Foresight Group Holdings Limited (LON:FSG, a leading international investment manager, has announced its full year results for the financial year ended 31 March 2025.
Financial and Operational Highlights
| 31 March 2025 | 31 March 2024 | Change | |
| Year-end AUM (£m) | 13,195 | 12,144 | +9% |
| Year-end FUM (£m) | 9,559 | 8,397 | +14% |
| Total Revenue (£m) | 154.0 | 141.3 | +9% |
| Recurring Revenue (% of Total) | 86.6% | 86.6% | 0 pts |
| Core EBITDA pre-SBP (£m) | 62.2 | 59.3 | +5% |
| Core EBITDA pre-SBP margin (%) | 40.4% | 42.0% | -1.6 pts |
| Adjusted basic earnings per share (pence) | 40.8p | 38.6p | +6% |
| Dividend per Share (pence) | 24.2p | 22.2p | +9% |
AUM/FUM
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), that drive investment into UK SMEs
· 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 institutional 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
· Overall, Foresight Capital Management’s (“FCM”) AUM increased by £457 million comprising strategic activity[2] that increased FCM’s AUM by £744 million and net outflows of £(246) million as listed markets continued to experience headwinds
Profitability
Core EBITDA pre-SBP grew by 5%, with strong FY25 fundraising driving a 9% increase in revenue.
Short term margin compression was the result of adding additional costs across our investment, asset management and central teams to support current fundraising activity. We expect to deliver margin expansion over the guidance period as the business continues its strong growth trajectory.
High quality revenue visibility was also maintained, with recurring revenue within our target range of 85-90% and long duration capital over 90% of AUM.
Capital Allocation
To reflect this year’s increase in core EBITDA pre-SBP, and the Group’s high levels of cash generation, the Board is recommending the payment of a 16.8p final dividend, being a 9% year on year increase in the total dividend to 24.2p (FY24: 22.2p). The final dividend will be paid on 3 October 2025 with an ex-dividend date of 18 September 2025 and a record date of 19 September 2025.
In combination with the share buyback programme, of up to £50 million, which commenced in April, the Group currently intends to continue to return substantially all free cash flow to shareholders.
Current Trading
Post period end, AUM and FUM increased to c.£13.4 billion and c.£9.7 billion respectively[3], with a strong quarter for tax efficient retail fundraising more than offsetting listed market net outflows. The Group also launched a new business relief product that facilitates access to private credit for UK SMEs and leverages Foresight’s experience across over £300 million of private credit investments.
In addition, FEIP II and Foresight’s existing business relief product completed the joint £210 million acquisition of Harmony Energy Income Trust plc (“HEIT”), with HEIT’s battery energy storage systems portfolio highly complementary to both funds’ strategic mandates. This acquisition represents a significant milestone for FEIP II as the fund’s first investment following successful FY25 fundraising and provides a platform for FEIP II to deliver further fundraising and deployment in FY26.
Our Australian business also recently agreed the sale of one of its major investments in leading independent power producer Zenith Energy. Under Foresight’s ownership, Zenith has experienced significant growth, from approximately 252MW of contracted Build Own Operate capacity at the time of acquisition, to more than 710MW contracted capacity across 15 sites. The sale, at a valuation materially above the fund’s prior holding value for the asset, adds to the strong investment track record of our Australian team.
Appointment of Chief Executive Officer
The Foresight Board is today pleased to announce the appointment of Gary Fraser as Group CEO with immediate effect, with Bernard Fairman remaining as Executive Chairman. This appointment follows the pivotal role that Gary has played in shaping and executing the ongoing delivery of the Group’s strategy during his over 20 years at Foresight. The requisite CFO skillset will remain on the Board with Gary until a new CFO is appointed.
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, commented:
“The strong financial performance and strategic progress made in FY25 have enabled the Group to extend its track record of profitable growth.
“Global decarbonisation, increasing electricity consumption as technological advancement transforms economies, national efforts to increase energy security and the enduring funding gap for SMEs are long-term structural trends which make Foresight’s expertise more relevant than ever.
“Valuations in recent private market transactions continue to demonstrate strong investor appetite for energy infrastructure exposure, supporting our confidence that as we deliver against our medium-term guidance, our shareholders will benefit from the narrowing of what we believe to be an unjustified valuation gap. Our strong pipeline and continued fundraising across our diversified channels will add scale and enables us to maintain our guidance to double core EBITDA pre-SBP in the five years to FY29.”
Annual Report
A copy of the FY25 Annual Report has been submitted to the National Storage Mechanism and will shortly be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
In accordance with DTR 6.3.5(1A), the unedited full text of the regulated information required to be made public under DTR 4.1 is contained within the Annual Report.
Analyst Presentation
Foresight Group’s management team is hosting a virtual analyst presentation followed by Q&A at 9.00 a.m. BST today, Thursday 26 June 2025. It will be hosted by Bernard Fairman (Executive Chairman) and Gary Fraser (CEO). Those wishing to join the webcast should register here.
A recording of the presentation will be made available on the Group’s website shortly after the event.
