The company published its interim report for the three-month period ended 31 March 2019. NAV increased to EUR 11.51/share, representing a total return of +5.6% for the first quarter. Valuation expansion of 6.5% was the key driver of NAV growth, according to the company.
Amongst the largest contributors to NAV growth were GlobalLogic, Action, Foncia, Permotio and Vishal Mega Mart. Share price total return was +14.6% as equity markets recovered from the volatility and declines in Q4 2018.
Investment activity totalled EUR 10.1m, including an add-on investment in Permotio International Learning. Overall, the company reported realisations of EUR 31.9m, including the full exit of Agiliti and the sale of shares in Ceridian HCM. The company also declared an increased first interim dividend of EUR 0.29/share (2018: EUR 0.28/share) and maintains its objective to distribute 5-8% of opening NAV per annum via semi-annual dividends. The first interim dividend for the year will be paid on 28 June 2019.
Richard Battey, Princess Private Equity Holding’s Chairman, commented: “Princess continued to develop positively during the first quarter of 2019, with performance driven by strong EBITDA growth at portfolio company level.”