECP results included from completion date of the acquisition have been compared against the underlying results for the year ended 31 December 2023 to show the progression of the Group performance; and

·

the underlying results for the year ended 31 December 2024 on a pro forma basis, including full year financial performance of ECP as if the acquisition had occurred on 1 January 2024 have been compared against underlying results for the year ended 31 December 2023 excluding ECP, thereby providing a clearer indication of the impact of ECP performance on the Group.

€ billion

Private equity

Credit

Infrastructure

Total

31 December 2023

28.1

12.4

-

40.5

Acquisition of ECP

-

-

21.1

21.1

Fundraising

3.7

2.0

2.1

7.8

Divestments

(3.5)

(1.1)

(1.7)

(6.3)

Revaluations

2.7

0.5

5.3

8.5

Foreign exchange movements

-

-

1.4

1.4

31 December 2024

31.0

13.8

28.2

73.0

€ billion

Private equity

Credit

Infrastructure

Total

31 December 2023

17.8

8.2

-

26.0

Acquisition of ECP

-

-

10.7

10.7

Fundraising: fees on committed capital

3.4

-

0.4

3.8

Deployment of funds: fees on invested capital

-

2.3

0.5

2.8

Revaluations

(0.5)

(1.7)

(1.0)

(3.2)

Step down

(1.4)

-

(0.7)

(2.1)

Foreign exchange movements

-

-

0.7

0.7

31 December 2024

19.3

8.8

10.6

38.7

Asset class

Strategy

Established

Fund details

Fund performance at 31 December 2024

Fund name

Vintage

Size

Gross MOIC

DPI1

Gross IRR

Private equity

Bridgepoint Europe

1984

BE V

2015

€4.0bn

2.3x

1.5x

19%

BE VI

2019

€5.8bn

1.9x

0.5x

17%

BE VII

2022

€7.0bn

1.2x

-

20%

Bridgepoint Development Capital

2009

BDC I

2009

£300m

2.7x

2.2x

21%

BDC II

2012

€353m

2.6x

2.1x

34%

BDC III

2016

£605m

4.4x

2.6x

41%

BDC IV

2021

£1.6bn

1.2x

-

11%

Credit

Direct Lending

2015

BDL I

2015

€530m

1.3x3

1.2x

10%

BDL II2

2017

€2.3bn

1.3x3

0.6x

9%

BDL III2

2021

€2.9bn

1.2x3

0.1x

11%

ECP

Flagship Funds

2005

ECP III

2014

$5.1bn

2.2x

1.7x

18%

ECP IV

2018

$3.3bn

1.9x

0.4x

24%

ECP V 

2022

$4.4bn

1.3x

-

26%

1.

DPI is presented net of carry and expenses.

2.

BDL II and BDL III are unlevered.

3.

Gross MOIC does not include the benefits of recycling.

£ million

Pro forma year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024

(ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Underlying management and other fees

402.9

336.0

265.3

51.9%

26.6%

PRE

138.5

90.7

55.3

150.5%

64.0%

Other operating income

1.1

1.0

1.0

6.0%

-

Underlying total operating income

542.5

427.7

321.6

68.7%

33.0%

Total expenses

(318.2)

(281.9)

(224.5)

41.7%

25.6%

Total expenses (excluding exceptional expenses and adjusted items)

(248.7)

(212.4)

(171.3)

45.2%

24.0%

EBITDA

224.7

146.2

97.1

131.4%

50.6%

Underlying EBITDA

292.0

213.5

148.8

96.2%

43.5%

FRE

155.3

124.6

95.0

63.4%

31.1%

Depreciation and amortisation

(38.3)

(36.2)

(18.7)

104.8%

93.6%

Net finance and other (expense) or income

(24.1)

(17.0)

10.0

(341.0)%

(270.0)%

Underlying profit before tax (excluding FX)

249.8

180.5

136.2

83.4%

32.5%

FX

(12.3)

(12.3)

(2.4)

412.5%

412.5%

Underlying profit before tax

237.5

168.2

133.8

77.5%

25.7%

Profit before tax

150.0

80.7

86.0

74.4%

(6.2)%

Tax

(25.6)

(11.6)

(15.3)

67.3%

(24.2)%

Profit after tax

124.4

69.1

70.7

76.0%

(2.3)%

1.

income generated from management and other fees deriving from long-term fund management contracts, which taken together with costs (excluding exceptional expenses, bonuses linked to investment returns and the costs associated with certain employee share schemes) form FRE; and

2.

variable income from investments in funds and carried interest, or PRE. PRE together with FRE forms the EBITDA of the business.

1.

Reinstatement of management fees relating to CLOs which are consolidated by the Group which are otherwise eliminated on consolidation form part of PRE.

2.

Adjustments to PRE to exclude: (i) the impact of negative returns in the early years of a fund due to management fee expenses based on the full committed capital of the fund exceeding capital growth from deployed invested capital (typically known as the 'J-curve' and which is considered temporary); and (ii) PRE attributable to third-party investors that invest in a structured vehicle that is consolidated under IFRS by the Group, as its inclusion could distort the view of the amount of PRE attributable to shareholders. Related finance costs payable to third-party investors are also excluded from finance expenses and underlying profit before tax.

3.

Exclusion of costs relating to grants under certain employee share schemes that were granted following the IPO which are not considered to be an alternative to cash-based compensation.

4.

Exclusion of the amortisation of intangible assets arising from the acquisitions of EQT Credit and ECP.

£ million

Pro forma

year ended 31 December 2024 (ECP: full year)

ECP results between 1 January 2024 to 19 August 2024

Underlying year ended 31 December 2024 (ECP: from completion date)

Exceptionals and adjusted items

IFRS year ended 31 December 2024 (ECP: from completion date)

Management and other fees

402.9

66.9

336.0

(6.8)

329.2

PRE

138.5

47.8

90.7

7.2

97.9

Other operating income

1.1

0.1

1.0

-

1.0

Total operating income

542.5

114.8

427.7

0.4

428.1

Personnel expenses

(184.9)

(28.9)

(156.0)

(58.6)

(214.6)

Other operating expenses

(63.8)

(7.4)

(56.4)

(10.9)

(67.3)

Expenses excluded from FRE**

(1.8)

-

(1.8)

1.8

-

EBITDA

292.0

78.5

213.5

(67.3)

146.2

EBITDA margin (%)

53.8%

68.4%

49.9%

N/A

34.2%

FRE

155.3

30.7

124.6

(76.3)

48.3

FRE margin (%)

38.4%

45.8%

37.0%

N/A

14.6%

Depreciation and amortisation

(18.9)

(2.1)

(16.8)

(19.4)

(36.2)

Net finance and other (expense)

(35.6)

(7.1)

(28.5)

(0.8)

(29.3)

Profit before tax

237.5

69.3

168.2

(87.5)

80.7

Tax

(25.6)

(14.0)

(11.6)

-

(11.6)

Profit after tax

211.9

55.3

156.6

(87.5)

69.1

**

Other excluded personnel expenses include investment linked bonuses and other personnel expenses relating to corporate development activities. They are excluded from FRE but are added back to EBITDA. Further details are set out in the supplementary information: alternative performance measures (APMs) section below.

£ million

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Underlying management and other fees

402.9

336.0

265.3

51.9%

26.6%

PRE

138.5

90.7

55.3

150.5%

64.0%

Other operating income

1.1

1.0

1.0

10.0%

-

Underlying total operating income

542.5

427.7

321.6

68.7%

33.0%

£ million

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Private equity

238.8

238.8

205.0

16.5%

16.5%

Infrastructure

99.9

33.0

-

-

-

Credit

61.3

61.3

56.5

8.5%

8.5%

Central

2.9

2.9

3.8

(23.7)%

(23.7)%

Underlying management and other fees

402.9

336.0

265.3

51.9%

26.6%

£ million

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Personnel expenses (excluding exceptional expenses and adjusted items)

(184.9)

(156.0)

(126.1)

46.6%

23.7%

Other operating expenses (excluding exceptional expenses)

(63.8)

(56.4)

(45.2)

41.2%

24.8%

Total expenses (excluding exceptional expenses and adjusted items)

(248.7)

(212.4)

(171.3)

45.2%

24.0%

Certain share-based payments

(5.9)

(5.9)

(4.0)

47.5%

47.5%

Excluded expenses, consisting of:

Expenses excluded from FRE

(1.8)

(1.8)

(1.5)

18.7%

18.7%

Exceptional expenses

(61.8)

(61.8)

(47.7)

29.6%

29.6%

Total expenses

(318.2)

(281.9)

(224.5)

41.7%

25.6%

£ million

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Depreciation

17.2

15.1

14.9

15.4%

1.3%

Amortisation of other intangibles

1.7

1.7

0.8

112.5%

112.5%

Total depreciation and amortisation expenses (excluding amortisation of intangibles relating to acquisitions)

18.9

16.8

15.7

20.4%

7.0%

Amortisation of intangibles relating to acquisitions

19.4

19.4

3.0

546.7%

546.7%

Total depreciation and amortisation expense

38.3

36.2

18.7

104.8%

93.6%

£ million

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Interest income on deposits

7.5

6.9

9.0

(16.7)%

(23.3)%

Interest expense on borrowings

(24.4)

(17.5)

(1.8)

1,255.6%

872.2%

Net foreign exchange gains/(losses)

(12.3)

(12.3)

(2.4)

412.5%

412.5%

Net other finance and other (expenses)/income

(6.4)

(5.6)

(4.1)

56.1%

36.6%

Net finance and other (expense)/income, excluding exceptional and excluded items

(35.6)

(28.5)

0.7

(5,185.7)%

(4,171.4)%

Exceptional other (expense)/income

(0.8)

(0.8)

6.9

(111.6)%

(111.6)%

Net finance and other (expense)/income, including exceptional and excluded items

(36.4)

(29.3)

7.6

(578.9)%

(485.5)%

£ million

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Underlying profit before tax

237.5

168.2

133.8

77.5%

25.7%

Exceptional expenses

(61.8)

(61.8)

(47.7)

29.6%

29.6%

Exceptional net finance and other income

(0.8)

(0.8)

6.9

(111.6)%

(111.6)%

PRE adjustments

0.4

0.4

-

-

-

Certain share scheme expenses

(5.9)

(5.9)

(4.0)

47.5%

47.5%

Amortisation of acquisition related intangible assets

(19.4)

(19.4)

(3.0)

546.7%

546.7%

Profit before tax

150.0

80.7

86.0

74.4%

(6.2)%

Underlying profit before tax margin

43.8%

39.3%

41.6%

2.2ppt

(2.3)ppt

£ million

Year ended 31 December 2024

Year ended 31 December 2023

Change

(%)

Tax

(11.6)

(15.3)

(24.2)%

£ million

Year ended 31 December 2024

Year ended 31 December 2023

Change

(%)

Profit after tax

69.1

70.7

(2.3)%

£ pence

Pro forma* year ended 31 December 2024 (ECP: full year)

Year ended 31 December 2024 (ECP: from completion date)

Year ended 31 December 2023 (ECP: not included)

Change pro forma 24 vs. 23 (%)

Change 24 vs. 23 (%)

Basic earnings per share

15.1

8.0

8.7

72.7%

(8.0)%

Diluted earnings per share

12.2

6.4

8.7

39.8%

(27.2)%

Basic underlying earnings per share

25.7

19.5

14.9

72.6%

30.5%

Diluted underlying earnings per share

20.6

15.5

14.9

37.9%

3.8%

Interim dividend per share

4.6

4.6

4.4

4.5%

4.5%

Final dividend per share

4.6

4.6

4.4

4.5%

4.5%

Average rate for the year- ended 31 2024

Average rate for the year- ended 31 2023

Rate at

31 December 2024

Rate at

31 December 2023

GBP/EUR

1.179

1.149

1.209

1.154

GBP/USD

1.279

1.243

1.252

1.275

%

GBP

EUR

USD

Other

AUM

5.1%

54.6%

40.3%

-

Fee Paying AUM

5.9%

66.8%

27.3%

-

Pro forma management and other fees

51.0%

24.3%

24.7%

-

Pro forma underlying operating expenses

48.4%

20.8%

26.5%

4.3%

Pro forma PRE

23.6%

13.0%

63.4%

-

Summarised consolidated statement of financial position (IFRS basis)

£ million

As at 31 December 2024

As at 31 December 2023

Change (%)

Assets

Non-current assets

 1,791.0

582.2

207.6%

Current assets

 2,303.9

1,795.5

28.3%

Total Assets

 4,094.9

2,377.7

72.2%

Liabilities

Non-current liabilities

 2,495.6

1,318.8

89.2%

Current liabilities

 408.1

337.7

20.8%

Total Liabilities

 2,903.7

1,656.5

75.3%

Net Assets

 1,191.2

721.2

65.2%

Equity

Share capital and premium

 375.2

289.9

29.4%

Other reserves

 53.1

12.6

321.4%

Retained earnings

 555.1

418.7

32.6%

Non-controlling interests

 207.8

-

N/A

Total Equity

 1,191.2

721.2

65.2%

Summarised condensed consolidated statement of financial position (excluding third party investments, CLO assets and liabilities)*

£ million

As at 31 December 2024

As at 31 December 2023

Change

(%)

Assets

Non-current assets

 1,765.3

663.3

166.1%

Current assets

 256.7

370.7

(30.8)%

Total Assets

 2,022.0

1,034.0

95.6%

Liabilities

Non-current liabilities

 688.8

166.8

312.9%

Current liabilities

 174.8

146.0

19.7%

Total Liabilities

 863.6

312.8

176.1%

Net Assets

 1,158.4

721.2

60.6%

Equity

Share capital and premium

 375.2

289.9

29.4%

Other reserves

 53.1

12.6

321.4%

Retained earnings

 555.1

418.7

32.6%

Non-controlling interests

 175.0

-

N/A

Total Equity

 1,158.4

721.2

60.6%

*

A full non-statutory consolidated statement of financial position excluding third-party investments, CLO assets and liabilities (unaudited) is included in the supplementary information: alternative performance measures (APMs).

£ million

As at 31 December 2024

As at 31 December 2023

Change

(%)

Borrowings (excluding capitalised facility costs)

(490.3)

-

N/A

Cash and cash equivalents (excluding CLO cash)

90.8

238.8

(62.0)%

Net (debt)/ cash (excluding consolidated CLO cash)

(399.5)

238.8

(267.3)%

Summarised consolidated cash flow statement (IFRS basis)

£ million

Year ended 31 December 2024

Year ended 31 December 2023

Change

(%)

Net cash flows from operating activities

10.8

95.0

(88.6)%

Net cash flows from investing activities

(928.9)

(320.0)

190.3%

Net cash flows from financing activities

776.1

325.6

138.4%

Net (decrease)/ increase in cash and cash equivalents

(142.0)

100.6

(241.1)%

Total cash and cash equivalents at beginning of the year

314.8

220.6

42.7%

Effect of exchange rate changes

(13.0)

(6.4)

103.1%

Total cash and cash equivalents at the end of the year

 159.8

314.8

(49.2)%

of which: cash and cash equivalents at the end of the year (for use within the Group)

90.8

238.8

(62.0)%

of which: CLO cash (restricted for use within relevant CLO)

69.0

76.0

(9.2)%

Total cash and cash equivalents at the end of the year

159.8

314.8

(49.2)%

Summarised consolidated cash flow statement (excluding cash flows relating to third-party CLOs and other investors, non-statutory)*

£ million

Year ended 31 December 2024

Year ended 31 December 2023

Change

(%)

Net cash flows from operating activities (excluding third-party CLOs and other investors)

17.6

95.0

(81.5)%

Net cash flows from investing activities (excluding third-party CLOs and other investors)

 (365.4)

94.3

(487.5)%

Net cash flows from financing activities (excluding third-party CLOs and other investors)

 209.2

(140.8)

(248.6)%

Net (decrease)/ increase in cash and cash equivalents (excluding third-party CLOs and other investors)

(138.6)

48.5

(385.8)%

Cash and cash equivalents at beginning of the year (excluding third-party CLOs and other investors)

238.8

196.0

21.8%

Effect of exchange rate changes on cash and cash equivalents (excluding consolidated CLOs)

(9.4)

(5.7)

(64.9)%

Net cash at the end of the year (excluding third-party CLOs and other investors)

90.8

238.8

(62.0)%

 *

A full non-statutory consolidated cash flow statement excluding cash flows relating to third-party CLOs and other investors (unaudited) is included in the supplementary information: non-statutory consolidated financial statements section.

Fundraising challenges

 Description

Funds under management by the Group typically have a finite life and a finite amount of commitments from fund investors. Once a fund nears the end of its investment period, the Group raises additional or successor funds in order to keep making investments in that strategy and earn management fees (although funds and investment vehicles continue to earn management fees after the expiration of their investment periods, they generally do so at a reduced rate).

The alternative investment management sector is intensely competitive, with the Group competing with a number of others for investor capital, including sponsors of public and private investment funds. Fundraising markets remained congested in 2024. If there were a greater number of competing products promoting similar or higher rates of return than those achieved by the funds offered by the Group, the attractiveness of Group funds to investors could decrease and Group funds could experience reduced investor commitments.

The inability to raise additional or successor funds (or raise successor funds of a comparable size to predecessor funds), or a change in the terms on which investors are willing to invest, could have a material adverse impact on the Group's business, revenue, net income, cash flows or the ability to retain employees.

Mitigation

The Group's capital raising efforts are supported by an in-house global investor services team, which utilises the Group's data and technology capabilities. The Group has expanded this team globally, with a greater number of professionals in a greater number of locations across the network.

The Group has also made efforts to broaden its investor base, both in terms of the number of investors across the platform and the geographic spread of such investors. In particular, the introduction of new products and strategies to the Group through growth or acquisition, such as through the combination with ECP, has also helped to broaden the investor base by investor type, geography and investment strategy.

As a leading middle market investor, the Group offersinvestors a differentiated approach arising from its global reach and ability to deploy capital across middle market strategies. This differentiation insulates the Group, to some extent, against the competitive pressures arising in respect of attracting fund investors.

Law and regulation

Description

The international nature of the Group's business, with corporate and fund entities located in multiple jurisdictions and a diverse investor base, makes it subject to a wide range of laws and regulations. It is supervised by a number of regulators, including the Financial Conduct Authority in the UK, the Securities and Exchange Commission in the United States, the Autorité des Marchés Financiers in France and the Commission de Surveillance du Secteur Financier in Luxembourg. Failure to comply with applicable laws and regulations may put the Group at risk of fines, lawsuits or reputational damage.

As the Group expands into new products and strategies, the laws and regulations that apply to the Group also expands, often in a way which overlaps and requires complex review, assessment and regulatory implementation.

Increased law and regulation may impact the Group's operating entities, funds, and the markets and sectors in which the Group's investment strategies invest or from which capital is raised.

Mitigation

The Group is supported by a Legal and Compliance team that provides guidance to the business on its regulatory and legal obligations. As the Group expands into new products and strategies, the Group ensures that this team is well placed to address the increasing and developing framework of applicable regulation faced by the Group.

The Group monitors regulatory and legislative changes in the jurisdictions in which it operates and interacts with regulators and industry bodies to stay informed of regulatory changes. It also proactively takes actions to comply with any changes in law or regulation.

Employees of the Group are provided with periodic training on the laws and regulations relevant to the Group.

Changes in macroeconomic environment

Description

Macroeconomic events may contribute to volatility in financial and global markets which can adversely impact the Group's business by reducing the value or performance of the investments made by the Group's funds as well as the availability of financial resources available to the Group. These pressures may result in challenges in finding investment opportunities for funds as well as challenges in exiting existing investments to realise value for investors. This could in turn affect the Group's ability to raise new funds and materially reduce its profitability.

For example, rising interest rates may adversely impact multiples and discount rates used for investment valuations. Higher interest rates may also reduce the Group's ability to secure favourable financing, both for the Group itself and for the funds it manages. 

Mitigation

The Group's business model is predominantly based on illiquid, closed-end funds which allow investment teams to remain disciplined throughout economic cycles. In addition, the Group actively manages fund portfolios as well as the Group's liquidity and operations to ensure resilience across a range of macroeconomic outcomes.

The expansion of the Group into different strategies can help to mitigate the impact of macroeconomic changes, as different classes will react differently to macroeconomic impacts. For example higher interest rates may benefit the Group's credit strategy.

The Group's senior management and strategy leadership regularly update the business on economic trends and outlooks to aid investment teams and corporate functions in anticipating and proactively addressing macroeconomic risks.

Fund underperformance

Description

In the event that certain of the funds managed by the Group were to perform unsatisfactorily, in particular if this were the case for a larger fund (for example, the current ECP flagship fund, Bridgepoint Europe VII, or their successors), this may adversely affect the Group's business, brand and reputation and lead to difficulties for the Group in attracting fund investors and raising capital for new funds in the future.

Mitigation

The Group's investment strategies each have in place a robust and disciplined investment process where investments are analysed and selected by investment focused committees. Each strategy will also regularly review and monitor investment performance and delivery of investment objectives. Any 'at risk' investments are subject to particular focus and specialist attention. For example, such investments are reviewed by the Portfolio Working Group within the Group's private equity strategy.

Investment processes not only evaluate and mitigate the risks inherent in particular investments or divestments, but also ensure that decisions are taken in accordance with the relevant fund's investment strategy and governing documents. This includes limiting fund exposure to individual investments, and diversifying investments in terms of sectors and geographies.

Deal flow is driven by the Group's sector strategy which is continually refined to take advantage of market conditions, including changes in competitive pressures. The Group's investment approach has evolved through different economic cycles, helping it to resist temporary pressures.

The introduction of new products and strategies to the Group, such as following the combination with ECP, helps to reduce dependence on performance of any individual fund.

Decreased pace or size of investmentsmade by Group funds

Description

The Group's revenue is driven in part by the pace at which the funds it manages make investments and the size of those investments, and a decline in the pace or the size of such investments may reduce the Group's revenue.

Many factors could cause a decline in the pace of investment, including the inability of the Group's investment professionals to identify attractive investment opportunities, decreased availability of capital on attractive terms and the failure to consummate identified investment opportunities because of business, regulatory or legal complexities, or uncertainty and adverse developments in the global economy or financial markets.

The Group competes for investment opportunities for the funds it manages, and such competition is based primarily on the pricing, terms and structure of a proposed investment and certainty of execution. Private market transactions have at times been characterised by changeable and often high pricing, which can make the deployment of capital more difficult.

A failure to deploy committed capital in a timely manner may have a negative impact on investment performance and the ability to raise new funds.

Mitigation

The pace of investment is kept under close review by the leadership of each of the Group's strategies to ensure that it is maintained at a level that is appropriate for market conditions and is in line with broader strategic objectives.

The Group maintains an ongoing dialogue with its investors and is sensitive to their concerns regarding investment and realisation pace. These concerns are taken into consideration when setting the short and long-term strategy of a fund, and where necessary investor consent can be sought to modify investment periods to align with a pace of investment that is reasonably and responsibly achievable.

Personnel and key people

Description

The Group's personnel, including its investment professionals and specialist teams, are highly important to the Group's business and the implementation of its strategy, and the market for such persons is highly competitive. The Group's continued success is therefore dependent upon its ability to retain and motivate its personnel and to strategically recruit new talented professionals.

In particular, the Group depends on the skills, reputations and business networks of its executive management and other key senior team members and the information and deal flow they generate.

Mitigation

The Group places an emphasis on active engagement with its people to better understand their needs, and to focus on progression and professional development. The Group also ensures competitive reward schemes are in place for all employees. Rewards are weighted towards performance and therefore provide long-term alignment with fund investors and other key stakeholders, ultimately driving value for the Group. For senior management, these include a blend of short and long-term incentives.

The Group undertakes ongoing succession planning and invests in leadership development.

Information technology and cyber security

Description

The Group relies on the secure processing, storage, and transmission of confidential and other information in the Group's computer systems and networks. Cyber-security incidents and cyber-attacks continue to be a feature of the global economy and as an increasingly global business, the Group faces various cyber-security threats on a regular basis. This includes ongoing cyber-security threats to, and attacks on, digital and information technology infrastructure that is intended to gain access to proprietary information, destroy data or disable or degrade or sabotage systems.

Cyber-security failures, technology failures or data security breaches could result in the confidentiality, integrity or availability of data being negatively affected, causing disruption or damage to the Group's business.

Mitigation

The Group's information security program is designed to prevent and respond to current and emerging cyber-threats facing the Group. The Group's IT accounts are protected using multi-factor authentication to significantly reduce identity-based attacks and digital assets are protected from exploitation through a robust patching and vulnerability management program.

Employees receive training, including simulations, to continually raise vigilance and to promote positive security behaviours. Employee devices are also secured to industry standards and technologies are used to enable seamless and secure remote access.

The Group conducts annual external offensive and penetration tests that validate the effectiveness of controls, and aide further protection. The Group's digital infrastructure is entirely cloud hosted, with resiliency designed into it. In-house and external cyber experts monitor and respond to any abnormal activity. The Group maintains an annually tested IT disaster recovery and cyber incident response plan.

Third-party service providers

Description

Certain of the Group's activities and funds depend on the services of third-party service providers, including those providing banking and foreign exchange, professional advisory, information technology, insurance broking, depository and alternative investment administration and management services.

The Group is subject to the risk of errors, failure, or regulatory non-compliance by such persons, which may be attributed to the Group and subject it or the funds it manages to reputational damage, business disruption, penalties or losses.

Mitigation

The Group ensures appropriate due diligence is undertaken in respect of third-party service providers prior to appointment, and appropriate monitoring and oversight of appointed third-party service providers is undertaken on a periodic basis.

As the Group expands into new products and strategies, a greater range of third-party service providers is typically utilised, reducing exposure to, and reliance on, any one service provider.

Note

2024£ m

2023£ m

Management and other fees

6

329.2

265.3

Carried interest

6

59.1

30.0

Fair value remeasurement of investments

6

38.8

25.3

Other operating income

1.0

1.0

Total operating income

428.1

321.6

Personnel expenses

7

(214.6)

(132.5)

Other operating expenses

8

(67.3)

(92.0)

EBITDA*

146.2

97.1

Depreciation and amortisation expense

10

(36.2)

(18.7)

Finance and other income

11

7.8

16.7

Finance and other expenses

11

(37.1)

(9.1)

Profit before tax*

80.7

86.0

Tax

12

(11.6)

(15.3)

Profit after tax

69.1

70.7

Attributable to:

Equity holders of the parent

64.8

70.7

Non-controlling interests

24 (d)

4.3

-

69.1

70.7

Pence

Pence

Basic earnings per share

13

8.0

8.7

Diluted earnings per share

13

6.4

n/a

*

Exceptional expenses of £61.8m (2023: £47.7m) are included in EBITDA. Profit before tax includes exceptional expenses of £62.6m (2023: £47.7m) and nil exceptional income (2023: £6.9m). Details of exceptional items are included in note 9.

Note

2024£ m

2023£ m

Profit after tax

69.1

70.7

Items that may be reclassified to the statement of profit or loss in subsequent years:

Exchange differences on translation of foreign operations

10.6

(5.8)

Change in the fair value of hedging instruments

21 (b)

14.0

8.6

Change in the time value of foreign exchange options

21 (b)

(0.1)

0.1

Reclassifications to the Consolidated Statement of Profit or Loss

21 (b)

0.3

1.3

Total tax on components of other comprehensive income

12 (c)

(3.3)

(2.2)

Other comprehensive income net of tax

21.5

2.0

Total comprehensive income net of tax

90.6

72.7

Total comprehensive income attributable to:

Equity holders of the parent

83.2

72.7

Non-controlling interests

24 (d)

7.4

-

90.6

72.7

Note

2024£ m

2023£ m

Assets

Non-current assets

Property, plant and equipment

14

88.3

73.7

Goodwill and intangible assets

15

789.9

116.6

Carried interest receivable

16

113.3

67.3

Fair value of fund investments

17 (a), (b)

765.6

301.4

Trade and other receivables

17 (a), (f)

33.9

23.2

Total non-current assets

1,791.0

582.2

Current assets

Consolidated CLO assets*

17 (a), (d)

1,978.2

1,348.8

Trade and other receivables

17 (a), (f)

139.5

118.2

Derivative financial assets

17 (a), (e)

26.4

6.2

Other investments

17 (a), (c)

-

7.5

Cash and cash equivalents

17 (a), (g)

90.8

238.8

Consolidated CLO cash*

17 (a), (g)

69.0

76.0

Total current assets

2,303.9

1,795.5

Total assets

4,094.9

2,377.7

Liabilities

Non-current liabilities

Trade and other payables

18 (a), (b)

35.6

13.1

Other financial liabilities

18 (a), (d)

159.4

50.1

Fair value of consolidated CLO liabilities*

18 (a), (e)

1,696.2

1,152.0

Borrowings

18 (c)

485.3

-

Lease liabilities

18 (a),19

74.4

69.7

Deferred tax liabilities

23

44.7

33.9

Total non-current liabilities

2,495.6

1,318.8

Current liabilities

Trade and other payables

18 (a), (b)

157.1

132.5

Lease liabilities

18 (a), 19

13.5

11.9

Derivative financial liabilities

18 (a), (g)

4.2

1.6

Consolidated CLO liabilities*

18 (a), (e)

20.6

14.9

Consolidated CLO purchases awaiting settlement*

18 (a), (f)

212.7

176.8

Total current liabilities

408.1

337.7

Total liabilities

2,903.7

1,656.5

Net assets

1,191.2

721.2

Equity

Share capital

24 (a)

0.1

0.1

Share premium

24 (a)

375.1

289.8

Other reserves

24 (c)

53.1

12.6

Retained earnings

555.1

418.7

Equity attributable to owners of the parent

983.4

721.2

Non-controlling interests

24 (d)

207.8

-

Total equity

1,191.2

721.2

*

Details of the Group's interest in consolidated Collateralised Loan Obligations ("CLOs") are included in note 18 (d). Total Group exposure to consolidated CLOs is £117.7m (2023: £81.1m) at 31 December 2024. The Group's investment in CLOs which are not consolidated is £14.6m (2023: £15.2m) and is included within fair value of fund investments. Total equity holders' exposure in the CLOs is £99.5m at 31 December 2024 (2023: £96.3m), excluding the interests of non-controlling interests of £32.8m (2023: £nil). A non-statutory Consolidated Statement of Financial Position, excluding consolidated CLOs is presented in the supplementary information: non-statutory consolidated financial statements section.

Note

Sharecapital£ m

Sharepremium£ m

Other reserves£ m

Retained earnings£ m

Total equity attributable to ownersof the parent

£ m

Non-controlling

interests

£ m

Totalequity£ m

At 1 January 2024

0.1

289.8

12.6

418.7

721.2

-

721.2

Profit for the year

-

-

-

64.8

64.8

4.3

69.1

Other comprehensive income

-

-

21.6

(3.2)

18.4

3.1

21.5

Total comprehensive income

-

-

21.6

61.6

83.2

7.4

90.6

Share-based payment

7 (a)

-

-

33.1

-

33.1

5.5

38.6

Vested share-based payments

24 (c)

-

-

(14.2)

14.2

-

-

-

Acquisition of subsidiaries

4

-

-

-

198.0

198.0

232.7

430.7

Transactions with non-controlling interests

24 (d)

0.0

85.3

-

(54.3)

31.0

(31.0)

-