ICG Enterprise Trust Performance Boosted By Realisations And IPOs

LONDON (Alliance News) - ICG Enterprise Trust PLC said its net asset value increased in its recently ended financial year, due in large part to realisations and initial public offerings.

As at January 31, the end of its year, ICG Enterprise's net asset value per share stood at 1,057 pence, rising 10% year-on-year from 959p.

On a total return basis, ICG Enterprise was up 12% compared to a 3.4% negative return from the FTSE All-Share index.

ICG Enterprise attributed its results to "continued strong operating performance and realisations at significant uplifts to carrying value", including a sale of educational software company Cambium, which generated total proceeds of GBP18.6 million.

IPOs were also a positive contributor, with three of ICG Enterprise's investment companies listing in the year. Once such company was Ceridian, which makes software and floated in April 2018. Over the course of the year, the value of ICG Enterprise's holding in Ceridian increased by more than one and a half times.

The trust has proposed a final dividend of 7 pence per share, taking the total for the year up 4.8% to 22p per share from 21p per share the year before.

Emma Osborne, head of Private Equity Fund Investments at ICG Enterprise said: "The portfolio has delivered its tenth consecutive year of double digit underlying growth, driven by continued strong profit growth and valuation uplifts on realisations."

Osborne added: "Against the current backdrop of high valuations for new investments and continuing macro uncertainties we remain highly selective in redeploying cash generated by the portfolio. We have a strong pipeline of new opportunities and believe the portfolio is well positioned to continue to generate shareholder value."

The company also announced the appointment of Odyssean Investment Trust PLC Chair Jane Tufnell to its board as a non-executive director. Tufnell is also a non-executive director at JPMorgan Claverhouse Trust PLC, Diverse Income Trust PLC, and Record PLC.

Shares in ICG Enterprise were up 1.0% at 851.60p on Monday.