HgCapital Trust PLC Interim Results - Six Months Ended 30 June 2018 (1910A)
September 10 2018 - 2:00AM
UK Regulatory
TIDMHGT
RNS Number : 1910A
HgCapital Trust PLC
10 September 2018
HgCapital Trust plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018
London, 10 September 2018: HgCapital Trust plc ("the Company"),
which provides investors with a listed vehicle to invest in all
private equity deals managed by Hg, today announces its interim
results for the six months ended 30 June 2018.
CONTINUED Strong NAV performance driven by double-digit revenue
and profit growth AND EXITS ABOVE BOOK VALUE
SUMMARY performance
31 August 30 June 31 December % Total
2018 2018 2017 return(1)
================ ============ =========== ============== ============
Share price GBP19.40 GBP19.35 GBP17.68 +11.3%
NAV per share GBP20.70 GBP20.59 GBP19.32 +8.3%
FTSE All-Share
Index +1.7%
=========================================================== ============
June 2018
Movement
Net Asset Value GBP772.5m GBP768.7m GBP721.0m +GBP47.7m
================ ============ =========== ============== ============
(1) Assuming reinvestment of all historic dividends
key Highlights FOR THE period TO 30 JUNE 2018
-- NAV per share of GBP20.59, a total return of 8.3%.
-- Share price of GBP19.35, a total return of 11.3%.
-- Interim dividend of 16 pence, payable in October 2018.
-- Strong revenue and EBITDA growth of 23% and 19% (on a
value-weighted basis) respectively across the top 20 buyout
investments (90% of the portfolio) over the last twelve months.
-- Valuation multiple (EV/EBITDA) of 16.8x and debt to EBITDA
ratio of 5.3x for the top 20 buyout investments (both on a
value-weighted basis).
-- GBP104 million of cash returned to the Company and GBP79
million invested on behalf of the Company.
year to date to 31 AUGUST 2018
-- NAV per share of GBP20.70, primarily reflecting unrealised
currency movements since period-end.
-- Share price of GBP19.40.
-- 4 realisations agreed since June completed or due to complete
in the second half of 2018.
-- 7 investments agreed since June completed or due to complete
in the second half of 2018.
-- Pro-forma liquid resources post completion of all announced
transactions are GBP154 million (20% of NAV).
-- Pro-forma outstanding commitments of GBP475 million (61% of
NAV). We expect these to be drawn down over the next two to three
years.
Hg's Outlook
-- It has been another strong six months for realisations, Hg
expects to see further liquidity events over the next six
months.
-- While the primary focus has been on exits, Hg has also
continued to selectively invest, in situations where it has a
unique angle and has developed many years' knowledge of the
business.
-- Robust double-digit trading performance from the unrealised
businesses underpins Hg's confidence in the quality of these
investments and ongoing growth.
-- A focus on operational improvement, coordinated by the
dedicated Operations Innovation team, continues to drive the
performance of the businesses, and deliver network benefits.
-- Strong earnings, realisations at uplifts to book value and
supporting the management teams of the underlying portfolio will
continue to drive value for shareholders in HgCapital Trust
plc.
Roger Mountford, Chairman of the Company, commented:
"The Company has sold a significant number of investments over
the last eighteen months, while many of the newer investments are
now in the earlier stages of their planned period of value
creation, with much work going on to drive growth and embed
operational improvements, the fruits of which we expect to become
progressively reflected in their valuations over time."
- Ends -
The Company's 2018 Interim 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, HgCapital
Trust plc) +44 (0)7799 662601
Laura Dixon (Senior Investor Relations
Manager, Hg) +44 (0)20 7089 7888
Maitland
Vikki Kosmalska and Seda Ambartsumian +44 (0)20 7379 5151
About HgCapital Trust plc
HgCapital Trust plc (ticker: HGT.L) gives investors exposure to
a portfolio of high-growth private companies, through a liquid
vehicle listed on the London Stock Exchange. New investments and
existing portfolio companies 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
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END
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