27/08/08

Candover Investments plc - Interim results for the six months ended 30th June, 2008

 

Financial highlights:

 

  • Net assets per share were 2051p, broadly in line with net assets per share of 2065p at 31st December, 2007. This compares to a decline in the FTSE All Share Index of 13.1% over the same period.
  • Net assets per share increased by 11.0% over the 12 months to 30th June 2008. The FTSE All-Share Index decreased 16.1% over the same period
  • The net assets per share incorporates favourable currency movements of 87p per share and provisions against investments of 68p per share
  • Interim dividend per share increased by 10% to 22.0p (2007: 20.0p) not withstanding a slight decline in pre-tax profits
  • Ten year compound growth in net assets per share of 12.7% per annum; FTSE All-Share Index growth over the same period of 0.4% per annum

     

Operating highlights:

  • Invested £103.5m in the period, of which £49.9m was invested alongside the 2005 Fund in the acquisition of Stork. An additional £31.1m was committed to acquire a stake in Expro International
  • Two transactions completed since the period end – the investments in Technogym and Expro International 
  • Sale of residual shares in Wellstream and Aspen and the refinancing of Wood Mackenzie accounted for the majority of the £31.7m of proceeds during the period
  • Candover 2008 Fund first closing of €2.8bn in August, including €1bn from Candover
  • Early expansion into new regions with teams beginning to explore opportunities in Asia and Eastern Europe.

 

 

Gerry Grimstone, Chairman of Candover Investments plc, commented:

 

“The value of Candover’s portfolio has been largely maintained despite the continued economic uncertainty. The recent investments in Technogym and Expro International show that Candover is very much open for business despite the credit crisis. Although no company can be immune from the economic pressures facing Europe, our portfolio is in good shape, and we continue to believe that this is a good time to invest with company valuations and debt multiples back to more sensible levels. Realisations, however, will be harder to achieve.

 

The first closing of the Candover 2008 Fund marks a significant milestone in our activities, and we expect that our commitment of €1 billion to this Fund will help underpin Candover’s continued success.”

Ends.

 

Click here to read the full interim statement

 

 

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