REG - HgCapital Trust PLC - 3rd Quarter Results

HgCapital TrustAnnouncement

08/11/2023 07:00

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RNS Number : 7014S  HgCapital Trust PLC  08 November 2023

HgCapital 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  (#_ftn1) )).

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 £4.94
and net assets of £2.3 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 £678 million (30%
of NAV) and commitments to Hg funds of £1.0 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 £1,000 twenty years ago
would now be worth £22,384, a total return of 2,138% 2  (#_ftn2) . An
equivalent investment in the FTSE All-Share Index would be worth £4,127.

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 £73.9 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/
(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  (#_ftnref1) 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.

 

(#_ftnref2)

 

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