HgCapital Trust PLC 3rd Quarter Results (7014S)
November 08 2023 - 1:00AM
UK Regulatory
TIDMHGT
RNS Number : 7014S
HgCapital Trust PLC
08 November 2023
H gCapital Trust plc
Results FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2023
CONTINUED POSITIVE NAV performance
delivered FROM a RESILIENT PORTFOLIO OF software and service
businesses
London, 8 November 2023: HgCapital Trust plc ('HGT'), today
announces its results for the three months ended 30 September 2023
.
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 Q3 2023 include:
! Strong portfolio trading and value creation continues to drive
growth, leading to a total return NAV increase of 4.8% to a NAV per
share of GBP4.94 and net assets of GBP2.3 billion.
! Continued strong long-term performance driven by robust
trading with the top 20 investments (76% of the portfolio by value)
seeing last 12 months sales and EBITDA growth of 27% and 28%
respectively.
! Robust balance sheet with available liquid resources of GBP678
million (30% of NAV) and commitments to Hg funds of GBP1.0 billion
(45% of NAV), to be invested over the next three to four years.
! Hg continues to screen an attractive pipeline of investment
opportunities. Further liquidity events are expected over the next
six to twelve months.
Based on HGT's share price at 30 September 2023 and assuming all
historic dividends have been reinvested, an investment of GBP1,000
twenty years ago would now be worth GBP22,384, a total return of
2,138% [2] . An equivalent investment in the FTSE All-Share Index
would be worth GBP4,127.
Post period events:
! Further liquidity events for Commify, Azets and TeamSystem
were announced during the quarter at uplifts of 32%, 16% and 68%,
respectively, to carrying value. Post-period, the full exit of
Silverfin was agreed at an uplift of 20% to carrying value.
! These transactions are expected to close in the coming months
and return estimated proceeds of GBP73.9 million to HGT.
- Ends -
The Company's Q3 2023 Report and full presentation to accompany
the results are available to view at:
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 and
www.hgcapital.com
[1] By Enterprise Value, Source: Hg, Factset
2 All references to total return allow for all historic
dividends being reinvested
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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