Hardman & Co Research: ICG Enterprise Trust plc (ICGT) - 1HFY’24: defensive growth/disciplined approach
ICGT’s interim results to July 2023 confirmed the robust nature of its strategy and portfolio with LTM NAV per share total return of 4.1%. The 1HFY’24 portfolio return, on a constant currency basis, was 4.6% and the long-term, ongoing buyback programme enhanced NAV with an average discount on purchase of over 40%. The minimum of 32p expected dividend for FY’24 was reconfirmed. Realisations were £94m, new investments £64m and new commitments £110m; activity that is slower than the recent past but still ongoing. Exits were at an average 18% premium to carrying value, demonstrating the conservative approach to accounting. ICGT’s defensive growth is delivering in challenging markets.ICG Enterprise Trust is an investment trust. Co. is a private equity investment company focused on buyouts in developed markets. Co. invests in private equity funds and also directly in private companies. As of Jan 31 2017, Co.'s total investment portfolio amounted to £594.3 million.
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