Petershill Partners PLC on Tuesday said it swung to a profit in 2023 due to a gain from investments, despite income toppling.

Petershill is a London-based investment group focussed on private equity and other private capital strategies. The company is operated by Goldman Sachs Asset Management, having been spun off from Goldman Sachs Group Inc in 2021.

Petershill said it swung to a pretax profit of $397.1 million in 2023 from a pretax loss of $505.1 million the year before.

This was due to a gain from investments at fair value of $227.0 million, compared to a loss of $806.7 million the previous year.

Total income fell by 19% to $319.4 million from $393.6 million a year ago.

Petershill proposed a final dividend of 10.1 US cents. This brought its total dividend to 15.0 US cents, up 3.4% from 14.5 cents the year before.

Also, Petershill said it was mulling launching a share buyback programme worth up to $100 million, serving a notice to terminate the current programme.

‘Our robust capital raising and dynamic approach to capital allocation underpins our ongoing confidence about our medium-term prospects for shareholders,’ the company said.

Looking ahead, Petershill said it expects acquisitions in 2024 to be in-line with its medium-term range of $100 million to $300 million per annum.

It also targets a 85% to 90% adjusted earnings before interest and tax margin.

Shares in Petershill rose 3.0% to 177.80 pence each in London on Tuesday morning.

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