Preliminary results for the 12 months ended 31 January 2025

Investing in resilience, delivering growth

Highlights

  • Actively-managed Portfolio focused on global mid-market private companies generating resilient growth
  • NAV per Share reaches 2,073p; NAV per Share Total Return* of 10.5% during the year and five-year annualised return of 14.5%
  • Portfolio Return* on a Sterling Basis of 10.6%; portfolio companies reporting ~15% LTM earnings growth1
  • 40 Full Exits executed at a weighted-average Uplift to Carrying Value of 19.0%
  • Shareholder-focused capital allocation policy: £59m (5% of opening NAV) returned to shareholders in FY252 (FY24: £35m), of which £36m through buybacks (FY24: £13m) and £23m through dividends of 36p per share (FY24: £22m, 33p per share)
  • Wide range of potential outcomes to market transaction activity; secondaries market could present compelling opportunities
  • Sector positioning, strong origination network and robust balance sheet position us well in current environment
  • Post period-end, announced an additional £107m proceeds from a secondary sale and the realisation of Minimax (largest portfolio company, 3.1% of Portfolio at 31 January 2025)

1 EBITDA, based on Enlarged Perimeter covering 67% of the Portfolio
2 Based on dividends declared or proposed for Q1 FY25 – Q4 FY25 inclusive, and buybacks up to and including 31 January 2025
*This is an Alternative Performance Measure. Please refer to the Glossary for the definition.

Our portfolio companies are delivering solid operational performance (15% earnings growth LTM). Our resilient Portfolio and robust balance sheet position us well for the current market environment.

Our active approach to portfolio management is a differentiator for ICGT. As well as making a number of new commitments and investments during the year, we executed a secondary sale post period-end at a 5.5% discount that generated net cash proceeds of £62m for ICGT.

The investment trust structure enables shareholders to invest efficiently in privately-owned companies. With our track record and network, ICGT is an attractive proposition for those seeking exposure to mature, profitable, cash-generative businesses.

Oliver Gardey
Oliver GardeyPortfolio Manager for ICG Enterprise Trust

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