HgT 1st Quarter Results

HgCapital Trust PLC

09 May 2024

 

HgCapital Trust plc

Results FOR THE THREE MONTHS ENDED 31 MARCH 2024

CONTINUED POSITIVE NAV performance

delivered FROM a RESILIENT PORTFOLIO OF software and serviceS businesses

London, 9 May 2024:  HgCapital Trust plc ('HgT'), today announces its results for the three months ended 31 March 2024.  

HgT provides investors with a listed vehicle to invest in a portfolio of unquoted businesses managed by Hg, which in aggregate represents one of the largest and fastest growing technology firms in Europe^[1].

The objective of HgT is to provide shareholders with consistent long‑term returns in excess of the FTSE All‑Share Index by investing predominantly in unquoted companies where value can be created through strategic and operational change.

Highlights over Q1 2024 include:

¡ Strong portfolio trading and value creation continues to drive growth, leading to a total return NAV increase of 3.0% to a NAV per share of £5.11 and net assets of £2.3 billion.

¡ Continued strong long-term performance driven by robust trading with the top 20 investments (78% of the portfolio by value) seeing last 12 months sales and EBITDA² growth of 24% and 29% respectively.

¡ Robust balance sheet with available liquid resources of £657 million (28% of NAV), including a bank facility of £375m which is currently undrawn, and commitments to Hg funds of £826 million (35% of NAV), to be invested over the next three to four years.

¡ Hg continues to screen an attractive pipeline of investment opportunities and further liquidity events are expected over the next six to twelve months.
 

Based on HgT's share price at 31 March 2024 and assuming all historic dividends have been reinvested, an investment of £1,000 twenty years ago would now be worth £23,182, a total return of 2,218%3. An equivalent investment in the FTSE All-Share Index would be worth £4,008.

- Ends -

The Company's Q1 2024 Report and full presentation to accompany the results are available to view at:  http://www.hgcapitaltrust.com/.

For further details:

HgCapital Trust plc
Laura Dixon (Senior Investor Relations Manager, Hg)		[phone]
Brunswick
Sofie Brewis	[phone]

About HgCapital Trust plc

HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L), gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses 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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[1] By Enterprise Value, Source: Hg, Factset

2 Excluding one investment from the Top 20 valued on a basis other than earnings

³ All references to total return allow for all historic dividends being reinvested

Please note: Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations. You may not get back the amount you invest.

 

END