Perfomance highlights

For the six months to 30 September 2017

Good portfolio performance drove growth in net asset value

Total return on opening NAV

Total return for the period

Nav per share

  • Total return of £121m for the period ahead of the 8% to 10% per annum return target over the medium term.
  • Net asset value (“NAV”) of £1,817m at 30 September (March 2017: £1,735m).

Strong growth in income

Total income and non-income cash

  • Income growth driven by new investments made in the previous financial year.
  • Total income of £48m in the period. In addition, non-income cash of £33m was received.

Maintained an efficient balance sheet

Good level of liquidity for investment

Cash balances

Undrawn RCF balance

  •  Low level of cash held over the period.
  • Liquidity available from £500m revolving credit facility, including £200m accordion increase.

On track to deliver the dividend target for the year

Interim dividend per share

  • Interim dividend of 3.925p per share will be distributed on 8 January 2018.
  • On track to deliver the total dividend target for FY18 of 7.85p per share, representing growth of 4% on FY17.
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