7th Oct 2025 10:13
(Alliance News) - ICG Enterprise Trust PLC on Tuesday reported a net asset value decline during the first half of its financial year, hurt by the pound strengthening.
The investor in private companies, primarily in Europe and the US, said its portfolio is performing well from a "fundamental perspective", however.
Net asset value per share at the July 31 half-year end was 2,040.3 pence, down 1.6% from 2,072.9p at the end of January.
ICG Enterprise shares were 1.0% lower at 1,495.36p each in London on Tuesday morning.
The NAV per share total return over the six months was negative 0.7%. The FTSE All-Share Index total return during that stretch was positive 7.9%.
In the final three months of the period alone, the NAV per share total return was 1.9%.
"The strengthening of Sterling, in particular during the first three months of the period, resulted in a negative FX impact of (2.0)% and was a notable drag on the NAV per share total return," Portfolio Manager Oliver Gardey said.
"From a fundamental perspective, the portfolio is performing strongly and delivered earnings growth of 15% over the last twelve months despite a complex and shifting macroeconomic landscape."
ICG Enterprise Trust announced a 9p per share second quarter dividend, taking the total for the half-year to 18p, up from 17p a year prior. It plans a total 38p per share payout for the year, up from 36p.
"We are well positioned to continue to invest in the portfolio, maintain the progressive dividend policy, and execute our share buyback programmes. While the volume of investments this period is broadly in line with H1 FY25, the number and quality of opportunities we are seeing is growing, and we are optimistic about the current investment environment," Gardey added.
By Eric Cunha, Alliance News news editor
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