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S&P raises True Potential
S&P said it raised its ratings on True Potential Group Ltd. (Kane Bidco Ltd.) and its senior secured bonds to B+ from B.
“True Potential demonstrated solid business growth in 2022 and we expect it to continue growing its earnings over 2023-2024. In 2022, despite tough market conditions, True Potential outperformed our expectations with assets under management (AUM) growing by 15% and supporting growth in EBITDA, which increased by 20.5% to £176.2 million. The group continued to benefit from its attractive buyout proposition for restricted financial advisors and their clients, while growing scale-supported profitability, with EBITDA margin reaching 52% versus 50.4% the previous year.
“We expect True Potential's earnings growth to continue over the next two years, reflecting rising client assets thanks to a continued strong inflow of new customer funds and broadly stable outflows,” the agency said in a press release.
The outlook is stable.
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