HgCapital Trust PLC Interim Results - Six Months Ended 30 June 2017 (2890Q)
11 September 2017 - 4:00PM
UK Regulatory
TIDMHGT
RNS Number : 2890Q
HgCapital Trust PLC
11 September 2017
HgCapital Trust plc
INTERIM Results for the SIX months ended 30 JUNE 2017
London, 11 September 2017: HgCapital Trust plc ("the Company"),
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 2017.
CONTINUED STRONG NAV PERFORMANCE DRIVEN BY DOUBLE-DIGIT REVENUE
AND PROFIT GROWTH AND EXITS ABOVE BOOK VALUE
SUMMARY performance
31 August 30 June 31 December % Total
2017 2017 2016 return(1)
--------------- ------------ ----------- -------------- ------------
Share price GBP17.00 GBP16.90 GBP15.41 +13.1%
NAV per
share GBP18.61 GBP17.97 GBP16.50 +12.1%
FTSE All-Share
Index +5.5%
---------------------------------------------------------- ------------
June 2017
Movement
Net Asset GBP694.5m GBP670.9m GBP615.8m +GBP55.1m
Value
--------------- ------------ ----------- -------------- ------------
(1) Assuming reinvestment of all historic dividends
key Highlights FOR THE SIX MONTHS TO 30 JUNE 2017
-- NAV per share of GBP17.97, a total return of 12%.
-- Share price of GBP16.90, a total return of 13%.
-- Interim dividend of 16 pence per share, payable in
October.
-- Strong revenue and EBITDA growth of 11% and 19% respectively
across the top 20 buyout investments (82% of the portfolio) over
the last twelve months.
-- EV to EBITDA valuation multiple of 16.0x and debt to EBITDA
ratio of 5.0x for the top 20 buyout investments.
-- GBP134 million of cash returned to the Company and GBP40
million invested on behalf of the Company (including GBP11.5
million of co-investment).
year-to-date to 31 august 2017
-- NAV per share of GBP18.61, year-to-date return of 16%, the
increase reflecting the exit of Sequel at a significant uplift to
book value and positive foreign exchange movements.
-- Share price has risen to GBP17.00, year-to-date total return
of 14% vs. a FTSE All-Share total return of 8%.
-- Five exits agreed since June completed or due to complete in
the second half of 2017.
-- An estimated further GBP78 million has been returned to the
Company since 30 June 2017.
-- Pro-forma liquid resources and outstanding commitments post
completion of all announced transactions are GBP182 million (26% of
NAV) and GBP464 million (67% of NAV) respectively.
Manager's Outlook
-- We believe that we are in a seller's market and will
concentrate our efforts on returning further value from the
portfolio over the next twelve months for good prices, and at
uplifts to their book value.
-- The medium to long-term pipeline of new investment
opportunities continues to build in our 'sweet spot' where we
believe we can still make good investments in this market with a
cautious and disciplined strategy.
-- We believe we have a very strong portfolio of highly cash
generative businesses with good visibility on future earnings which
can continue to grow value for shareholders and remain in demand
from both trade and financial buyers.
Roger Mountford, Chairman of the Company, commented:
"Most businesses in our portfolio continue to achieve high rates
of growth in both revenues and profits. This provides strong
evidence of the potential for continuing, consistent growth in
value for the benefit of shareholders."
- Ends -
The Company's 2017 Interim Report and Accounts 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
Laura Dixon (HgCapital) 7888
Roger Mountford (Chairman,
HgCapital Trust plc)
+44 (0)7799 662
Maitland 601
+44 (0)20 7379
Tom Eckersley 5151
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are
listed on the London Stock Exchange. The Company 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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IR MMGGLVRLGNZM
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