By Bridgepoint Group, a private-equity firm specializing in the alternative investment market, has announced robust financial results for the first half of the year. The company’s pretax profit for the six months ended June 30 reached £53.1 million, marking a significant increase from £48.3 million in the same period last year.
The growth in pretax profit can be attributed to an impressive 23.5% rise in management fees, which reached £124.6 million. However, investment income contracted by 67% to £12.7 million due to reduced exit activity during the first half of the year.
Despite this decline, Bridgepoint Group concluded the first half with total assets under management at €39.5 billion ($43.71 billion), a 6.5% increase compared to the previous year’s figures. Fee-paying assets under management also witnessed substantial growth, rising by 24% to reach €24.6 billion.
In line with its positive performance, the company has declared an interim dividend of 4.4 pence per share, with the expectation of paying out a final dividend of at least the same amount.
Looking ahead, Bridgepoint Group remains optimistic about meeting its 2023 performance targets and has provided full-year guidance, acknowledging possible volatility in the timing of completing exits that drive investment income splits between 2023 and early 2024.
While investment income is expected to account for approximately 15% of total income in 2023, down from the previous estimate of 20%, a catchup is anticipated in 2024.
Bridgepoint Group’s strong financial performance illustrates its position as a prominent player in the alternative investment market. As the company continues to navigate evolving market conditions, it remains dedicated to delivering value for its shareholders and clients.
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