TIDMHGT
RNS Number : 9962M
HG Capital Trust PLC
25 August 2011
HgCapital Trust plc
Interim Results for the six months ended 30 June 2011
London, 25 August 2011: HgCapital Trust plc ("the Trust"), which
provides investors with a listed vehicle to invest in all private
equity deals managed by HgCapital, today announces its interim
results for the six months ended 30 June 2011.
HGCAPITAL TRUST PLC CONTINUES TO DELIVER LONG TERM
OUTPERFORMANCE
Financial Highlights for the above period
31 December
% Total return* 30 June 2011 2010
--------------- ----------- ---------------- ------------- ------------
Share price +16.1% 1,140.0p 1,006.0p
NAV per share (basic) +6.3% 1,160.4p 1,118.8p
(diluted) +6.1% 1,129.3p 1,090.7p
FTSE All-Share
Index +3.0%
Movement
NAV +GBP21.0m GBP369.0m GBP348.0m
Market Cap +GBP49.6m GBP362.5m GBP312.9m
---------------------------- ---------------- ------------- ------------
* Assuming reinvestment of all dividends
-- +14.7% p.a. 10-year compound annual growth rate of the share
price on a total return* basis vs. 4.8% p.a. from the FTSE
All-Share Index on a total return* basis to 30 June 2011.
-- Strong sales and EBITDA growth from top 20 buyout investments
of +17% and +12% respectively over last 12 months to 30 June
2011.
-- Liquid resources were GBP94m (26% of NAV) with outstanding
commitments of GBP191m (52% of NAV).
Operational Highlights
-- GBP29m deployed over the period, principally in two new
buyout investments.
-- GBP40m of cash proceeds from realisations generated over the
period; exits at a 71% uplift to book value as at 31 December
2010.
Events since 30 June 2011
-- NAV per share at 31 July 2011 was 1,142.6p (basic) and
1,114.1p (diluted); movement from June mainly due to foreign
exchange fluctuations.
-- Sale of Mondo agreed, with cash proceeds of GBP14m expected
in H2.
-- The Trust has finalised a GBP40m three year standby facility
with Lloyds TSB Bank plc, on an unsecured basis.
-- New commitments totalling GBP75m made since period end,
consisting of a GBP15m secondary commitment to Hg6 and a GBP60m
commitment to the Manager's Mercury fund that invests in smaller
companies in the TMT sector.
-- Numis Securities Limited appointed as joint corporate
broker.
Outlook
-- Economic weakness likely to create opportunities for buyout
investments.
-- Existing portfolio companies will continue to strengthen
management capabilities, market position, operational and financial
performance and balance sheets.
-- Continued confidence in HgCapital's thematic investing
approach using sector expertise to identify industry 'champions'
and focus on delivering long-term profit growth ahead of the
market.
Roger Mountford, Chairman of the Trust, commented:
The Trust has performed well in the first half. Again, the Trust
has significantly exceeded its benchmark, the FTSE All Share Index.
Encouragingly, most of the Trust's top 20 buyout investments grew
both sales and EBITDA.
On-going macroeconomic instability does create opportunities for
private equity and we remain confident in the Manager's dedicated
thematic approach to identify and invest in outstanding companies.
We also believe HgCapital has the skill and resource to participate
actively in portfolio companies, enabling value to be protected and
grown through trading while minimising balance sheet risk.
It is also important to ensure that additional risk is not being
taken at the level of the investment vehicle. Transparent reporting
enables the investor to assess these factors. The Board remains
confident that the Trust offers an attractive proposition to the
long-term investor.
- Ends -
The full Interim Results and a webcast describing the results
are available at http://www.hgcapitaltrust.com/. Additionally, an
overview of HgCapital's thematic investing strategy, given by CEO,
Nic Humphries is available here:
For further details:
HgCapital
Ian Armitage (Chairman, HgCapital) +44 (0)20 7089 7888
Roger Mountford (Chairman, HgCapital +44 (0) 77 99 66 26 01
Trust plc)
Maitland
Rowan Brown +44 (0)20 7379 5151
George Hudson
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are
listed on the London Stock Exchange. The Trust 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.com and
www.hgcapital.com
Neither the contents of HgCapital's website, HgCapital Trust's
website nor the contents of any website accessible from hyperlinks
on the websites (or any other website) is incorporated into, or
forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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