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RNS Number : 7042N HgCapital Trust PLC 09 May 2024
HgCapital Trust plc
Results FOR THE THREE MONTHS ENDED 31 MARCH 2024
CONTINUED POSITIVE NAV performance
delivered FROM a RESILIENT PORTFOLIO OF software and serviceS businesses
London, 9 May 2024: HgCapital Trust plc ('HgT'), today announces its results
for the three months ended 31 March 2024.
HgT provides investors with a listed vehicle to invest in a portfolio of
unquoted businesses managed by Hg, which in aggregate represents one of the
largest and fastest growing technology firms in Europe(( 1 )).
The objective of HgT is to provide shareholders with consistent long‑term
returns in excess of the FTSE All‑Share Index by investing predominantly in
unquoted companies where value can be created through strategic and
operational change.
Highlights over Q1 2024 include:
¡ Strong portfolio trading and value creation continues to drive growth,
leading to a total return NAV increase of 3.0% to a NAV per share of £5.11
and net assets of £2.3 billion.
¡ Continued strong long-term performance driven by robust trading with the
top 20 investments (78% of the portfolio by value) seeing last 12 months sales
and EBITDA(2) growth of 24% and 29% respectively.
¡ Robust balance sheet with available liquid resources of £657 million (28%
of NAV), including a bank facility of £375m which is currently undrawn, and
commitments to Hg funds of £826 million (35% of NAV), to be invested over the
next three to four years.
¡ Hg continues to screen an attractive pipeline of investment opportunities
and further liquidity events are expected over the next six to twelve months.
Based on HgT's share price at 31 March 2024 and assuming all historic
dividends have been reinvested, an investment of £1,000 twenty years ago
would now be worth £23,182, a total return of 2,218%3. An equivalent
investment in the FTSE All-Share Index would be worth £4,008.
- Ends -
The Company's Q1 2024 Report and full presentation to accompany the results
are available to view at: http://www.hgcapitaltrust.com/
(http://www.hgcapitaltrust.com/) .
For further details:
HgCapital Trust plc
Laura Dixon (Senior Investor Relations Manager, Hg) +44 (0) 78 2459 2894
Brunswick
Sofie Brewis +44 (0)20 7404 5959
About HgCapital Trust plc
HgCapital Trust plc, whose shares are listed on the London Stock Exchange
(ticker: HGT.L), gives investors exposure through a liquid vehicle to a
portfolio of high-growth private companies in the software and services
sector. The selection of new investments and creation of value in these
businesses are managed by Hg, an experienced and well-resourced private equity
firm with a long-term track record of delivering superior risk-adjusted
returns for its investors. For further details, please see
www.hgcapitaltrust.com.
For further details, see www.hgcapitaltrust.com
(http://www.hgcapitaltrust.com) and www.hgcapital.com
(http://www.hgcapital.com)
1 By Enterprise Value, Source: Hg, Factset
2 Excluding one investment from the Top 20 valued on a basis other than
earnings
(3) All references to total return allow for all historic dividends being
reinvested
Please note: Past performance is not a reliable indicator of future results.
The value of shares and the income from them can go down as well as up as a
result of market and currency fluctuations. You may not get back the amount
you invest.
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