Bridgepoint Group PLC (LSE:BPT) jumped 12% in London trading after the private equity company posted a jump in assets under management (AUM) and gave an upbeat outlook.
In its first annual results after going public, total assets under management rose 24% to €32.9bn in 2021, from a year earlier, the company said. Underlying pre-tax profit rose 72% to €90.5mln.
After the disruption of the coronavirus pandemic in 2020, capital deployment returned to normal levels across the company’s asset classes last year, Bridgepoint said.
“We remain confident in Bridgepoint’s ability to deliver strong returns for our fund investors and shareholders alike,” said executive chairman William Jackson.
The company noted that its main business focus, the alternative investment market, is forecast to continue growing strongly in coming years, with the AUM of private equity expected to grow at a compound annual growth rate of 15.9% and private credit markets at 17.4% between 2021 and 2026.
Bridgepoint, which invests in businesses including Burger King UK, advanced 33p to 322.5p in London, lagging behind its July initial public offering price of 350p apiece.