By Elena Vardon
Bridgepoint Group on Tuesday backed its full-year guidance after pretax profit for the first half of the year rose on fee-related earnings growth.
The private-equity firm with a focus on the alternative investment market posted a pretax profit for the six months ended June 30 of 53.1 million pounds ($68.1 million), up from GBP48.3 million in the same period the previous year.
Its management fees grew 23.5% on year to GBP124.6 million, while investment income shrank 67% to GBP12.7 million given lower exit activity in the half-year, it said.
The London-listed group closed the first half with total assets under management at 39.5 billion euros ($43.71 billion), 6.5% higher than at the end of the same period the previous year, it said. Fee-paying assets under management rose 24% to EUR24.6 billion, it said.
The company declared an interim dividend of 4.4 pence and said it expects to pay out a final dividend of at least 4.4 pence.
“Bridgepoint is well-positioned to deliver 2023 performance in line with current expectations and confirms full year guidance recognizing potential volatility in the precise timing of completing exits in process which drive investment income splits between 2023 and early 2024,” the group said.
It expects investment income to be around 15% of total income in 2023, down from 20% previously, with a catchup in 2024, it added.
Write to Elena Vardon at [email protected]
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