Hardman & Co Research on ICG Enterprise Trust (ICGT) 101 0 Kommentare FY'24 portfolio companies performing strongly

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ICGT's FY'24 portfolio companies show strong performance with mid-teen EBITDA growth.
Despite challenging markets, margins have widened, allaying concerns over higher-rate environment impact.
FY'24 saw less investment activity, but long-term NAV per share returns remain solid.

Hardman & Co Research
Hardman & Co Research on ICG Enterprise Trust (ICGT): FY'24 portfolio companies performing strongly

16-May-2024 / 16:47 GMT/BST
The issuer is solely responsible for the content of this announcement.

Hardman & Co Research on ICG Enterprise Trust (ICGT):

FY'24 portfolio companies performing strongly

The key message from ICGT’s FY’24 results (to January) is the continued strength of the operating companies, which keep delivering mid-teen EBITDA growth. Despite challenging markets, margins have widened, which should help allay some concerns over the impact of the higher-rate environment. Target returns are “broadly unchanged”. FY’24 saw about half the usual investment and realisation activity (and fewer realisations saw less NAV uplift on exit). A degree of volatility is to be expected, and the five- and 10-year total annualised NAV per share return (14.6% and 13.2%, respectively) are a better reflection of what investors are getting from the defensive growth strategy. ICGT has a balanced capital return policy.

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1905291 16-May-2024