23 Apr 2018

2018 Full Year Results

Continued strong performance and excellent progress against strategic goals 

Highlights

  • NAV per share of 959p - total return of 12.5%in the year
    • Growth driven by strong operating performance and realisation uplifts
  • High quality Portfolioand 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.”

Share price (ICGT)

1,088p
34.00P (3.23%)
2:47AM 17 May 2022
The share price information is delayed by at least 15 minutes

Net Asset Value

1690p
As of 31 January 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2021 £952m 1,384p 966p 24p
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p