11th Mar 2019 08:26
LONDON (Alliance News) - HgCapital Trust PLC on Monday said it outperformed its benchmark in 2018 helped by a strong performance by its investees.
The investment company reported NAV total return of 14.3% for 2018. In comparison, its benchmark, the FTSE All-Share Index returned minus 9.5%.
"We have announced excellent results for 2018 - a total return in NAV per share of 14.3%, mostly from growth in profits, and well ahead of the wider market," said Chair Roger Mountford.
"Our top twenty investments, which represent 89% of the portfolio, achieved 25% growth in revenue and 27% growth in earnings over the year," added Mountford.
HgCapital's NAV per share at December 31 stood at 2,157 pence, up 12% from 1,932p at the end of 2017, primarily reflecting unrealised currency movements since year-end.
The trust's share price total return at the year-end was 3.5%, with shares trading at 2,000p.
The stock was up 1.4% on Monday at 2,018.00p a share.
HgCapital proposed a final dividend of 30p per share, taking the total payout for the year to 46p, unchanged year-on-year.
"The performance of the company over 2018 is consistent with its long-term record, achieving our target and demonstrating the superior returns that can be gained by an allocation to the company's shares in the portfolio of an investor looking for long-term growth," said Mountford.
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HgCapital Trust plc