Preliminary results for the 12 months ended 31 January 2024

Portfolio companies performing strongly


  • NAV per Share of 1,909p, LTM NAV per Share Total Return* of 2.1% and 5-year annualised return of 14.6%
  • Portfolio companies reporting strong operational performance1: 14.2% LTM EBITDA growth and prudent leverage of 4.6x
  • FY24 Portfolio Return* on a Local Currency Basis of 5.9%; FX movements resulted in a Portfolio Return on a Sterling Basis of 3.2%
  • Executed 38 Full Exits at weighted-average Uplift to Carrying Value of 29.5%
  • Sustainable growth in shareholder distributions: total of £35m returned to shareholders in FY242 (FY23: £22m), comprising 33p total dividends per share (+10% compared to FY23) and £13m through share buybacks. Both the progressive dividend policy and long-term share buyback programme will be maintained for the foreseeable future
  • In addition the Board is implementing an opportunistic buyback programme for FY25 to take advantage of current trading levels (see page 13 of announcement for further details)
  • Our investment strategy, strong relationships and well-capitalised balance sheet allow us to maintain our investment programme through cycles

1. Based on Enlarged Perimeter covering 67.5% of the Portfolio. See page 11 of announcement. Earnings growth and debt multiple based on weighted-average
1. Based on dividends declared or proposed for Q1 FY24 – Q4 FY24 inclusive, and buybacks up to and including 31 January 2024
* This is an Alternative Performance Measure. Please refer to the Glossary for the definition.

ICG Enterprise Trust’s investment strategy of focusing on businesses with defensive growth characteristics has resulted in our portfolio companies reporting another period of strong operating performance.

This, alongside a long-term trend of executing Full Exits at an Uplift to Carrying Value, gives us continued confidence in our approach, valuations and future prospects.

Against a background of slower market-wide activity, our evergreen capital structure, well-capitalised balance sheet and strong relationships are enabling us to continue to invest for future growth.

Oliver Gardey
Oliver GardeyPortfolio Manager for ICG Enterprise Trust

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