Good maiden results for Petershill Partners – Petershill Partners (PHLL) has posted its maiden final results for the period from 24 March 2021 to 31 December 2021. The company raised $720m (net of share issue costs) at its IPO last year and the board has announced plans to launch a share buyback programme of up to $50m. The board will also propose a final dividend of 2.6 cents per share, in-line with guidance.
Since IPO, PHLL, which follows a unique M&A strategy, has seen five acquisitions completed worth a combined $458m adding $20m of Aggregate Partner-firm AUM. It expects investments will be 9% accretive to consensus earnings forecast by 2023.
Key Partner-firm Highlights
- Partner Distributable Earnings of $382m, up 57% compared to the prior year
- Partner Fee Related Earnings (FRE) of $211m, up 35% over prior year
- Partner Realised Performance Revenues (PRE) of $129m, up 153% over prior year
- Aggregate Partner-firm AuM up 56% year-on-year to $234 billion
Statement from the chair:
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. IFRS profit after tax was $248m during this period. 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. We have no direct exposure to Ukraine or Russia. Our Partner-firms, their funds, AuM and strategies are mostly focused on North America. We expect in excess of $40 billion of fee-paying AuM 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 AuM 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.
PHLL : Good maiden results for Petershill Partners