Continued strong performance and excellent progress against strategic goals
Highlights
- NAV per share of 959p - total return of 12.5%1 in the year
- Growth driven by strong operating performance and realisation uplifts
- High quality Portfolio1 and record period for realisations
- 16.4% constant currency return on the investment Portfolio; 15.3% return in sterling
- 12% average LTM earnings growth from Largest 30 Companies; 47% of the Portfolio
- £227m of realisations; cash proceeds 37% of the opening Portfolio value
- Realisations at 40% uplift to carrying value; 2.7x multiple to cost
- Selective investment into compelling opportunities
- £142m of new capital deployed; 42% into high conviction investments
- Flexibility to adapt investment mix according to where the investment team see the best relative value
- £110m committed to nine primary funds; four new relationships
- Strategic benefits of move to ICG continue to add significant value
- £30m of co-investment alongside ICG; ICG managed investments now represents 18% of the Portfolio
- Focus on defensive growth companies and structural downside protection
- Continued geographic diversification; US now represents 22% of the Portfolio
- Move to progressive annual dividend policy – dividend of 21p
- 5% increase on previous year and 2.6% yield on year end share price
- Move to quarterly dividend payments
- Continued short, medium and long-term outperformance of public markets
| Performance to 31 Jan 2018 | 1 year | 3 years | 5 years | 10 years* |
|---|---|---|---|---|
| Net asset value per share | +12.5% | +48.0% | +67.8% | +113.0% |
| Share price | +20.1% | +55.1% | +89.7% | +107.3% |
| FTSE All-Share Index (total return) | +11.3% | +27.4% | +50.3% | +80.9% |
* As the Company changed its year end in 2010, the 10 year figures are for the 121 month period to 31 January 2018
All performance figures are stated on a total return basis (i.e. including the effect of re-invested dividends)
1 Alternative Performance Measure
Jeremy Tigue, Chairman, commented:
“This has been another very successful year with continued strong performance and excellent progress against strategic goals.
“The current market dynamics play to the core strengths of our strategy and the team’s expertise; a patient and highly selective approach and the ability to be flexible and ensure downside risks are limited. These strengths and our high-quality portfolio should serve us well, and I am confident the Company will continue to deliver long term growth ahead of public markets.”