Petershill updates guidance after beating IPO expectations
By Josh White
Date: Wednesday 20 Apr 2022
(Sharecast News) - Petershill Partners reported maiden results that were ahead of its IPO expectations on Wednesday, with IFRS profit after tax coming in at $248m (£190.67m), equalling pro forma earnings per share of 21 cents.
The FTSE 250 company said that for the period from 24 March to 31 December, APM revenues from partner-firms totalled $122m, and adjusted EBIT came in at $106m, with an adjusted ΕΒΙΤ margin of 87%.
IFRS Investments at fair value totalled a gross $6bn, and on an APM basis a net $5.5bn.
Book value per share totalled 458 cents (339p) at period end on 31 December, while the company raised $720m net of share issue costs at its initial public offering.
The Petershill board said it would propose a final dividend of 2.6 cents per share, in-line with guidance, adding that it intended to launch a share buyback programme of up to $50m.
During the year, the company completed five acquisitions worth a combined $458m, adding $20bn of aggregate partner-firm assets under management.
The company said it expected investments would be 9% accretive to its consensus earnings forecast by 2023.
Looking ahead, Petershill reported a "strong start" to 2022 fundraising activity for partner-firms, in a "nuanced" fundraising environment.
It updated its guidance to between $40bn and $45bn of gross fee-paying asset raises at partner-firms in 2022, on an organic basis.
"We have delivered a strong set of maiden results and achieved a great deal during our first quarter as a public company, surpassing expectations set at the time of our IPO," said chairman Naguib Kheraj.
"The exceptional quality of our partner-firms has driven a 57% increase in full year partner distributable earnings with highly visible and dependable fee-related earnings at the core of our operating income, underlining our ability to generate sustainable returns for our investors.
"Despite the current geopolitical uncertainty and the expectation of rising interest rates, the operating environment for our business remains positive and we are confident that our partner-firms are well-placed to grow."
Kheraj said the company had "no direct exposure" to Ukraine or Russia, adding that its partner-firms, their funds, assets under management and strategies were mostly focussed on North America.
"We expect in excess of $40bn of fee-paying assets under management to be raised by our partner-firms in the private capital markets during 2022.
"In light of our strong performance in 2021, the visibility we have over fee-related income and our updated guidance for organic assets under management growth, we look to the future with confidence and are pleased to propose a maiden dividend as well as the launch a share buyback programme of up to $50m alongside our continued acquisition strategy."
At 0845 BST, shares in Petershill Partners were up 2.44% at 270.97p.
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