Business update highlights continued growth
REACH
12 April 2022
Gresham House plc
("Gresham House", the "Company" or the "Group")
Business update highlights continued positive growth
Gresham House, the specialist alternative asset manager, is pleased to announce continued positive fundraising momentum into Q1 2022 with a strong pipeline for the remainder of the year.
Fundraises:
The Group has held successful fundraises for its underlying funds totalling over £300mn across institutional, wholesale, and private client distribution channels so far this year.
Strategic Equity generated net inflows of c.£140mn with £70mn raised across the VCT business as both Baronsmead and Mobeus VCT fundraises reached their maximum fundraising targets in the first quarter and our open-ended equity funds had net inflows of c.£70mn.
Real Assets held a number of fundraising closes in the quarter, increasing commitments to funds of over £160mn. Notable fundraises include Gresham House Forestry Fund VI LP, which held a first close with commitments of £75mn from institutional clients, and £80mn raised in our affordable housing funds comprising commitments to Gresham House Residential Secure Income LP and an equity capital raise by Residential Secure Income plc.
Other notable updates:
Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest utility-scale battery energy storage fund, announced its third set of annual results since its IPO in November 2018. The results showed another year of growth focused on value creation with highlights including:
· Net Asset Value (NAV) up 42.6% to £511.7mn (FY20: £358.9mn)
· NAV per share up 13.5% to 116.86p (FY20: 102.96p) and NAV total return of 20.3%
· Share price total return of 23.0% versus FTSE All-Share Index total return of 18.3% over the 12 month period
· Dividends of 7.0p per share paid for the year, with Operational Dividend Cover1 at 1.32x
GRID announced it has secured a 180MW pipeline in the Republic of Ireland, which is expected to commission in 2024, and hopes to continue to invest internationally.
LF Gresham House UK Multi Cap Income Fund has demonstrated substantial growth, against a challenging backdrop for equity markets more recently, and now stands at more than £260mn, a notable increase over the past 12 months from the £87.6mn recorded at 31 March 2021.
Tony Dalwood, Chief Executive of Gresham House, said:
"I am pleased to see the continuing progress being made across the Group's divisions which have cumulatively raised over £300mn in Q1 2022. This is testament to the strength of alternative assets which have not been subject to the same volatility seen by other asset classes in what has been a turbulent start to 2022 for capital markets.
"The strong 2021 annual results for Gresham House plc highlight the quality of our people and our investments. Alongside the recent progress in our UK market-leading battery energy storage fund, GRID, we believe there is substantial growth potential within the Group. Our performance so far in 2022 is further evidence of our focus on the upgraded GH25 strategic objectives and our commitment to delivering value to all our stakeholders."
1. Operational Dividend Cover is the ratio between net earnings of the underlying investment portfolio in the year less costs in GRID and "MidCo" and dividends paid in respect of the same period. ("MidCo" is Gresham House Energy Storage Holdings plc and is wholly owned by GRID.)
- Ends -
For more information contact:
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Gresham House plc Tony Dalwood, Chief Executive Officer Kevin Acton, Chief Financial Officer
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+44 (0)20 3837 6270 |
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Houston - Media and analysts Kay Larsen Joseph Burgess
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gh@houston.co.uk +44 (0)204 529 0549 |
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Canaccord Genuity Limited - Nominated Adviser and Joint Broker Bobbie Hilliam Georgina McCooke
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+44 (0)20 7523 8000 |
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Jefferies International Limited - Joint Broker Paul Nicholls Max Jones
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+44 (0)20 7029 8000
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About Gresham House
Gresham House is a specialist alternative asset management group, dedicated to sustainable investments across a range of strategies, with expertise across forestry, housing, sustainable infrastructure, renewable energy and battery storage, public and private equity.
Our origins stretch back to 1857, while our focus is on the future and the long term. Quoted on the London Stock Exchange (GHE:LN) we actively manage c.£6.5 billion (31 December 2021) of assets on behalf of institutions, family offices, charities and endowments, private individuals, and their advisers. We act responsibly within a culture of empowerment that encourages individual flair and entrepreneurial thinking.
As a signatory to the UN-supported Principles for Responsible Investment, we are committed to operating responsibly and sustainably. We believe taking the long view in delivering sustainable investment solutions will continue to be a growing factor in the strength of our market positioning.
This announcement contains forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward-looking statements are statements regarding Gresham House plc's intentions, beliefs or current expectations concerning, among other things, its results of operations, financial condition, prospects, growth, strategies, and the industry in which it operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date of this announcement and Gresham House plc does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement.
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