Q1 update for the three months ended 30 April 2024

NAV per Share of 1,925p


  • Generating NAV per Share growth in an environment where transaction activity remains subdued
  • NAV per Share of 1,925p (31 January 2024: 1,909p); NAV per Share Total Return of 1.2% during the quarter and 4.3% over the last twelve months (5 year annualised: 14.5%)
  • Portfolio Return on a Local Currency Basis of 0.5% during the quarter and 4.8% on an LTM basis (5 year annualised: 16.2%)
  • Total Realisations of £29m and New Investments of £32m
  • Two Full Exits completed at a weighted average Uplift to Carrying Value of 29.2%
  • Progressive dividend policy maintained: first quarter dividend of 8.5p per share (Q1 FY24: 8p). Board intends to pay total dividends of at least 35p per share for FY25 (FY24: 33p)
  • £7.0m returned via ongoing share buyback programme (Q1 FY24: £3.1m) at a weighted-average discount to NAV of 39.7% (Q1 FY24: 42.0%)
  • Implementing FY25 opportunistic buyback programme: £7.4m returned since announcement1

1 Up to and including 21 June 2024


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