2024-03-26 10:12:50
(Alliance News) – Petershill Partners PLC said on Tuesday it made a profit in 2023 on an investment gain, despite a drop in revenue.
Petershill is a London-based investment group focused on private equity and other private capital strategies. The company is managed by Goldman Sachs Asset Management, after being spun off from Goldman Sachs Group Inc in 2021.
Petershill said it made a pre-tax profit of US$397.1 million in 2023, compared to a pre-tax loss of US$505.1 million the previous year.
This result was driven by a gain on fair value investments of $227.0 million, compared to a loss of $806.7 million the prior year.
Total revenue decreased 19%, from $393.6 million the previous year to $319.4 million.
Petershill proposed a final dividend of 10.1 US cents. This brings its total dividend to 15.0 US cents, an increase of 3.4% from 14.5 cents the previous year.
Petershill also said it plans to launch a stock repurchase program worth up to $100 million, announcing it is ending the current program.
“Our strong capital raising and dynamic approach to capital allocation underpins our confidence in the medium-term outlook for shareholders,” the company said.
Looking ahead, Petershill said it expects acquisitions in 2024 to be in line with its mid-term range of $100 million to $300 million per year.
It also targets a margin of 85% to 90% of adjusted earnings before interest and taxes.
Petershill shares rose 3.0% to 177.80 pence each in London on Tuesday morning.
By Sabrina Penty, journalist at Alliance News
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