Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.85 per share. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €5.60, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Capital Markets industry in Germany. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.09 per share. Declared Dividend • Jul 01
Final dividend of UK£0.19 announced Shareholders will receive a dividend of UK£0.19. Ex-date: 17th September 2026 Payment date: 2nd October 2026 Dividend yield will be 5.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 74% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 30
Full year 2026 earnings released: EPS: UK£0.40 (vs UK£0.29 in FY 2025) Full year 2026 results: EPS: UK£0.40 (up from UK£0.29 in FY 2025). Revenue: UK£164.9m (up 11% from FY 2025). Net income: UK£45.6m (up 34% from FY 2025). Profit margin: 28% (up from 23% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 30
Foresight Group Holdings Limited, Annual General Meeting, Jul 31, 2026 Foresight Group Holdings Limited, Annual General Meeting, Jul 31, 2026. Location: st pierre park hotel, rohais, st peter port, gy1 1fd, Guernsey Duyuru • Apr 09
Foresight Group Holdings Limited to Report Fiscal Year 2026 Results on Jun 29, 2026 Foresight Group Holdings Limited announced that they will report fiscal year 2026 results on Jun 29, 2026 Duyuru • Feb 26
Foresight Group Holdings Limited Announces Board and Committee Changes Foresight Group Holdings Limited announced the appointment of John Le Poidevin as a non-executive director of the Company with effect from 1 April 2026. On joining the Board, John will also become a member of the Audit and Risk, Nomination and Remuneration Committees. John is a highly experienced chartered accountant and former senior audit partner at BDO LLP, where he led the firm’s Consumer Markets practice in London, acting as lead audit partner to major UK and international companies and supporting numerous successful flotations, sales and refinancings. His two decades advising publicly listed and private equity-backed businesses have given him deep expertise in corporate governance, audit, risk management and financial reporting. Combined with extensive non-executive experience across listed funds and international groups, John brings strong technical audit capability, a rigorous approach to risk and controls, and a clear understanding of public-market governance. These skills will directly support the Board’s oversight of the Group’s strategy, strengthen its approach to risk and financial reporting and enhance its governance and capital-markets alignment as Foresight continues to scale its real assets and energy transition investment strategies. The Company also announced that Geoffrey Gavey will retire from the Board at the conclusion of the 2026 Annual General Meeting. Following Geoff's retirement and with effect from the conclusion of the AGM, John will assume the role of Chair of the Audit and Risk Committee. Duyuru • Oct 08
Foresight Group Holdings Limited to Report First Half, 2026 Results on Dec 02, 2025 Foresight Group Holdings Limited announced that they will report first half, 2026 results on Dec 02, 2025 Duyuru • Aug 01
Foresight Group Holdings Limited Approves Final Dividend for the Financial Year Ended 31 March 2025, Payable on 3 October 2025 Foresight Group Holdings Limited, at the AGM held on 31 July 2025 approved final dividend recommended by the Directors of 16.8 pence per ordinary share for the financial year ended 31 March 2025, payable on 3 October 2025 to all members whose names appear on the Company's register of members at 6.00 p.m. on 19 September 2025. Duyuru • Jul 02
Foresight Group Holdings Limited, Annual General Meeting, Jul 31, 2025 Foresight Group Holdings Limited, Annual General Meeting, Jul 31, 2025. Location: la fregate, les cotils, st peter port, channel islands, gy1 1ut, Guernsey Duyuru • Jun 26
Foresight Group Holdings Limited Appoints Gary Fraser as Group CEO, Effective June 26, 2025 Foresight Group Holdings Limited announced the appointment of Gary Fraser as Group CEO with immediate effect. Gary Fraser has played a pivotal role in shaping and executing the ongoing delivery of the Group's strategy during his over 20 years at Foresight. Bernard Fairman will remain as Executive Chairman. Duyuru • Apr 10
Foresight Group Holdings Limited to Report Fiscal Year 2025 Results on Jun 26, 2025 Foresight Group Holdings Limited announced that they will report fiscal year 2025 results on Jun 26, 2025 Buy Or Sell Opportunity • Oct 15
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €5.70. The fair value is estimated to be €4.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 7.4%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Upcoming Dividend • Sep 12
Upcoming dividend of UK£0.15 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 04 October 2024. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.8%). Duyuru • Aug 02
Foresight Group Holdings Limited Approves Final Dividend for the Financial Year Ended 31 March 2024, Payable on 4 October 2024 Foresight Group Holdings Limited announced that at the AGM held on 2 August 2024 approved final dividend of 15.5 pence per ordinary share for the financial year ended 31 March 2024 payable on 4 October 2024 to all members whose names appear on the Company's register of members on 20 September 2024. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.95, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 36% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.29 per share. Duyuru • Jun 29
Foresight Group Holdings Limited, Annual General Meeting, Aug 02, 2024 Foresight Group Holdings Limited, Annual General Meeting, Aug 02, 2024. Location: royal chambers, st julians avenue, st peter port, gy1 2hh, Guernsey Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: UK£0.23 (vs UK£0.21 in FY 2023) Full year 2024 results: EPS: UK£0.23 (up from UK£0.21 in FY 2023). Revenue: UK£141.3m (up 19% from FY 2023). Net income: UK£26.4m (up 12% from FY 2023). Profit margin: 19% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Capital Markets industry in Germany. Duyuru • Jun 27
Foresight Group Holdings Limited Recommends Final Dividend, Payable on 4 October 2024 The board of Foresight Group Holdings Limited is recommending the payment of a 15.5 pence final dividend, in line with the prior year and leading to a 10% year on year increase in the total dividend to 22.2 pence (fiscal year 2023: 20.1 pence). The final dividend will be paid on 4 October 2024 with an ex-dividend date of 19 September 2024 and a record date of 20 September 2024. Duyuru • Apr 11
Foresight Group Holdings Limited to Report Fiscal Year 2024 Results on Jun 27, 2024 Foresight Group Holdings Limited announced that they will report fiscal year 2024 results on Jun 27, 2024 Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Non-Executive Director Mike Liston was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buy Or Sell Opportunity • Feb 23
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €5.05. The fair value is estimated to be €4.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 143% in the next 2 years. Buy Or Sell Opportunity • Feb 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €4.96. The fair value is estimated to be €4.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 143% in the next 2 years. Duyuru • Dec 21
Foresight Group Holdings Limited (LSE:FSG) commences an Equity Buyback Plan for 11,627,121 shares, representing 10% of its issued share capital, under the authorization approved on August 10, 2023. Foresight Group Holdings Limited (LSE:FSG) commences share repurchases on December 19, 2023, under the program mandated by shareholders in the Annual General Meeting held on August 10, 2023. As per the mandate, the company is authorized to repurchase up to 11,627,121 shares, representing 10% of its share capital. The minimum price (exclusive of expenses) to be paid for repurchase shall be nil. The maximum price (exclusive of expenses) which may be paid for a Share shall be not more than the higher of 5% above the average of the middle market quotations for a Share as derived from the Daily Official List of London Stock Exchange plc for the five business days immediately before the purchase is made and the higher of the price of the last independent trade of a Share, and the highest independent bid as derived from the London Stock Exchange Trading System at the time of the purchase for the Shares. The repurchased shares will be held as treasury shares and subsequently will be cancelled. The authorization will be valid till Next Annual General Meeting or November 9, 2024, if earlier. As of August 10, 2023, the company had 116,271,212 issued shares.
On October 27, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to £5 million worth of its shares. The repurchases under the program will be funded from existing cash resources. The program will commence today and will will continue until the earlier of the expiration of the General Authority or until the number of Ordinary Shares equal to the maximum pecuniary amount have been purchased under the Share Buyback or the process is terminated or paused. Reported Earnings • Dec 03
First half 2024 earnings released: EPS: UK£0.073 (vs UK£0.10 in 1H 2023) First half 2024 results: EPS: UK£0.073 (down from UK£0.10 in 1H 2023). Revenue: UK£67.8m (up 34% from 1H 2023). Net income: UK£8.49m (down 24% from 1H 2023). Profit margin: 13% (down from 22% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Duyuru • Nov 30
Foresight Group Holdings Limited Declares an Interim Dividend, Payable on January 26, 2024 Foresight Group Holdings Limited declared an interim dividend of 6.7 pence per share (first Half Financial Year 2023: 4.6 pence). This is in line with the Group's dividend policy which targets a total dividend payout ratio of 60% of profit after tax before non-underlying items. The interim dividend will be paid on 26 January 2024, with an ex-dividend date of 11 January 2024 and a record date of 12 January 2024. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €4.32, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 19% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €8.07 per share. New Risk • Oct 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (96% payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (20% net profit margin). Duyuru • Oct 10
Foresight Group Holdings Limited to Report First Half, 2024 Results on Nov 30, 2023 Foresight Group Holdings Limited announced that they will report first half, 2024 results on Nov 30, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of UK£0.15 per share at 4.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 20 October 2023. Payout ratio is on the higher end at 96%, however this is supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.0%). Duyuru • Aug 11
Foresight Group Holdings Limited Approves Final Dividend for the Year Ended 31 March 2023, Payable on 20 October 2023 Foresight Group Holdings Limited announced at annual general meeting held on August 10, 2023, the shareholders approved the final dividend recommended by the Directors of 15.5 pence per ordinary share for the financial year ended 31 March 2023 be declared payable on 20 October 2023 to all members whose names appear on the Company's register of members on 29th September 2023. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €5.45, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Capital Markets industry in Germany. Total returns to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €7.15 per share. New Risk • Jul 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 20% Last year net profit margin: 29% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (20% net profit margin). Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Reported Earnings • Jul 04
Full year 2023 earnings released: EPS: UK£0.21 (vs UK£0.23 in FY 2022) Full year 2023 results: EPS: UK£0.21 (down from UK£0.23 in FY 2022). Revenue: UK£119.2m (up 38% from FY 2022). Net income: UK£23.6m (down 5.8% from FY 2022). Profit margin: 20% (down from 29% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Upcoming Dividend • Jan 05
Upcoming dividend of UK£0.046 per share Eligible shareholders must have bought the stock before 12 January 2023. Payment date: 27 January 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 27% share price gain to €4.70, the stock trades at a trailing P/E ratio of 14x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 1.8% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.88 per share. Reported Earnings • Dec 02
First half 2023 earnings released: EPS: UK£0.22 (vs UK£0.11 in 1H 2022) First half 2023 results: EPS: UK£0.22 (up from UK£0.11 in 1H 2022). Revenue: UK£50.7m (up 28% from 1H 2022). Net income: UK£23.3m (up 104% from 1H 2022). Profit margin: 46% (up from 29% in 1H 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Capital Markets industry in Germany. Duyuru • Dec 01
Board of Foresight Group Holdings Limited Declares Interim Dividend, Payable on 27 January 2023 Board of Foresight Group Holdings Limited is declaring an interim dividend of 4.6 pence per share (H1 FY22: 4.0 pence) to reflect their ongoing confidence in growth trajectory. The interim dividend will be paid on 27 January 2023. Duyuru • Oct 11
Foresight Group Holdings Limited to Report First Half, 2023 Results on Dec 01, 2022 Foresight Group Holdings Limited announced that they will report first half, 2023 results on Dec 01, 2022 Upcoming Dividend • Aug 11
Upcoming dividend of UK£0.098 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.5%). Higher than average of industry peers (2.9%). Duyuru • Jul 15
Foresight Group Holdings Limited, Annual General Meeting, Aug 10, 2022 Foresight Group Holdings Limited, Annual General Meeting, Aug 10, 2022, at 12:00 Coordinated Universal Time. Location: at Dorey Court, Admiral Park, St Peter Port Guernsey United Kingdom Duyuru • Jul 14
Foresight Group Holdings Limited (LSE:FSG) agreed to acquire Infrastructure Capital Group Ltd from Log Creek, other non-management shareholders and management for AUD 140 million Foresight Group Holdings Limited (LSE:FSG) agreed to acquire Infrastructure Capital Group Ltd from Log Creek Pty Ltd., non-management shareholders and management for AUD 140 million on July 12, 2022. The consideration includes AUD 105 million to be paid 50% in cash and 7.94 million newly issued Foresight shares, with cash component funded by existing financial resources. Infrastructure Capital's shareholders will be also entitled to a contingent consideration of up to AUD 35 million, of which up to AUD 30 million is payable in cash and Foresight shares, based on the achievement of management fee revenue targets for the 12-month period ending 30 June 2025. The shares relating to this contingent consideration will vest over the two years following this period. The additional contingent consideration of up to AUD 5 million is payable in cash and based on a revenue share mechanism for incremental asset management revenues over the period from closing to June 30, 2026. The acquisition is being completed on a debt free, cash free basis. The acquisition is being completed on a debt free, cash free basis. Under the transaction, Log Creek will sell 63.3% stake in Infrastructure Capital while other non-management shareholders will sell 3.8% and management will sell 32.9%. In the 12-month period ending March 31, 2022, Infrastructure Capital generated £7.2 million of EBITDA. The Infrastructure Capital management team will continue to manage the business and operate on a largely stand-alone basis day-to-day. Foresight's existing 7-strong team in Australia will be integrated into Infrastructure Capital post-completion. The deal is subject to regulatory approval from the Foreign Investment Review Board in Australia and satisfaction of certain change of control conditions and is anticipated to complete over the next three months. The transaction is expected to deliver 10% EPS accretion in the first full year post acquisition, with further value expected to be delivered through synergies over time. Lazard & Co., Limited and PwC acted as financial advisors for Foresight Group while Travers Smith LLP and Allens acted as legal advisors. Reported Earnings • Jul 13
Full year 2022 earnings released: EPS: UK£0.23 (vs UK£0.15 in FY 2021) Full year 2022 results: EPS: UK£0.23 (up from UK£0.15 in FY 2021). Revenue: UK£86.1m (up 25% from FY 2021). Net income: UK£25.1m (up 65% from FY 2021). Profit margin: 29% (up from 22% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15% compared to a 8.5% decline forecast for the funds industry in Germany. Duyuru • Jul 12
Foresight Group Holdings Limited Declares Final Dividend, Payable on 14 October 2022 The Board of Foresight Group Holdings Limited targets a total dividend payout of 60% of profit after tax, paying approximately one-third of the total dividend for the year as an interim dividend and approximately two-thirds as a final dividend. In line with this policy, Foresight Group Holdings Limited have declared a final dividend of 9.8 pence per share. Combined with the interim dividend of 4.0 pence per share, this gives a total in respect of the year of 13.8 pence per share. The final dividend will be paid on 14 October 2022 based on an ex-dividend date of 18 August 2022, with a record date of 19 August 2022. Moving forward, the Board's intention is that the interim dividend will represent 30% of the prior year's total dividend. Duyuru • Jul 06
Foresight Group Holdings Limited (LSE:FSG) completed the acquisition of Technology ventures division of Downing Ventures from Downing Ventures. Foresight Group Holdings Limited (LSE:FSG) agreed to acquire Technology ventures division from Downing Ventures for £17.8 million on June 13, 2022. Under the terms, the deal includes the acquisition of the management of Downing's venture capital trusts and the Downing's Ventures Enterprise Investment Scheme, excluding the Healthcare Ventures. Foresight will pay an initial consideration of £13.6 million, with a further consideration of up to £4.2 million payable over a three-year period subject to the achievement of certain criteria, and an additional capped fee sharing arrangement in respect of future performance and other fees. The Acquisition will be funded from existing financial resources. The deal is expected to close by the end of June. Helen Parsonage, Matthew Bodfield and Erika Jupe of Osborne Clarke LLP acted as legal advisors to Foresight Group Holdings Limited.
Foresight Group Holdings Limited (LSE:FSG) completed the acquisition of Technology ventures division of Downing Ventures from Downing Ventures on July 5, 2022. Duyuru • Jun 25
Foresight Group Holdings Limited has completed a Follow-on Equity Offering in the amount of £45.021378 million. Foresight Group Holdings Limited has completed a Follow-on Equity Offering in the amount of £45.021378 million.
Security Name: ordinary shares
Security Type: Common Stock
Securities Offered: 42,076,054
Price\Range: £1.07
Transaction Features: Subsequent Direct Listing Duyuru • Jun 14
Foresight Group Holdings Limited (LSE:FSG) agreed to acquire Technology ventures division from Downing Ventures for £17.8 million. Foresight Group Holdings Limited (LSE:FSG) agreed to acquire Technology ventures division from Downing Ventures for £17.8 million on June 13, 2022. Under the terms, the deal includes the acquisition of the management of Downing's venture capital trusts and the Downing's Ventures Enterprise Investment Scheme, excluding the Healthcare Ventures. Foresight will pay an initial consideration of £13.6 million, with a further consideration of up to £4.2 million payable over a three-year period subject to the achievement of certain criteria, and an additional capped fee sharing arrangement in respect of future performance and other fees. The Acquisition will be funded from existing financial resources. The deal is expected to close by the end of June. Duyuru • Jun 13
Foresight Group Holdings Limited Announces First Close of Two New Funds Foresight Group Holdings Limited announced further success in its regional private equity strategy following the recent launch of its first non-UK private equity fund, the AIB Foresight Impact fund. Foresight has reached first close totaling £58 million across two new UK regional funds. Foresight Regional Investment IV LP will focus on the North East and Yorkshire region and is the fourth fund in this successful strategy. This fund will work alongside the Foresight West Yorkshire SME Investment Fund which will invest in West Yorkshire. These strategically important funds will support the establishment of new offices in Leeds and Newcastle, which will take Foresight's UK regional office footprint to ten with the previously announced Dublin office also due to open shortly. In addition, Foresight has received top-up investments to its Scottish Growth Fund and North West focused Foresight Regional Investment III LP in the past month. Duyuru • Apr 08
Foresight Group Holdings Limited to Report Fiscal Year 2022 Results on Jul 12, 2022 Foresight Group Holdings Limited announced that they will report fiscal year 2022 results on Jul 12, 2022 Reported Earnings • Dec 11
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: UK£0.11 (up from UK£0.088 in 1H 2021). Revenue: UK£39.7m (up 23% from 1H 2021). Net income: UK£11.5m (up 38% from 1H 2021). Profit margin: 29% (up from 26% in 1H 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 13% compared to a 8.3% decline forecast for the industry in Germany. 
