ICG Enterprise Trust PLC on Tuesday said geopolitical headwinds persisted in its financial first half, as it highlighted continued optimism that private equity investments remain attractive.
The London-based investor in ‘profitable, cash-generative’ private companies, primarily in Europe and the US, said net asset value per share rose 1.9% to 1,946.4 pence on July 31 from 1,909.4p on January 31.
NAV total return per share was 2.8% in the six months that ended July 31, lower than 4.1% a year ago, and underperforming against the FTSE All-Share index, which had a total return of 11.8%.
The company declared a second quarter dividend of 8.5p per share, up from 8.0p a year ago, and bringing the total payout for the half year to 17p, up 6.3% from 16p.
ICG Enterprise said its share buybacks continued to be executed, having returned £21 million in the first financial half.
Looking ahead, Chair Jane Tufnell said: ‘The board welcomes the new Financial Conduct Authority announcement on reporting of costs, and as a result the manager is reviewing ICG Enterprise Trust’s disclosures. As we look to the second half of the financial year and beyond, geopolitical headwinds persist. However, the board maintains its positive outlook that private equity remains a strong engine of growth to outperform public markets.’
ICG Enterprise shares were 0.3% higher at 1,187.53 pence each on Tuesday morning in London.
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