Foresight Group (FSG) H1 2025 earnings summary

Executive summary

• Achieved strong half-year results to 30 September 2024, with organic profit growth driven by diversified strategies in real assets, private equity, and listed equities across the UK, Ireland, and globally.

• AUM increased 2% to £12.4bn, supported by strong institutional and retail inflows, and FUM rose to £8.7bn.

• Core EBITDA pre-SBP grew 5% year-on-year to £29m, with recurring revenue at 87% of total, within the 85–90% target range.

• Interim dividend increased 10% to 7.4p per share, reflecting robust cash generation and continued share buybacks.

• Private equity delivered value with successful exits, generating £4.3m in performance fees and launching its 14th regional fund.

Financial highlights

• AUM grew from £12.1bn to £12.4bn in six months, with a 27% CAGR since 2018.

• Total revenue increased 8% year-on-year to £73.2m, driven by organic growth and higher-margin vehicles.

• Core EBITDA pre-SBP margin was 39.6% (H1 FY24: 40.7%).

• Basic EPS was 10.9p (H1 FY24: 7.3p); total comprehensive income rose to £12.7m.

• Cash and cash equivalents increased by £7.4m to £52.4m since year-end.

Outlook and guidance

• On track to double core EBITDA pre-SBP in five years to FY29, supported by a strong fundraising pipeline.

• Fundraising progress aligns with expectations, with further closes targeted for flagship energy transition fund.

• Interest rate reductions and narrowing public-private valuation gaps expected to boost institutional fundraising and M&A opportunities.

• Accretive M&A remains a strategic lever for growth.