Half Year 2025 ICG Enterprise Trust PLC Earnings Call Transcript
Key Points
- ICG Enterprise Trust PLC (LSE:ICGT) reported a strong LTM NAV per share total return of 4% as of July 31, 2024, outperforming the FTSE All-Share Index over three, five, and ten-year periods.
- The company has a diversified portfolio with a 50/50 split between fund investments and direct investments, focusing on defensive growth sectors like technology, consumer, and business services.
- ICG Enterprise Trust PLC (LSE:ICGT) achieved a weighted average uplift of 26% on nine full exits during the period, demonstrating strong value realization.
- The company has a long-standing progressive dividend policy and a share buyback program, returning GBP33 million to shareholders in the period.
- The portfolio companies showed robust growth with LTM revenue growth of 9.4% and EBITDA growth of 13.9%, reflecting strong operational performance.
- The investment environment remains challenging with continued market adjustments and heightened geopolitical risks impacting transaction volumes.
- The portfolio's growth was modest, with a local currency basis increase of 3.8% and a sterling basis increase of 2.6%, indicating slower growth compared to previous periods.
- There were foreign exchange headwinds due to the appreciation of Sterling against USD and Euro, affecting the portfolio's value.
- The company experienced relatively low investment volume, consistent with broader market trends, which could impact future growth potential.
- Despite efforts to improve trading liquidity and reduce share price volatility, the market environment remains uncertain, potentially affecting shareholder returns.
Good morning. Welcome to ICG Enterprise Trust half year results for the six months to July 31, 2024. I'm joined today by Oliver Gardey and Colm Walsh, who will discuss our investment performance and activity in more detail over the course of this presentation.
The slides for the presentation, along with the accompanying results announcement are available on our website. We will have time for Q&A at the end of the presentation. (Event Instructions)
With that, Oliver, over to you.
Thanks, Martin. And good morning everyone. I thought it makes sense to kick off the presentation with a quick reminder of our investment strategy and what we're actually trying to achieve for our investors. In summary, we're trying to provide our investors with top-tier private equity returns, but with less risk and more liquidity.
And this slide is really our guide for strong risk-adjusted returns. And let me explain a little bit more
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