(Alliance News) - HgCapital Trust PLC on Monday said net asset value per share rose by more than a fifth during the first half of 2021, as its investment portfolio continues to recover from the coronavirus pandemic.
HgCapital's NAV per share rose 20% to 373.4p per share on June 30, from 310.3p at the end of 2020.
The company, which provides access to investments managed by software and services investor Hg, posted a NAV total return of 21% during the period. This beat the FTSE All-Share's return of 11%.
Shares in the trust were down 0.3% to 401.00 pence early Monday in London. It maintained its interim payout at 2.0p per share.
"Despite the uniquely challenging circumstances we have all faced during the Covid-19 pandemic over the last 18 months, I am pleased to report to you that HGT and its underlying investments continued to perform very well in the first half of 2021," HgCapital Chair Jim Strang said.
Revenue and earnings before interest, tax, depreciation and amortisation growth of 20% and 27% respectively were reported across the trust's top 20 investments over the last twelve months to June 30. While net assets grew to more than GBP1.6 billion. Overall, the value of the portfolio was up over 28% for the six months.
Looking ahead, HgCapital Trust struck an upbeat tone: "The first half of 2021 has seen the continuation of the key trend that we have written about during 2020 - the digitalisation of business processes - which has accelerated across sectors and geographies as a result of the global responses to Covid-19.
"Hg remains excited about the future potential of the high-quality portfolio, the alignment with the talented management teams and founders across the Hg network and their ability to drive continued growth in value in their businesses."
By Will Paige; willpaige@alliancenews.com
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HgCapital Trust plc (HGT)