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ICG Enterprise Trust Plc: Unaudited Interim Res...
ICG Enterprise Trust Plc: Unaudited Interim Res....
About this update from Icg Enterprise Trust Plc Gbp
[{"type":"text","content":"\n \n \n ICG Enterprise Trust Plc: Unaudited Interim Results for the six months ended 31 July 2022\n \n \n \n \n ICG Enterprise Trust plc\n 11 October 2022\n Unaudited Interim Results for the six months ended 31 July 2022\n \n \n DEFENSIVE GROWTH IN CHALLENGING MARKETS\n \n \n \n \n Highlights\n \n NAV per Share of 1,852p (31 January 2022: 1,690p)\n NAV per Share Total Return of 10.9% in the period (H1 FY22: 11.1%), 24.2% over the last twelve months (‘LTM’)\n Portfolio delivering strong performance: Portfolio Return on a Local Currency Basis of 7.4% (Sterling return 12.4%); 99.6% of Portfolio has a valuation date of 30 June 2022 or later\n Realisation Proceeds of £106.8m, including £73.2m from 30 Full Exits at an average Uplift To Carrying Value of 25.2%\n New Investments of £143.7m, including £30.1m direct and £49.2m in Secondary Investments, focussing on investments with enhanced downside protection\n New Commitments to funds of £164.1m, including £65.9m to Secondary funds\n Second quarter dividend of 7p per share, taking total dividends for the period to 14p (H1 FY22: 12p). Reaffirmed intended FY23 dividend of at least 30p per share, an increase of 11.1% on FY22\n Long-term share buyback programme approved by the Board\n \n \n \n \n \n \n \n \n \n Oliver Gardey\n Head of Private Equity Fund Investments, ICG\n \n \n \n Against a macroeconomic backdrop that became increasingly challenging, we are proud of the resilience of our investments during the first half of FY23. At 31 July 2022, NAV per Share stood at 1,852p, a NAV per Share Total Return of 10.9% for the period and 24.2% on an LTM basis.Delivering defensive growth through economic cycles defines our approach at ICG Enterprise Trust: it shapes how we construct the Portfolio and evaluate potential investments, as well as how we allocate capital between reinvestments and shareholder distributions. We entered the financial year with a Portfolio aligned with this strategy and during the period it has delivered on our ambition, generating a 7.4% Portfolio Return on a Local Currency Basis. Our investment team has reacted effectively to the evolving market dynamics, allocating capital in a disciplined fashion to opportunities that we believe offer attractive risk-adjusted returns in this environment, such as secondary portfolios, while also selectively making primary commitments...