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Petershill Partners PLC on Tuesday reported a swing to loss as it grappled ‘challenging’ market conditions.
Last year was Petershill’s first full-year as a London listing. It listed in London back in September 2021 with an initial public offering price of 350 pence per share.
The stock was up 0.9% at 151.80 pence each in London on Tuesday morning, trading 57% below its IPO price.
The investment vehicle is operated by Goldman Sachs Asset Management and invests in alternative asset managers.
Petershill swung to a pretax loss of $505.1 million in 2022, from profit of $260.5 million in 2021. It reported a $806.7 million hit from a fall in the fair value of its investments, swinging from a $234.0 million boost in 2021.
Total income, however, almost trebled to $385.0 million from $137.5 million. The figure includes management fee income, performance fee income and investment income.
Managing Directors Ali Raissi-Dehkordy, Robert Hamilton Kelly and Christian von Schimmelmann said: ‘2022 was our first full year as a public listed company and we have delivered on our key financial targets. Against a volatile market backdrop, the underlying operating performance of our partner-firms was encouraging.’
Total partner-firm assets under management increased 21% on-year to $283 billion from $234 billion.
Petershill announced a final dividend of 11 cents per share, taking its total payout to 14.5 cents.
The company also intends to launch a new $50 million buyback for 2023.
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