Foresight Group managed assets, funds up amid renewable energy demand

(Alliance News) - Foresight Group Holdings Ltd said on Thursday that assets and funds under management both rose amid continued strong demand for renewable energy investment.

The Guernsey-based investment fund focusing on sustainable infrastructure said assets under management on September 30 were GBP12.48 billion, up 54% from GBP8.13 billion, while funds under management rose by 53% to GBP9.20 billion from GBP6.01 billion.

Growth was especially driven by the acquisition of Australia-based Infrastructure Capital Group, which completed on September 8 and added around GBP3 billion in assets under management. This is alongside successful fundraising, such as Foresight Sustainable Forestry Co PLC's additional GBP45 million equity fundraise in June.

Pretax profit in the six months that ended September 30 was GBP25.4 million, up 93% from GBP13.1 million a year prior, while total revenue rose 28% to GBP50.7 million from GBP39.7 million.

Further, it declared an interim dividend of 4.60 pence, up 15% from 4.00p.

Foresight Group said the positive results reflected continued strong demand for renewable energy investment, claiming it was now a key player in European and Australian sustainable infrastructure markets.

It said it would now update its 20% to 25% assets under management growth target to a rolling three-year average to better reflect the variable nature of acquisition activity and large institutional fundraises.

"Against the backdrop of challenging market conditions, Foresight's differentiated and resilient business model continues to offer global opportunities to scale our investment platform, diversify our investment offering and attract new clients worldwide," said Executive Chair Bernard Fairman.

Meanwhile, Foresight Solar & Technology VCT PLC, which is managed by Foresight Group, on Thursday announced its intention to launch a new offer for subscription to raise up to GBP15 million through offering new Foresight Williams Technology shares.

Shares in Foresight Group were up 9.5% to 367.96 pence in London on Thursday midday, while Foresight Solar & Technology shares were flat at 100.00p each.

By Greg Rosenvinge; [e-mail]

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