REG - HG Capital Trust PLC - Interim Results - Six Months Ended 30 June 2017 <Origin Href="QuoteRef">HGT.L</Origin>

HgCapital TrustAnnouncement

11/09/2017 07:06

RNS Number : 2890Q
HgCapital Trust PLC
11 September 2017
HgCapital Trust plc
INTERIM Results for the SIX months ended 30 JUNE 2017
London, 11 September 2017: HgCapital Trust plc ("the Company"), which provides investors witha listedvehicleto invest in all private equity dealsmanaged by HgCapital, today announces its interim results for the six months ended 30 June 2017.
CONTINUED STRONG NAV PERFORMANCE DRIVEN BY DOUBLE-DIGIT REVENUE AND PROFIT GROWTH AND EXITS ABOVE BOOK VALUE 
SUMMARY performance

31 August
2017
30 June
2017
31 December
2016
% Total
return1
Share price
17.00
16.90
15.41
+13.1%
NAV per share 
18.61
17.97
16.50
+12.1%
FTSE All-Share Index



+5.5%



June 2017
Movement
Net Asset Value 
694.5m
670.9m
615.8m
+55.1m
1 Assuming reinvestment of all historic dividends
key Highlights FOR THE SIX MONTHS TO 30 JUNE 2017
 NAV per share of 17.97, a total return of 12%.
 Share price of 16.90, a total return of 13%. 
 Interim dividend of 16 pence per share, payable in October.
 Strong revenue and EBITDA growth of 11% and 19% respectively across the top 20 buyout investments (82% of the portfolio) over the last twelve months.
 EV to EBITDA valuation multiple of 16.0x and debt to EBITDA ratio of 5.0x for the top 20 buyout investments.
 134 million of cash returned to the Company and 40 million invested on behalf of the Company (including 11.5 million of co-investment).
year-to-date to 31 august 2017
 NAV per share of 18.61, year-to-date return of 16%, the increase reflecting the exit of Sequel at a significant uplift to book value and positive foreign exchange movements.
 Share price has risen to 17.00, year-to-date total return of 14% vs. a FTSE All-Share total return of 8%.
 Five exits agreed since June completed or due to complete in the second half of 2017.
 An estimated further 78 million has been returned to the Company since 30 June 2017.
 Pro-forma liquid resources and outstanding commitments post completion of all announced transactions are 182 million (26% of NAV) and 464 million (67% of NAV) respectively.
Manager's Outlook
 We believe that we are in a seller's market and will concentrate our efforts on returning further value from the portfolio over the next twelve months for good prices, and at uplifts to their book value.
 The medium to long-term pipeline of new investment opportunities continues to build in our 'sweet spot' where we believe we can still make good investments in this market with a cautious and disciplined strategy.
 We believe we have a very strong portfolio of highly cash generative businesses with good visibility on future earnings which can continue to grow value for shareholders and remain in demand from both trade and financial buyers.
Roger Mountford, Chairman of the Company, commented:
"Most businesses in our portfolio continue to achieve high rates of growth in both revenues and profits. This provides strong evidence of the potential for continuing, consistent growth in value for the benefit of shareholders."
- Ends -
The Company's 2017 Interim Report and Accounts and a video from the Manager to accompany the results are available to view at: http://www.hgcapitaltrust.com/. 
For further details: 
HgCapital

Laura Dixon  (HgCapital)
+44 (0)20 7089 7888
Roger Mountford (Chairman, HgCapital Trust plc)

Maitland
+44 (0)7799 662 601
Tom Eckersley
+44 (0)20 7379 5151
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange. The Company gives investors exposure, through a liquid vehicle, to a portfolio of high-growth private companies, managed by HgCapital, 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, see www.hgcapitaltrust.comandwww.hgcapital.com

This information is provided by RNS
The company news service from the London Stock Exchange
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