Foresight Group - solid performance29 Jun 2026 10:15
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Foresight Group delivered a strong FY26 performance, reinforcing the investment case for a specialist investment manager with attractive exposure to real assets, private equity and long-duration capital. The group reported total revenue growth of 11% to £164.9m, while core EBITDA pre-share-based payments increased 10% to £68.6m. Adjusted basic earnings per share rose 13% to 46.4p and the total dividend increased 12% to 27.1p, reflecting a business that continues to convert asset growth and fundraising momentum into earnings and shareholder returns. The core attraction of Foresight is the quality and visibility of its revenue base. Assets under management increased 8% to £13.0bn, while funds under management rose 7% to £9.0bn. Recurring revenue remained high at £135.3m, representing 82.1% of total revenue, giving the group a level of earnings resilience that is valuable in an asset management sector often exposed to market cycles and performance volatility. Management continues to target recurring revenue of 85–90%, which would further improve the durability of the earnings base over time. Fundraising momentum remains a key pillar of the investment case. Foresight achieved its fifth successive year of record annual fundraising in higher-margin retail vehicles, raising £630m, up 7% year-on-year and 93% over three years. This demonstrates continued demand for the group’s retail investment products and provides a useful counterbalance to institutional fundraising cycles. The institutional platform is also progressing, with the FEIP II energy infrastructure strategy securing €595m of commitments towards its €1.25bn target, while regional private equity funds continued to attract inflows. Strategically, the announced sale of the public markets division should simplify the business and sharpen the focus on the group’s core Real Assets and Private Equity divisions. These areas offer better alignment with structural themes such as energy...
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