ICG Enterprise Trust plc (LON:ICGT) has announced its unaudited Interim Results for the six months ended 31 July 2026
Highlights
- Six-month period demonstrating growth across multiple investment areas, positive net Portfolio cashflow and selective investment
- NAV per Share of 2,091p at 31 July 2026. HY NAV per Share Total Return of 3.3% and 5-year annualised return of 8.4%
- Portfolio Return on a Sterling Basis of 3.6% over the six months, driven by Directs
- Portfolio reporting LTM revenue growth of 11% and EBITDA growth of 16%1
- Total Proceeds of £84m, of which £32m came from exits of two of our top 30 companies (Curium, Yudo). A further ~£70m of proceeds expected to be received in coming quarters from two further large exits (Exail, Ambassador Theatre Group)
- 24 Full Exits at a weighted-average Multiple of Cost of 3.0x and Uplift to Carrying Value of 9.4%
- Continuing to invest selectively: Total New Investments of £65m and New Fund Commitments of £104m
- £20m buybacks executed in H1, increasing NAV per Share by 14.9p (0.7%). Q2 dividend of 9.5p per share; Board intention remains to pay total FY27 dividends of at least 42p per share (FY26: 39p)
Oliver Gardey, Portfolio Manager, ICG Enterprise Trust
ICGT’s Portfolio demonstrated the resilient growth we seek against a volatile market backdrop. The Portfolio Return on a Sterling Basis was 3.6% for the six months, with Portfolio performance strengthening in Q2.
Supporting this growth is our diversification across multiple investment areas. Notable strong performers in Q2 include Brooks Automation (benefitting from demand for semiconductors), Greenix (pest control) and CohnReznick (accounting) – returns were not reliant on any single sector or investment thesis. Underlying portfolio companies continued to grow, with LTM revenue and EBITDA increasing by 11% and 16% respectively1.
We generated Total Proceeds of £84m in the period, and we have been selective in how we allocate our capital. We have a progressive dividend policy, executed £20m in buybacks in the period and are continuing to invest across the cycle, making Total New Investments of £65m.
Economic and geopolitical uncertainty continue to impact private equity, which as an asset class is experiencing lower levels of transaction activity than it did in the decade running up to 2021. This environment makes our capital even more important to our underlying managers and reinforces the long-term nature of our partnership with them. With high liquidity and low net debt, ICGT has flexibility for new investments, buybacks and dividends to continue to optimise returns for shareholders.
1 EBITDA, based on Enlarged Perimeter covering 69% of the Portfolio
PERFORMANCE OVERVIEW
| Annualised | ||||||
| Performance to 31 July 2026 | 3 months | 6 months | 1 year | 3 years | 5 years | 10 years |
| Portfolio Return on a Local Currency Basis | 3.3% | 3.2% | 6.1% | 6.8% | 10.2% | 14.7% |
| NAV per Share Total Return | 3.3% | 3.3% | 4.4% | 5.0% | 8.4% | 12.2% |
| Share Price Total Return | 8.9% | (4.8)% | (0.6)% | 10.0% | 8.7% | 12.2% |
| FTSE All-Share Index Total Return | 5.6% | 7.9% | 21.6% | 15.6% | 11.6% | 8.6% |
| Half-year ended: | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 | |
| Fund performance | Portfolio return (local currency) | 7.4% | 4.6% | 3.8% | 2.1% | 3.2% |
| Portfolio return (sterling) | 12.4% | 1.6% | 2.6% | 0.1% | 3.6% | |
| NAV | £1,269m | £1,290m | £1,274m | £1,286m | £1,272m | |
| NAV per Share Total Return (%) | 10.9% | 0.8% | 2.8% | (0.7)% | 3.3% | |
| Investment activity | New Investments | £144m | £64m | £104m | £113m | £65m |
| As % opening Portfolio | 12% | 5% | 8% | 7% | 5% | |
| Total Proceeds | £107m | £94m | £86m | £222m | £84m | |
| As % opening Portfolio | 9% | 7% | 6% | 15% | 6% | |
| Shareholder returns | Closing share price | 1,166p | 1,174p | 1,340p | 1,488p | 1,440p |
| Total declared dividends per share | 14p | 16p | 17p | 18p | 19p | |
| Share Price Total Return | (1.6)% | 2.9% | 10.3% | 12.6% | (4.8)% | |
| Total shareholder distributions | £15m | £17m | £33m | £28m | £33m | |
| As % opening NAV | 1% | 1% | 3% | 2% | 3% | |
| Period ended 31 July 2026 | Primary | Direct | Secondary | Total | ICG-managed |
| Local Currency return | 2.6% | 6.8% | (3.2)% | 3.2% | 6.2% |
| Sterling return | 2.8% | 7.4% | (2.2)% | 3.6% | 6.5% |
| New Investments | £32m | £14m | £19m | £65m | £21m |
| Total Proceeds | £49m | £22m | £13m | £84m | £39m |
| New Fund Commitments | £104m | — | — | £104m | £22m |
| Closing Portfolio value | £703m | £483m | £197m | £1,383m | £407m |
| % Total Portfolio | 50.9% | 34.9% | 14.2% | 100.0% | 29.4% |
COMPANY TIMETABLE
A presentation for investors and analysts will be held at 11:30 BST today. A link for the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.
| FY27 Second Interim Dividend | |
| Ex-dividend date | 12 November 2026 |
| Record date | 13 November 2026 |
| Dividend payment date | 27 November 2026 |
