SVG Capital sees NAV gain

published 9 February 2012

SVG Capital, the private equity investor which owns Hugo Boss and Birds Eye frozen food firm iglo, has seen a 10.9% rise in its net asset value (NAV).

The unaudited NAV per share at the end of 2011 was 350.2p.

The movement has been driven by a significant increase in the valuation of Hugo Boss, which rose £96.1m between 2010 and 2011 on the back of improved earnings. Iglo jumped £18.1m.

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During the course of the year SVG received £247m in distributions including the part sale of its stake in the Chinese gaming firm Galaxy Entertainment for £70.5m.

SVG says it will return £170m to shareholders in the form of tender offers and share buy backs during 2012.

The group is a significant backer of the private equity firm Permira but says it will "look to add to our Permira portfolio through commitments to a limited number of other leading private equity funds. In time, we may also potentially make co-investments alongside funds."

The market has been impressed with the results, which have come against a backdrop of the FTSE All-Share falling 3.5% over the comparable period.

SVG shares had gained 9% by 09:41. Over the last 12 months the stock has risen 4.7%.

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