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ICG Enterprise Trust Plc: Unaudited Preliminary...
ICG Enterprise Trust Plc: Unaudited Preliminary....
About this update from Icg Enterprise Trust Plc Gbp
[{"type":"text","content":"\n ICG Enterprise Trust Plc: Unaudited Preliminary Results for the 12 months ended 31 January 201915 April 2019ICG ENTERPRISE TRUST PLCUnaudited Preliminary ResultsFor the 12 months ended 31 January 2019STRONG PORTFOLIO PERFORMANCE DELIVERS DOUBLE DIGIT GROWTHNAV per share of 1,057p - total return of 12.4%1 in the yearGrowth driven by strong profit growth and realisation uplifts 10th consecutive year of double digit underlying Portfolio growth 15.0%1 constant currency return on the investment Portfolio; 16.6%1 return in sterling16% average LTM earnings growth from Top 30 Companies; 46% of the Portfolio Top 30 Dominated by high conviction investments£163m of proceeds receivedRealisations at 35%1 uplift to carrying value; 2.4x1 multiple to cost Continued selective investment into compelling opportunities £158m of new capital deployed; 50% into high conviction investmentsFocus remains on defensive growth, structural downside protection and relative valueFive co-investments completed; two alongside ICG and three alongside third party managers£162m committed to 10 primary funds; four new relationships Strategic benefits of move to ICG continue to add significant valueICG managed investments now represents 20% of the PortfolioFlexible mandate to invest across the capital structure providing downside protectionContinued geographic diversification; US now represents 26% of the Portfolio Further realisations since the year end and a strong pipeline of new opportunities £19m of distributions and £12m of calls paid1 Commitments to two new US mid-market manager relationships and one existing European manager $20m commitment to AEA Investors, $15m to Gryphon Investors and €20m to Cinven VII Strong balance sheet Closing net asset value of £731m; investment portfolio represents 95% of net asset valueCash balance of £61m; uncalled commitments of £411m£211m total liquidity (including £150m undrawn bank facility)2New €176m (£150m) bank facility agreed; more favourable terms and matures in two equal tranches in April 2021/2022Enlarged facility further strengthens financial position and provides greater flexibility to take advantage of investment opportunities Annual dividend of 22pFinal dividend of 7p, taking total dividends for the year to 22p4.8% increase on previous year and 2.7% yield on year en...