HgCapital Trust plc
Results FOR THE THREE MONTHS
ENDED 30 SEPTEMBER 2024
CONTINUED DOUBLE-DIGIT
trading growth
delivered FROM a RESILIENT
PORTFOLIO OF software and serviceS businesses
London, 7 November 2024:
HgCapital Trust plc ('HgT'), today announces its results for the
three months ended 30 September 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 Europe1.
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 include:
¡ The share price showed a
positive development in the quarter, appreciating by 6.6% while the
discount narrowed from 7% to 1%. The share price has appreciated
20.1% overall year to date.
¡ Trading performance across
the portfolio continues to be strong and in-line with that seen in
recent quarters, contributing 5% to NAV growth in the quarter,
however in aggregate HgT's NAV declined by 0.9% over the period.
This decline was substantively driven by adverse FX movements. As a
result, at the quarter end HgT's NAV per share stood at £5.21 with
net assets of £2.4 billion.
¡ Continued long-term
performance driven by robust trading with the top 20 investments
(76% of the portfolio by value) seeing last 12 months sales and
EBITDA2 growth of 20% and 24% respectively, with EBITDA
margins of 34%.
¡ Robust balance sheet with
available liquid resources (comprising all announced transactions
and the dividend paid in October) of £420 million (18% of NAV),
including a bank facility of £375 million of which £312 million is
currently undrawn, and commitments to Hg funds of £720 million (30%
of NAV), to be invested over the next three to four
years.
¡ Investments completed in Q3
deploying £213 million, including £66m of co-investment (free of
management fees and carried interest). Co-investments now represent
10% of portfolio value, increasing from 5% at the start of the
year.
¡ 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 30
September 2024 and assuming all historic dividends have been
reinvested, an investment of £1,000 twenty years ago would now be
worth £22,406, a total return of 2,141%. An equivalent investment
in the FTSE All-Share Index would be worth £4,044.
1 By Enterprise Value, Source: Hg, Factset
2 Excluding
two investments from the Top 20 valued on a basis other than
earnings
Note: 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.
- Ends
-
The
Company's Q3 2024 Report and full presentation to accompany the
results are available to view at: http://www.hgcapitaltrust.com/
For
further details:
HgCapital Trust plc
|
George Crowe
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+44 (0)20
8152 5880
|
|
Laura Dixon
|
+44 (0)20
8078 9139
|
|
|
|
|
Cadarn Capital (PR)
|
|
|
Lucy Clark
|
+44 (0)
7984 184461
|
|
David Harris
|
+44 (0)
7368 883211
|
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