Foresight Group Holdings Limited (“Foresight”, the “Group”) is a leading investment manager offering institutional and retail investors a diverse range of private and listed investment solutions in real assets located in the UK, Europe and Australia, and growth capital for SME businesses across the UK and Ireland.
The Group is pleased to announce its trading update for the financial year ended 31 March 2025 (“FY25”, the “period”).
Financial and Operational Highlights
AUM/FUM Growth
Assets under Management (“AUM”) and Funds under Management (“FUM”) increased by 9% and 14% to £13.2 billion and £9.6 billion respectively (FY24: £12.1 billion AUM and £8.4 billion FUM). On a constant currency basis, AUM increased to £13.5 billion, with FUM at £9.7 billion.
- Record fundraising of £587 million in higher margin retail vehicles, up 35% (FY24: £436 million), with strong investment performances from Foresight VCT Plc and Foresight Enterprise VCT Plc driving accelerated closes
- A growing investor and investment pipeline for Foresight Energy Infrastructure Partners II SCSp (“FEIP II”) is supporting the fund’s progress towards achieving at least the €1.25 billion final target, with €485 million commitments approved to date
- The launch of two new regional private equity funds further consolidates the Group’s excellent coverage of the UK and Ireland, with 15 active funds and £112 million raised in FY25
- Foresight Capital Management’s (“FCM”) existing vehicles continued to experience listed market headwinds with net outflows of £(225) million, including gross inflows of £119 million, and broadly flat NAV performance
- The pro-active execution of strategic activity[1] increased FCM’s AUM by £744 million, collectively adding product diversity, investment experience and scale
High Quality Earnings
High revenue visibility was maintained, with recurring revenue within our target range of 85-90% and long duration capital[2] over 90% of AUM. This profile provides the business with significant earnings resilience during challenging market conditions.
We expect FY25 core EBITDA pre-Share Based Payments (“SBP”) to be in line with market expectations (FY25 consensus range: £62.2 million – £63.8 million, FY24: £59.3 million).
Capital Allocation
Following the conclusion of the original share buyback programme announced on 27 October 2023, the Group is pleased to announce a new, substantially increased, programme to buy back (repurchase) Ordinary Shares (as defined in Foresight’s articles of incorporation) in the capital of Foresight of up to £50 million during the next 3 years.
The Group Board will reassess the utilisation of this Share Buyback authority when considering other capital allocation priorities, such as M&A.
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, commented:
“In FY25 we achieved a record year of fundraising for our higher margin retail vehicles, alongside successful institutional fundraising across our infrastructure and private equity businesses.
“Our growing and highly cash generative business also enabled us to successfully complete our £17 million share buyback programme. The new share buyback tranche announced today of up to £50 million over the next three years, in combination with our existing dividend policy, results in the return of substantially all free cash flow to shareholders.
“With our focus on managing long duration capital and our multi-faceted fundraising pipeline across both institutional and retail vehicles, we remain on track to double our core profitability metric over the five years to FY29.”
FY25 Results Announcement
Foresight’s Full Year Results to 31 March 2025 are scheduled to be released on Thursday 26 June 2025,
with a presentation for analysts on the same day. Details on how to attend the presentation will be available
on https://www.foresightgroup.eu/shareholders in due course.
