CORRECT: ICG Enterprise Trust reports first-half growth

(Correction to clarify that the subject of this article is ICG Enterprise Trust PLC, not ICG PLC.)

ICG Enterprise Trust PLC on Wednesday recorded first half net asset value growth as robust financial performances from its portfolio drove results.

The London-based investor in private companies, primarily in Europe and the US, said net asset value at July 31 was 2,091 pence, up 2.5% from 2,040p year-on-year.

NAV per share total return for the first half ended July 31 was 3.3%, compared with the FTSE All-Share index of 7.9%, and swung from minus 0.7% the previous year.

Annualised five-year return was 8.4%.

ICG Enterprise Trust noted "robust" financial performances from Exail Technologies and Ambassador Theatre Group, driving the company's £43 million portfolio growth on a local currency basis.

ICG Enterprise said it focuses on a subset of companies it expects will generate resilient growth. "As more businesses are owned by private equity, we believe it is a structurally attractive allocation within an investment portfolio, with a track record of attractive returns, and significant opportunity to continue that trajectory," it added.

ICG Enterprise declared a dividend of 9.5p per share for the second quarter, up from 9p the year before. The new dividend price takes total dividends for the period to 19p. The board also confirmed its intentions to declare total dividends of at least 42p per share for the financial year, marking an increase of 8% from 39p, ICG said.

Looking ahead Chair Jane Tufnell said "I believe our portfolio composition remains one of the key attractions of ICGT. We are not a sector-specific or theme-specific investor; instead we focus on company characteristics, such as profitability and strong cash generation. This should offer more resilience in the face of market headwinds."

Shares in ICG Enterprise were up 0.3% at 1,376.00 pence per share on Wednesday in London.

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