ICG Enterprise Trust PLC

Latest Results (13.06.2024):

Performance Overview

ICG Enterprise Trust PLC reported a NAV per Share of 1,909p as of the end of the financial year. The company achieved a Last Twelve Months (LTM) NAV per Share Total Return of 2.1% and a five-year annualised return of 14.6%. These figures reflect the strong performance of the portfolio companies, which have shown a 14.2% growth in LTM EBITDA and maintained prudent leverage at 4.6x.

Portfolio Returns

For the financial year 2024, ICG Enterprise Trust PLC's portfolio return on a local currency basis was 5.9%. However, due to foreign exchange movements, the portfolio return on a Sterling basis was slightly lower at 3.2%. The company successfully executed 38 full exits with a weighted-average uplift to carrying value of 29.5%, demonstrating the effectiveness of its investment strategy.

Shareholder Distributions

ICG Enterprise Trust PLC has increased its shareholder distributions in FY24, returning a total of £35 million to shareholders, up from £22 million in FY23. This includes 33p total dividends per share, marking a 10% increase from the previous year, and £13 million through share buybacks. The company plans to continue its progressive dividend policy and long-term share buyback programme.

Investment Activity and Outlook

Despite a slower market-wide activity, ICG Enterprise Trust PLC continues to invest in high-quality opportunities, leveraging its strong balance sheet and solid relationships. The company's investment strategy focuses on businesses with defensive growth characteristics, which has allowed for sustained strong performance of its portfolio companies. The outlook remains positive with expectations of increased transaction activity in the upcoming quarters.

Future Plans

ICG Enterprise Trust PLC is introducing an opportunistic buyback programme for FY25 to capitalize on current trading levels. This new initiative will run alongside the existing dividend policy and buyback programme, aiming to enhance shareholder value further. The Board and management believe that the company's strategic initiatives and robust investment approach will continue to generate attractive long-term returns for its shareholders.