HgCapital Trust plc today announces its financial results for the three-month period ended 31 March 2025.

During the first quarter of 2025, HgT’s NAV  per share declined by 2.0%, resulting in a NAV per share of £5.31 and total net assets of £2.4 billion at the period end. The share price decreased by 5.5% over the quarter, with the discount to NAV per share standing at 5%.

Despite the modest decline in valuation, underlying trading across the portfolio remained robust, contributing approximately 5% to NAV growth for the quarter. However, this positive performance was offset by a reduction in valuation multiples. Over the last twelve months, the portfolio has demonstrated continued strength, achieving sales growth of 20% and EBITDA growth of 21%, with EBITDA margins averaging 33%.

HgT maintains a strong balance sheet, with available liquid resources of £461 million, representing 19% of NAV. This includes an undrawn bank facility of £375 million. The Trust also holds commitments to Hg funds totaling £1.4 billion, or 59% of NAV, to be invested over the coming three to four years.

The Trust completed realisations of £49 million during the quarter, with additional exits of £102 million taking place post-period. These transactions reflect the enduring attractiveness of the underlying investments. Investment activity remained steady, with £46 million deployed in Q1 and an estimated £232 million invested post-period. Co-investments now comprise 10% of the portfolio, up from 9% at the start of the year.

Looking ahead, Hg continues to identify a healthy pipeline of investment opportunities, with further liquidity events anticipated over the next six to twelve months.

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