HgCapital Trust PLC Interim Results (4836J)
12 September 2016 - 4:00PM
UK Regulatory
TIDMHGT
RNS Number : 4836J
HgCapital Trust PLC
12 September 2016
HgCapital Trust plc
INTERIM Results for the SIX months ended 30 JUNE 2016
London, 12 September 2016: HgCapital Trust plc ("the Trust"),
which provides investors with a listed vehicle to invest in all
private equity deals managed by HgCapital, today announces its
interim results for the six months ended 30 June 2016.
CONTINUED Strong NAV performance driven by double-digit revenue
and profit growth
SUMMARY performance
31 August 30 June 31 December % Total
2016 2016 2015 return(1)
=============== ============ =========== ============== ============
NAV per
share GBP15.63 GBP15.48 GBP14.20 +12.1%
Share price GBP12.83 GBP11.95 GBP11.15 +10.8%
FTSE All-Share
Index +4.3%
========================================================== ============
June 2016
Movement
Net Asset GBP583.6m GBP577.6m GBP530.0m +GBP47.6m
Value
=============== ============ =========== ============== ============
(1) Assuming reinvestment of all historic dividends
key Highlights FOR THE SIX MONTHS TO 30 JUNE 2016
-- NAV per share of GBP15.48, a total return of 12%.
-- Share price of GBP11.95, a total return of 11%.
-- Strong revenue and EBITDA growth of 12% and 22% respectively
across the top 20 buyout investments over the last twelve
months.
-- EV to EBITDA valuation multiple of 14.1x and debt to EBITDA
ratio of 4.5x for the top 20 buyout investments.
-- GBP71 million of cash returned to the Trust and GBP73 million
invested on behalf of the Trust (including GBP8.0 million of
co-investment).
year to date to 31 august 2016
-- NAV per share of GBP15.63, the increase reflects uplifts to
book value on exits and further currency gains.
-- Share price has risen to GBP12.83, year-to-date total return
of 19% vs. a FTSE All-Share total return of 11%.
-- Four exits completed post the EU referendum, three sold to US trade buyers.
-- An estimated further GBP26 million has been returned to the
Trust, and GBP6 million invested on behalf of the Trust post 30
June 2016.
-- Pro-forma liquid resources and outstanding commitments post
completion of all announced transactions are GBP40 million (7% of
NAV) and GBP92 million (16% of NAV) respectively.
Manager's Outlook
-- Over and above the general economic and political uncertainty
we are all facing over the coming months, we do not expect there to
be any specific negative consequences associated with the EU
referendum vote on the performance of the portfolio.
-- The two key areas of focus for us over the next 12 months are to:
- continue to return cash to our clients through a combination
of sales to both trade and financial buyers and some further
refinancings; and
- continue to work with our existing portfolio to drive value by
supporting management to deliver their business plans and improve
the operations of their businesses.
-- Over the last few years we believe we have assembled the
strongest portfolio of businesses we have ever had and we are
confident that we will continue to grow equity value in these
companies over the next 12 months.
Roger Mountford, Chairman of the Trust, commented:
"The quality of the Trust's portfolio, and the high rates of
growth in sales and profits being achieved, provide evidence of the
potential for continuing, consistent growth in value for the
benefit of shareholders.
The HgCapital 7 fund is now more than 70% drawn and the Board
and the Manager have therefore been in dialogue to discuss the
commitment that the Board will make on behalf of the Trust to
continue to invest alongside HgCapital's institutional clients in
its next vintage of mid-market buyouts. The Board has indicated to
the Manager an appetite to commit some GBP350 million to its
HgCapital 8 fund when fundraising begins."
- Ends -
The Trust's 2016 Interim Report and a video from the Manager to
accompany the results are available to view at:
http://www.hgcapitaltrust.com/.
For further details:
HgCapital
+44 (0)20 7089
Stephen Bough (CFO, HgCapital) 7888
Roger Mountford
(Chairman, HgCapital +44 (0)77996 626
Maitland Trust plc) 01
+44 (0)20 7379
5151
Tom Eckersley +44 (0)20 7379
Jamie Dunkley 5151
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are
listed on the London Stock Exchange. The Trust gives investors
exposure, through a liquid vehicle, to a portfolio of high-growth
private companies, managed by HgCapital, an experienced and
well-resourced private equity firm with a long-term track record of
delivering superior risk-adjusted returns for its investors.
For further details, see www.hgcapitaltrust.com and
www.hgcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
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