26th Mar 2020 11:18
(Alliance News) - ICG Enterprise Trust PLC on Thursday said it has taken actions to protect its people and maintain business continuity during Covid-19 outbreak.
The investment company said it is working closely with its investment managers to understand both the immediate and potential future impact of the Covid-19 pandemic, and its economic fallout, on the performance of the company's portfolio companies.
Given the rapid escalation of the crisis, ICG said it currently has limited visibility on the short and longer-term impact of Covid-19 on the global economy.
As at the end of January, ICG said it had available liquidity of GBP163 million. A further GBP40 million was recently drawn from the company's bank facility, it said, taking total gross cash balances to GBP56 million as at Friday last week.
ICG said it will be reporting its results for the year to the end of January in the second half of April.
"The rapid spread of Covid-19 has dramatically changed the economic landscape," said Chair Jeremy Tigue.
He added: "While no one can accurately predict the ultimate consequences of Covid-19, ICG Enterprise has a well-diversified, high-quality portfolio and a strong business model which has proven resilient over multiple economic cycles."
ICG shares were trading 9.7% higher in London on Thursday at 658.00 pence each.
By Evelina Grecenko; [email protected]
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