Petershill Partners H1 partner distributable earnings rise

21st Sep 2022 08:02

(Sharecast News) - Private equity firm Petershill Partners said on Wednesday that interim partner distributable earnings had risen as the group delivered on its plan despite an "uncertain" economic backdrop.

Petershill Partners said on Wednesday that partner distributable earnings had climbed to $169.0m, while adjusted underlying earnings for the six months ended 30 June came to $153.0m, with an adjusted earnings margin of 90%. IFRS losses after tax came to $359.0m.

APM basis investments at fair value came to $5.0bn, down $570.0m or 10% as higher operating results were offset by an increase in discount rates on private capital assets - which moved from a blended 15% to a blended 17% during the period.

Petershill, which declared an interim dividend of 3.5 cents per share, also amended its 2022 full-year guidance, stating that partner-firm organic gross fee paying assets under management had risen to $50.0bn in 2022, up from $40.0bn-45.0bn a year earlier.

Chairman Naguib Kheraj said: "Our first half results demonstrate the strength and resilience of our distinctive business model. Our partner-firms delivered strong underlying performance.

"While the macroeconomic and equity market backdrop is challenging and volatile, our partner-firms continue to be successful in fundraising and this is expected to support double-digit growth in management fee revenues, although performance fees and investment gains are expected to be lower than the prior year."

As of 0940 BST, Petershill shares were up 0.46% at 218.50p.

Reporting by Iain Gilbert at Sharecast.com