HgCapital Trust, the listed arm of private equity firm HgCapital, said 2011 was all about protecting shareholder value in a tough year for equity markets.
The firm's diluted net asset value (NAV) per share eased 2.0% to 1,069.3p at the end of 2011 from 1,090.7p a year earlier, but with dividend payments added to the equation, the total return was positive, at 0.5%.
The net asset value of the portfolio retreated to £346.8m from £348.0m at the end of 2010.
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Total available liquid resources at the end of the year were £94m (27% of NAV) with outstanding commitments of £195m (56% of NAV).
The group ploughed £87m over the year, principally in five new management buy-out investments, while it cashed in £62m worth of chips during the year, with full exits from investment in 2011 achieved at an aggregate premium of 56% over the book value as at December 31st, 2010.
"The portfolio is trading well the top 20 buyouts having delivered double digit revenue and profit growth over the year," revealed Roger Mountford, Chairman of the trust. "The trust continues to deliver long-term out-performance and offers the prospect of renewed growth in value for shareholders," Mountford claimed.
The company has proposed a final dividend of 10p, down from 28p last year. The company does not pay interim dividends.
The shares fell 11p to 967p after the release of the figures.
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