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 Europe1.
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.
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