Foresight Group Holdings Ltd on Thursday said it will expand the ongoing share buyback programme after reporting strong revenue growth.

The London-based sustainability-led infrastructure and private equity investment manager said in the year that ended March 31, assets under management declined 0.2% to £12.14 billion from £12.17 billion the previous year.

Funds under management fell 6.9% to £8.40 billion from £9.02 billion.

Revenue rose 19% to £141.3 million from £119.2 million.

With recurring revenue accounting for 87% of the total, unchanged from last year, the company is achieving its target of recurring revenue between 85% to 90%.

Foresight maintained a final dividend of 15.5 pence per share, increasing the total dividend 10% to 22.2p per share from 20.1p last year.

Looking ahead, Foresight GH said it was ‘confident that the momentum behind its scalable energy transition and wider decarbonisation strategies, alongside the strength of its higher margin private equity and tax efficient product strategies [will support earnings growth].’

In addition, the company announced on October 27 the commencement of a £5 million share buyback programme, funded through existing cash resources.

Since the initiating the buyback, 378,666 shares have been repurchased for an aggregate consideration of £1.6 million.

At June 26, the total issued share capital stood at approximately 116.3 million, with 378,666 held in treasury.

Today, the company confirmed that the programme will be expanded to £10 million.

Shares will continue to be bought at a price no higher than 105% of the average closing price five business day preceding the purchase.

Foresight shares were up 1.6% at 457.00 pence each in London on Thursday morning.

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