Organic growth shows no sign of waning at Gresham House (GHE:810p), a fund manager specialising in renewable energy generation (solar power, wind, and battery storage farms), forestry, infrastructure, and public and private equity investment strategies.
Having reported a 91 per cent rise in first-half underlying operating profit to £13.2mn on 63 per cent higher revenue of £38.5mn, and with the operating leverage of the business highlighted by the five percentage point increase in operating margin to 35 per cent, the risk to earnings remains firmly skewed to the upside. In fact, Gresham House has already earned half of analysts’ full-year operating profit estimates of £26.3mn which underpin broking house Canaccord Genuity’s forecast of 17 per cent growth in 2022 earnings per share (EPS) to 53p.
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