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Bridgepoint delivers 'strong' FY performance
(Sharecast News) - Private investment firm Bridgepoint delivered a "strong" full-year performance on Thursday and said it was "well placed" for continued growth. Bridgepoint said standalone organic assets under management were up 7% at €41.0bn, while underlying pre-tax profits grew 12% to £134.0m, giving earnings per share of 14.9p, and underlying earnings were 7% higher at £149.0m. Management fees were up 10% at £265.0m and underlying fee-related earnings increased 28% to £95.0m.
The company added that its acquisition of ECP was expected to close in the second quarter, with fundraising for ECP V, which has a target of €4.0bn, was set to close in April. Including the recently acquired business, assets under management rose 62% year-on-year to €62.0bn.
Chief executive Raoul Hughes said: "2023 has been a very strong year for Bridgepoint with underlying profit growth of 12% year-on-year, on the back of robust investment returns, strong progress on fundraising and fund deployment, and good cost control. 2024 has started equally strongly with fundraising shortly to close for BE VII with commitments on target at €7.0bn.
As of 1010 GMT, Bridgepoint shares were up 0.23% at 262.0p.
Reporting by Iain Gilbert at Sharecast.com
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