04 Oct 2018

Results for the six months to 31 July 2018

Profit growth and exit activity continues to drive strong performance


  • NAV per share of 1,026p - total return of 8.1% in the six months
    • Well ahead of the FTSE-All Share, which returned 5.0%
  • Strong underlying profit growth and realisations at significant uplifts
    • 7.9% constant currency return on the investment Portfolio; 10.4% return in Sterling
    • 14% aggregate LTM1 earnings growth from largest 30 Companies; 47% of the portfolio
    • Realisations at 31% uplift; 2.3x multiple of cost
    • Highly cash generative Portfolio - £85m of proceeds received
  • Continued focus on deploying capital into highly defensive businesses
    • £76m of new investments made; 61% of capital deployed into high conviction assets of ICG funds, co-investments and secondary fund investments
    • Four co-investments and one secondary investment completed
    • High conviction investments now 44% of the Portfolio; weighted towards largest 30 Companies
  • Six new primary commitments
    • £102m of new commitments to six funds
    • Two new US relationships - The Jordan Company and Tailwind Capital
  • Strategic benefits of the scale and resources of ICG’s global platform continue to add significant value
    • £20m of co-investment alongside ICG; ICG managed investments represent 22% of the Portfolio
    • Proprietary opportunities sourced through the ICG network are proving to be particularly attractive
    • Portfolio more geographically diverse; US exposure 24% of the Portfolio
  • Portfolio well-positioned to continue to generate significant shareholder value
    • High quality Portfolio with strong underlying profit growth
    • Weighted towards companies that primarily have non-cyclical growth drivers
    • Attractive and well-balanced maturity; balancing near term realisation prospects and medium-longer term growth
  • Quarterly dividend of 5p per share
    • Total dividends for Q1 and Q2 of 10p per share
  • Continued short, medium and long-term outperformance of public markets
Performance to 31 July 2018 6 months 1 year 3 years 5 years  10 years2
Net asset value per share (total return) +8.1% +11.9% +55.4% +66.8% +126.4%
Share price (total return) +5.5% +17.3% +55.4% +97.3% +142.2%
FTSE All-Share Index (total return) +5.0% +9.2% +30.2% +44.9% +113.9%

1 Last 12 months.

2 As the Company changed its year end in 2010, the ten-year figures are for the 121-month period to 31 July 2018.

Emma Osborne, ICG, commented:

“The Portfolio continues to deliver, with underlying profit growth and realisation activity driving strong returns. As our managers continue to take advantage of the favourable environment to sell companies, we remain disciplined and selective when deploying capital, focusing on defensive companies in sectors with non-cyclical growth drivers, such as education and healthcare.

“We have a high quality Portfolio, a strong pipeline of opportunities and we believe the Portfolio is well-positioned to continue to generate significant shareholder value."

Share price (ICGT)

-10.00P (-0.88%)
3:36AM 17 Oct 2021
The share price information is delayed by at least 15 minutes

Net Asset Value

As of 31 July 2021
Next update: Q3 results for quarter ended 31 October 2021
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


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