Bridgepoint Group PLC on Friday said its first-half results were ahead of expectations, as it prepares to complete its £835 million acquisition of Energy Capital Partners Holding LP.

Bridgepoint is a London-based private equity investor, while ECP is an infrastructure investor focused on energy transition and sustainability. The deal was first announced back in September of last year, and Bridgepoint on Friday said it expects it to complete in the third quarter of this year.

Bridgepoint said assets under management totalled €42.7 billion on June 30, this was up 8.1% from €39.5 billion a year before. Pro forma AuM including ECP was €67.3 billion.

Fee paying AuM was €25.8 billion excluding ECP, up 4.9% from €24.6 billion. Including ECP, it was €36.8 billion.

Bridgepoint reported a half-year pretax profit excluding ECP of £48.8 million, down 8.1% from £53.1 million a year before. Pro forma pretax profit including ECP was £99.9 million.

Underlying pretax profit excluding ECP, however, was up 57% to £78.7 million from 50.0 million, as underlying management fees excluding ECP rose by 25% to £156.0 million from £124.6 million a year before. Including ECP, pretax profit was £129.8 million and management fees were £211.2 million on an underlying basis.

Bridgepoint said it will pay a 4.6 pence interim dividend, up 4.5% from 4.4p a year before. It plans to pay a final dividend of no less than 4.6p.

Bridgepoint said it expects full-year results to be ahead of prior guidance, thanks to the expected close of the ECP deal in the second half and improving economic conditions.

Bridgepoint shares were up 5.3% to 272.70 pence early Friday in London.

Copyright 2024 Alliance News Ltd. All Rights Reserved.