The Board of Gresham House, (AIM: GHE) the specialist alternative asset manager, is pleased to provide the following trading update for the financial year ended 31 December 2019.
Highlights
· Strong organic growth in Assets Under Management (“AUM”) up over 20% to at least £2.75 billion
· Financial performance in line with market expectations
· FIM and Livingbridge integration complete and delivering in line with expectations
· Strong cash generation to support significant business development and dividend growth
· Increasing focus on the sustainable investment and ESG aspects of our product portfolio
Trading Review
Trading in the second half of the financial year has continued in line with the Board’s expectations. Despite a volatile wider market background, organic growth in sustainable funds and investment performance within our equity funds products has been pleasing, with AUM increasing by over 20% to at least £2.75 billion in the year. Financial performance is in line with market expectations and includes investment to scale the Gresham House platform.
The year has seen the successful integration of the FIM and Livingbridge acquisitions of 2018. Both are performing in line with our plans since the completion of the integration, consistent with our strategy of making selected acquisitions which subsequently contribute to ongoing organic growth.
We continue to successfully raise funds for our investment strategies, underpinned by the strength of their performance. The Gresham House Energy Storage Fund plc (LSE: GRID) has now successfully raised the £200 million outlined in its IPO prospectus and the Gresham House British Strategic Investment Fund (BSIF) had a further close with new institutional and wholesale clients.
Tony Dalwood, Chief Executive of Gresham House, said:
“We have continued to deliver against our strategic priorities; growing organically, integrating acquisitions, and using our balance sheet effectively to develop the business and align with the interests of our clients.
Gresham House is well positioned to benefit from the increasing focus on impact and sustainable investments and, alongside the strong performance of many of our products, we are excited for 2020 and beyond.”
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