HgCapital Trust plc (LON:HGT), today announced its Q1 results for the period ended 31 March 2023.
Highlights over the period include:
- Strong portfolio trading continued to be the main driver of performance, contributing to a total return NAV increase of 4.0%, closing the period at 470.6p NAV per share and net assets of £2.2 billion
- Share price total return of -0.9% over the period, closing at 343.0p per share and a market capitalisation of £1.6 billion
- Revenue and EBITDA growth of 30% and 27% respectively across the top 20 investments (77% of the portfolio) over the last twelve months.
- As previously disclosed, the secondary sale of 25% of Hg Genesis 8 completed in Q1 priced at 100% of NAV (as at 31 December 2022) and delivering £91 million back to HGT, valued at 3.2x cost. A further £135 million post-period, including proceeds from the previously announced realisation of Transporeon which completed in April.
- Further investments completed in Q1, deploying £16 million.
- Final dividend of 4.5p per share proposed, to be paid in May (full year dividend of 7.0p per share).
- Available liquid resources of £647 million (30% of NAV) and outstanding commitments of £1.0 billion (47% of NAV), including all announced transactions and the proposed dividend to be paid in May.
HGT’s resilient portfolio has continued to trade well over the first quarter of 2023. The broader operating environment remains challenging, however, the strong market positions and pricing power evident across the companies in the HGT portfolio, has supported their strong performance.
HgCapital Trust plc is an investment company whose shares are listed on the London Stock Exchange (LON:HGT). HGT gives investors exposure, through a liquid vehicle, to a portfolio of high-growth unquoted companies, managed by Hg, a leading investor in European and transatlantic software and services businesses.
