Q3 update for the three months ended 31 October 2024

NAV per Share of 1,997p

Highlights

  • NAV per Share of 1,997p (31 July 2024: 1,946p)
  • NAV per Share Total Return of 3.0% in Q3; long-term compounding returns of 13.8% annualised over last 5 years
  • Continuing to invest through cycle: one new fund Commitment (£7.5m), Total New Investment of £35.2m and Total Proceeds of £34.4m (including 12 Full Exits at weighted average Uplift to Carrying Value of 18%)
  • Evolving our medium-term target portfolio composition towards more secondary and direct investments
  • To date our shareholder-focused approach to capital allocation has delivered:
    • Dividend per share increases at an annualised rate of 9% over last 5 years1 through our progressive dividend policy; and
    • £50m of buybacks since October 20222 (£32m long-term, £18m opportunistic), adding 2.3% (47p) to NAV per Share and reducing share count by a market-leading3 6%
  • Q3 dividend per share of 8.5p (Q3 FY24: 8.0p), Board intends to pay total dividends of at least 35p per share for FY25 (FY24: 33p). Opportunistic share buyback renewed for FY26 of up to £25m to run alongside long-term buyback
  • Balance sheet flexibility strengthened post period-end through an increase in credit facility size from €240m to €300m

1 FY20 to FY25, including intended total dividends for year ended FY25 of at least 35p
2 October 2022 being the start date for the long-term programme. Opportunistic programme started in May 2024. Both to 14 January 2025
3 Source: Deutsche Numis research, ‘Opportunities abound in listed PE’, data from Dec 2022 to Dec 2024 (excludes tender offers)

Presentation

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