Business
3rd Quarter Results for the three months to 31 ...
3rd Quarter Results for the three months to 31 ....
About this update from Icg Enterprise Trust Plc Gbp
[{"type":"text","content":"\n 3rd Quarter Results for the three months to 31 October 201716 January 2018ICG ENTERPRISE TRUST PLCQUARTERLY UPDATE FOR THE THREE MONTHS TO 31 OCTOBER 2017HighlightsRealisation activity key driver of growth in the quarter - NAV per share of 930pHighly cash generative portfolio YTD distributions exceed total proceeds received in the previous two financial yearsContinued progress against strategic goalsSelective investment in compelling opportunities and increased exposure to ICG managed assetsMove to progressive annual dividend policy and quarterly paymentsNAV and share price continue to outperform FTSE All-Share over one, three, five and ten yearsRealisation activity key driver of growth in the quarterNet asset value per share of 930p Total Return[1] of 0.4% for the quarter; 9.1% for the nine months Investment portfolio valued at £578.4m, 89.7% of net assets1.2% return for the quarter; 2.5% on a constant currency basis11.1% return for the nine months; 11.3% on a constant currency basisPortfolio continues to be highly cash generative 19 full realisations in the quarter - £63.0m of proceeds received Realisations at an 36% uplift to carrying value; 1.9x multiple of costStandard Brands largest exit generating proceeds of £16.1m47 full realisations in the nine months - £180.1m of proceeds received 35% uplift to carrying value; 2.4x multiple of costSelective investment in compelling opportunities Total new investment of £33.7m in the quarter; £98.5m in the nine monthsCo-investment of £8.1m in Visma, provider of accounting software and business outsourcing services, alongside ICG Europe VIIncluding previous co-investment alongside Cinven, Visma now the third largest portfolio company, valued at £14.7mContinued progress against strategic goalsMore fully invested - investment portfolio represents 89.7% of net assetsHigh conviction investments of ICG directly controlled investments, third-party co-investments and secondary investments represent 43% of investment portfolioFour of the largest 10 companies managed by ICG with total weighting to ICG managed investments increasing to 17.0% of the portfolio, up from 10% at January 2017Two co-investments alongside ICG Europe Fund VI completed in the nine months totalling £23.4m along with a £10.4m secondary in ICG Recovery 2008BIncreased exposure to US market - £31.8m committed to US oppo...