Strong performance and excellent progress against strategic goals.
- NAV per share of 937p - total return of 8.7% in the six months
- Continued strong operating performance and realisation activity across the portfolio
- Largest 30 underlying companies generating earnings growth of 15%
- Highly cash generative portfolio - record period of proceeds
- £117m received in the period; 20% of the opening portfolio value
- Realisations at 36% uplift to carrying value; 3.1x multiple to cost
- Selective investment into compelling opportunities
- £65m invested in the six months
- Capital deployed into high conviction investments gaining momentum; 54% of new investment in H1
- Flexibility to adapt investment mix according to where we see the best relative value
- Strategic benefits of move to ICG continue to add significant value
- £16m co-investment in Domus Vi alongside ICG Europe VI
- £8m co-investment in Visma alongside ICG Europe VI completed in September 2017
- £24m of commitments to two US based managers
- £10m secondary investment in restructuring of ICG Recovery Fund 2008B
- Continued excellent short, medium and long-term outperformance
|Performance to 31 July 2017*||6 months||1 year||3 year||5 year||10** year|
|Net asset value per share||+8.7%||+20.1%||+45.9%||+77.4%||+120.7%|
|Share price (total return)||+8.1%||29.5%||+38.2%||+116.0%||+102.2%|
|FTSE All-Share Index (total return)||+7.1%||+14.9%||+25.7%||+65.0%||+70.4%|
* All figures are on a Total Return basis
** As the Company changed its year end in 2010, the ten year figures are for the 121 month period to 31 July 2017.
Jeremy Tigue, Chairman, commented:
“These results continue your Company’s excellent long-term performance, with both the net asset value and share price outperforming the FTSE All-Share Index over one, three, five and ten years.
“I have been a Board member of the Company for almost a decade and have observed first-hand the evolution of the investment portfolio and the significant shareholder value created by the team’s excellent long-term track record and highly selective investment approach.
“The team’s move to ICG early in 2016 has allowed ICG Enterprise Trust to further build on its flexible mandate. I am delighted with the excellent progress we have made against a number of strategic goals and believe that the strategic benefits of the team’s move to ICG will continue to add significant shareholder value and drive outperformance of the wider market.”