Bridgepoint Group PLC on Thursday raised its payout, after seeing total operating income and assets under management rise in 2023, despite a fall in pretax profit.

For the year ended December 31, the London-based private equity investor reported pretax profit of £86.0 million, down from 33% from £127.4 million a year prior.

According to Bridgepoint, there was good momentum on deployment, as well as the derisking of carried interest through fund deployment. These were partially offset by modest cost growth and slightly lower investment returns.

Total operating income was £321.6 million, up 4.6% from £307.4 million, even as total expenses widened by 31% to £224.5 million from £171.4 million.

Assets under management came to €40.5 billion from €38.0 billion, which Bridgepoint said contributed to a 10% increase in management and other fees to £265.3 million, from £241.5 million the year previously.

The firm declared a final dividend per share of 4.4 pence, up from 4.0p year-on-year.

Looking ahead, Bridgepoint said that it remains ‘well-positioned’ to deliver a performance for 2024 ‘in line with current market expectations’. It didn’t specify what these were.

‘Amid ongoing industry consolidation, opportunities for inorganic growth and expansion into new asset classes are being actively explored, alongside continued scaling of Bridgepoint’s current strategies and broadening product offerings,’ said Chief Executive Raoul Hughes.

‘We are ambitious and confident in the group’s ability to deliver continued growth and value creation.’

Bridgepoint Group shares were trading 0.3% lower at 260.60 pence each in London on Thursday morning.

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