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25 Jan 2023 07:00
25 January 2023
Gresham House plc
("Gresham House", the "Company" or the "Group")
Pre-Close Update
FY 2022 - AUM growth of 20% and performance at the top end of market expectations1
Gresham House, the specialist alternative asset manager, is pleased to announce a pre-close trading update for the 12-month period to 31 December 2022.
Highlights
Despite the challenging macroeconomic backdrop, we have continued to make further progress towards delivery of the Group's five-year plan 'GH25':
§ AUM up 20% year-on-year, expected to be at least £7.8 billion as at 31 December 2022 (2021: £6.5 billion).
§ FY 2022 adjusted operating profit expected to be at top end of market expectations, in excess of £26.5 million (2021: £20.2 million).
Post period end
§ Announced the launch of the Irish Strategic Forestry Fund targeting €200 million including a cornerstone investment by Ireland's sovereign development fund (ISIF). The fund's afforestation plans contribute to Ireland's publicly stated net zero ambitions.
§ Strong start to the Baronsmead Venture Trust plc and Baronsmead Second Venture Trust plc (the Baronsmead VCTs) £40 million fundraise (plus a further £10 million discretionary over-allotment facility) which follows the successful £76 million Mobeus VCTs fundraising in Q4 2022.
Tony Dalwood, Chief Executive of Gresham House, said:
"2022 has brought another year of robust performance by the Group, with strong fund inflows across our asset classes. In spite of highly challenging macroeconomic conditions, we have continued to make good strides against our long-term goals which is testament to the expertise and capabilities of the Gresham House team.
"Our continued delivery of strong investment performance coupled with a core focus on sustainability will allow us to continue to provide successful investment solutions."
1 Market expectations defined as adjusted operating profit for the year to 31 December 2022 in the range of £25.3 million to £26.5 million in broker reports that follow Gresham House plc as at 24 January 2023
Ends
For more information contact:
Gresham House plc Tony Dalwood, Chief Executive Officer Kevin Acton, Chief Financial Officer
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+44 (0)20 3837 6270 |
Houston - Media and analysts Alexander Clelland Kay Larsen Kelsey Traynor
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gh@houston.co.uk +44 (0)204 529 0549 |
Canaccord Genuity Limited - Nominated Adviser and Joint Broker Bobbie Hilliam Harry Pardoe
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+44 (0)20 7523 8000 |
Jefferies International Limited - Joint Broker Paul Nicholls James Umbers |
+44 (0)20 7029 8000
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About Gresham House
Gresham House is a specialist alternative asset management group, dedicated to sustainable investments across a range of strategies, with expertise across forestry, housing, sustainable infrastructure, renewable energy and battery storage, public and private equity.
Our origins stretch back to 1857, while our focus is on the future and the long term. Quoted on the London Stock Exchange (GHE:LN) we actively manage c.£7.8 billion of assets on behalf of institutions, family offices, charities and endowments, private individuals, and their advisers. We act responsibly within a culture of empowerment that encourages individual flair and entrepreneurial thinking.
As a signatory to the UN-supported Principles for Responsible Investment, we are committed to operating responsibly and sustainably. We believe taking the long view in delivering sustainable investment solutions will continue to be a growing factor in the strength of our market positioning.
www.greshamhouse.com
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
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