Foresight Group Holdings Ltd on Thursday reported increased revenue and earnings in its latest half year, while assets under management remained flat.

The infrastructure and private equity investment manager said pretax profit increased 1.4% to £13.3 million in the six months that ended on September 30, from £13.2 million the year before.

Revenue meanwhile increased 34% to £67.8 million from £50.7 million. Core earnings before interest, tax, depreciation and amortisation, excluding share-based payments, increased 28% to £27.6 million.

Foresight Group also said that assets under management rose by 0.6% to £12.25 billion.

Administrative expenses increased 68% to £51.5 million, from £30.7 million. Foresight Group had also incurred one-off acquisition-related costs £3.5 million in financial 2022.

Foresight Group declared an interim dividend of 6.7 pence, up from 4.6p the prior year.

‘Foresight’s diversified business model has successfully delivered a strong and resilient performance, during one of the steepest increases in interest rates in living memory,’ said Executive Chair Bernard Fairman. ‘We are well positioned to benefit from interest rate stabilisation and normalisation.’

Foresight Group added that although the infrastructure institutional financing environment is ‘currently challenging’, it expects this to start improving during the first half of 2024.

‘On the back of [our] resilient performance and our strong pipeline of opportunities, we remain confident in Foresight’s ability to deliver on our strategic targets and to continue to deliver profitable growth and shareholder value,’ Fairman commented.

Shares in Foresight Group were down 1.5% at 409.00 pence on Thursday morning in London.

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