Q1 update for the three months ended 30 April 2023

3d render of blue rounded financial chart
NAV per Share of 1,876p


  • Portfolio continuing to grow on underlying basis; strengthening of Sterling impacting Sterling returns
  • NAV per Share of 1,876p (31 January 2023: 1,903p); NAV per Share Total Return of (1.1)% during the quarter and 8.3% over the last twelve months (5 year annualised: 16.2%)
  • Portfolio Return on a Local Currency Basis of 0.5% during the quarter and 10.2% on an LTM basis (5 year annualised: 18.6%)
  • Balance sheet strength and Portfolio performance enabling us to make £72m of new fund Commitments (including £42m to ICG-managed funds)
  • Proceeds of £68m, including from the sale of Endeavor Schools (previously our third largest portfolio company). 10 Full Exits completed, at a weighted average Uplift to Carrying Value of 20%
  • First quarter dividend of 8p per share (Q1 FY23: 7p). Board intends to pay total dividends of at least 32p per share for FY24 (FY23: 30p)
  • £7.1m returned so far via share buybacks at weighted average discount to last reported NAV of 41.0% since programme initiated in October 20221

1 Up to and including 23 June 2023

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