TIDMHGT
RNS Number : 6138G
HgCapital Trust PLC
05 March 2018
HgCapital Trust plc
ANNUAL Results for the YEAR ended 31 DECEMBER 2017
London, 5 March 2018: HgCapital Trust plc ("the Company"), which
provides investors with a listed vehicle to invest in unquoted
businesses managed by Hg, today announces its annual results for
the year ended 31 December 2017.
CONTINUED Strong NAV performance driven by double-digit revenue
and profit growth AND EXITS ABOVE BOOK VALUE
SUMMARY performance
28 February 31 December 31 December % Total
2018 2017 2016 return(1)
=============== ============== ============== ============== ============
NAV per share GBP19.25 GBP19.32 GBP16.50 +21.5%
Share price GBP17.20 GBP17.68 GBP15.41 +19.5%
FTSE All-Share
Index +13.1%
=============================================================== ============
2017
Movement
Net Asset GBP718.5m GBP721.0m GBP615.8m +GBP105.2m
Value
=============== ============== ============== ============== ============
(1) Assuming reinvestment of all historic dividends
key Highlights FOR THE YEAR TO 31 december 2017
-- NAV per share of GBP19.32, a total return of 21.5%.
-- Share price total return of 19.5% to 31 December.
-- Strong revenue and EBITDA growth of 14% and 16% respectively
across the top 20 buyout investments (83% of the portfolio) over
the last twelve months.
-- Valuation multiple (EV/EBITDA) of 16.4x and debt to EBITDA
ratio of 5.4x for the top 20 buyout investments.
-- GBP224 million of cash returned to the Company and GBP73
million invested on behalf of the Company (including GBP12 million
as co-investment free of fees and carried interest).
-- Board's range of skills and experience enhanced by the
appointment of Jim Strang (Managing Director of Hamilton Lane) and
Guy Wakeley (CEO of Equiniti Group plc).
-- New commitments to invest up to GBP225 million in Hg Saturn
and Hg Transition Capital over next 4-5 years, broadening the
investment reach of the Company in its chosen sectors.
year to date to 28 FEBRUARY 2018
-- NAV per share of GBP19.25, primarily reflecting unrealised
currency movements since year-end
-- Share price of GBP17.20.
-- Pro-forma liquid resources post completion of all announced
transactions are GBP181 million (25% of NAV).
-- Pro-forma outstanding commitments, including the new
commitments to Hg Transition Capital and Hg Saturn, of up to GBP667
million (93% of NAV). We expect these to be drawn down over the
next four to five years.
Hg's Outlook
-- Strong trading from the businesses, combined with capital
returns from exits above book value, continued to drive value for
our investors
-- Following a strong year for realisations, Hg expects to see
several further exits over the next six months
-- While the primary focus is currently on realisations, Hg
continues to invest selectively, capitalising on situations where
it has a unique angle and has developed many years' knowledge of
the business, and typically building on a strong relationship with
a founder or management team
-- Robust trading performance from the underlying businesses
continues to underpin Hg's confidence in the quality of these
investments
-- Hg's focus on operational improvement, coordinated by its
dedicated Operations Innovation team, continues to drive the
performance of the network of businesses, and deliver network
benefits to these companies
-- This focus will continue to drive value for shareholders in
HgCapital Trust plc
Roger Mountford, Chairman of the Company, commented:
"Following an excellent year for returns, the Company is well
placed to realise a number of investments, while broadening our
investment reach and taking advantage of new opportunities within
the Manager's established area of expertise."
- Ends -
The Company's 2017 Annual Report and a video from the Manager to
accompany the results are available to view at:
http://www.hgcapitaltrust.com/.
For further details:
HgCapital Trust plc
Roger Mountford (Chairman, +44 (0)7799
HgCapital Trust plc) 662601
Laura Dixon (Senior Investor +44 (0)20 7089
Relations Manager, Hg) 7888
Maitland
+44 (0)20 7379
Vikki Kosmalska 5151
About HgCapital Trust plc
HgCapital Trust plc is an investment company whose shares are
listed on the London Stock Exchange (HGT.L). The Company gives
investors exposure, through a liquid vehicle, to a portfolio of
high-growth unquoted companies, 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, see www.hgcapitaltrust.com and
www.hgcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
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