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Hardman & Co Research: ICG Enterprise Trust (ICGT): FY'21 results: blew the roof off, not just the doors

·2-min read

Hardman & Co Research
20-May-2021 / 10:30 GMT/BST

Hardman & Co Research: FY'21 results: blew the roof off, not just the doors

We think the market expected that, to quote Michael Caine, ICGT would "only blow the bleeding doors off" in FY'21 with a known good uplift to NAV in 4Q from listed holdings. In the event, they blew the roof off with a 4Q 11.8% NAV total return (22.5% in the year against 15.9% five-year average). Portfolio returns (local currency) were 24.9% with the "High Conviction" (HC) portfolio generating 48.0% and third-party funds 22.4%. Underlying investee company revenue growth was 15%, reflecting ICGT's defensive growth strategy. Realisations have continued (at 31% average uplift to carrying value) and FY'22 has started well (£97m proceeds).

Please click on the link below for the full report:

https://www.hardmanandco.com/research/corporate-research/fy21-results-blew-the-roof-off-not-just-the-doors/ 

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mt@hardmanandco.com

 

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies.  It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.

 


Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

End of Announcement - EQS News Service

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