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Bridgepoint Group PLC on Tuesday reported ‘strong’ half-year results ahead of expectations, and said it remains well-positioned for a good annual performance despite continued market volatility.
Shares were up 9.7% at 250.60 pence each on Tuesday morning in London.
For the six months that ended June 30, the FTSE 250 private equity investor's pretax profit jumped by 20% to £48.3 million from £40.4 million a year earlier. Total operating income went up by 15% to £140.1 million from £122.2 million.
Adjusted earnings before interest, tax, depreciation and amortisation rose 18% to £61.1 million, compared to £51.8 million the year before. ‘This performance was driven by income from recently raised funds and strong investment performance in H1 2022,’ the company explained.
Its buyout fund Bridgepoint Europe VII held first close at €4 billion in the second quarter of 2022. ‘Since then, the fund has enjoyed further closings and it is now in the final third of its fund raising programme with the process likely to formally complete in H1 2023,’ said Chair William Jackson.
Bridgepoint had total assets under management of €37.1 billion at June 30, up 30% from €28.5 billion at the same time a year before. Fee paying AuM stood at €18.8 billion, up 6% from €17.7 million.
Jackson added: ‘Our results for H1 2022 reflect the resilience and continued strong progress of our business despite a much more volatile market backdrop than expected at the start of the year. We will not be immune to macroeconomic events but believe our funds are well positioned for current conditions as reflected by the progress being made in raising capital for BE VII.’
As at June 30, Bridgepoint had a net cash position of £239.3 million.
It declared an interim dividend of 4.0 pence per share, compared to none a year ago and up 10% from the 2021 final dividend.
Looking ahead, Bridgepoint said it expects market volatility and inflation pressures to continue, but that is remains well-positioned to deliver 2022 financial performance in line with expectations.
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