Key performance indicators

Data as at 31 March 2021

Total return
% of opening Net Asset Value

To provide shareholders with a total return
of 8% to 10% per annum, to be achieved over
the medium term.

Outcome for the year
Total return of 9.2% for the year to 31 March 2021.

Performance against target
Met or exceeded target for every year shown


Rationale, definition and performance over the year

Rationale and definition
  • Total return is how we measure the overall financial performance of the Company
  • Total return comprises the investment return from the portfolio and income from any cash balances, net of management and performance fees and operating and finance costs. It also includes movement in the fair value of derivatives and taxes
  • Total return, measured as a percentage, is calculated against the opening NAV, net of the final dividend for the previous year, and adjusted (on a time-weighted average basis) to take into account any equity issued and capital returned in the year
Performance over the year
  • Total return of £206 million in the year, or 9.2% on opening NAV
  • The portfolio showed good resilience overall with strong performance in particular from Infinis, Joulz and Valorem
  • The hedging programme continues to reduce the volatility in NAV from exchange rate movements
  • Costs were managed in line with expectations
  • The level of cash held reduced the total return


Annual distribution
pence per share

Progressive dividend per share policy.

FY21 full year dividend target of 9.80 pence per share.

Outcome for the year
Total dividend of 9.80 pence per share paid and proposed.

Performance against target
Dividend per share increased every year since IPO



Rationale, definition and performance over the year

Rationale and definition
  • This measure reflects the dividends distributed to shareholders each year 
  • The Company’s business model is to generate returns from portfolio income and capital returns (through value growth and realised capital profits). Income, other portfolio company cash distributions and realised capital profits generated are used to meet the operating costs of the Company and distributions to shareholders 
  • The dividend is measured on a pence per share basis, and is targeted to be progressive
Performance over the year
  • Proposed total dividend of 9.80 pence per share, or £87 million, is in line with the target set at the beginning of the year
  • Income generated from the portfolio and cash deposits, including nonincome cash distributions and other income from portfolio companies, totalled £117 million for the year
  • Operating costs and finance costs used to assess dividend coverage totalled £30 million in the year. The dividend was fully covered for the year
  • Setting a total dividend target for FY22 of 10.45 pence per share, 6.6% higher than for FY21


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