- NAV per Share of 1,904p at 31 July 2023, LTM NAV per Share Total Return* of 4.1% and 5 year annualised of 15.2%
- Portfolio companies generating ~15% LTM revenue and earnings growth, with weighted-average leverage of 4.7x 1
- H1 FY24 Portfolio Return* on a Local Currency Basis of 4.6% (Sterling return 1.6%), ICG-managed investments generated a local currency return of 5.1%
- Continuing to realise investments at Uplifts to Carrying Value and our Managers are executing on new investment opportunities, despite more subdued transaction activity market-wide
- Second quarter dividend of 8p per share, taking total dividends for H1 FY24 to 16p (H1 FY23: 14p). Reaffirmed intended FY24 dividend of at least 32p per share, an increase of 6.7% on FY23
- One year since launch of long-term buyback programme: £10.6m 2 invested to repurchase 1.4% of outstanding share capital at a weighted average discount to NAV of 40.6% since programme initiated
- In the coming months we expect to retain a disciplined approach to Direct investments and to continue to build a diversified portfolio through our Primary commitments
1 Based on Enlarged Perimeter covering 66.4% of the Portfolio. See page 7 of PDF found below.
2 Up to and including 30 September 2023
* This is an Alternative Performance Measure. Please refer to the Glossary for the definition.
ICG Enterprise Trust’s strategy of investing exclusively in buyouts of businesses that exhibit defensive growth characteristics – along with our capital allocation policy – is delivering attractive shareholder returns. In the last twelve months we have generated an NAV per Share Total Return of 4.1%, and over the last five years an annualised NAV Per Share Total Return of 15.2%.
Although market-wide transaction activity was lower during the period, we and our Managers have continued to identify attractive opportunities for new investments and realisations. Total Realisations during the period generated proceeds of £94.1m, including 17 full exits at a weighted average Uplift to Carrying Value of 17.7%. Our investments of £64.1m during the period included two Direct investments.
A challenging fundraising market for private equity managers continues to be a favourable environment for our perpetual capital structure, and we made nine new commitments during the period, including to two funds managed by ICG.
Our Portfolio is performing in line with our expectations, and the Primary commitments made in recent quarters are enabling us to continue to build a diversified Portfolio through cycles. Our relationship with ICG is demonstrating economic and broader benefits to ICG Enterprise Trust, and we feel well positioned for the months ahead and for the longer term.