TIDMBOOK
RNS Number : 9137L
Literacy Capital PLC
11 September 2023
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area,
Canada, Australia, Japan or the Republic of South Africa.
11 September 2023
Literacy Capital plc ("Literacy Capital" or the "Company")
Literacy Capital FY23 Interim Results
Focus on helping to build great businesses to generate superior
returns
Literacy Capital, the listed investment trust, is pleased to
report its unaudited interim results for the six months ended 30
June 2023.
A PDF copy of the results can be viewed at:
www.literacycapital.com/investors/reports-and-results
Performance highlights
w NAV per ordinary share of 488.5p (1)
o Net assets of GBP293.1m(1) , an increase in net assets of
16.1% in the six months to 30 June 2023
o Over the same period, the FTSE Investment Company Index
declined 2.7%, and FTSE All-Share increased 2.6%, compared to a
27.2% increase in BOOK's share price
w Portfolio companies maturing and gaining interest from
potential acquirors, resulting in uplifts and increasing cash
inflows
o GBP21.3m of cash received in H1 2023, higher than any previous
six-month period. This is expected to be exceeded again in H2 2023,
following receipt of the proceeds from Butternut Box
o Two significant sales announced so far in 2023, both
delivering approximately 50% uplifts to carrying value
w Portfolio companies continue to show strong growth, with the
Literacy Capital team providing input to improve performance and
optimise the composition of the portfolio
o Portfolio companies focused on maximising long-term growth and
value creation, with average revenue growth of 69% amongst the
fund's ten largest holdings
o BOOK has focused on buyout investments, rather than earlier
stage growth capital investments, for the last three years.
Following the successful sale of the fund's stake in Butternut Box,
growth capital investments will equate to less than 0.5% of net
assets (down from 15% in 2021)
w Significant activity and value creation initiatives across the
portfolio companies
o Completed two new platform investments in the period, as well
as five small bolt-on acquisitions. Investment activity is expected
to continue similarly in the second half of the year
o Helped to build and strengthen the management teams of
portfolio companies with several senior hires
w Increasing charitable donations, helping disadvantaged
children across the UK get a fair chance
o GBP1,334k of charitable donations provided for in H1 2023, up
42% on the same period in 2022, in line with growth in NAV
o Total donations now amount to GBP7.1m since inception of
Literacy Capital
Performance to 30 June 2023
% total return 6 months 1 year Since Admission(2) 3 years Since Inception(3)
------------------------- --------- ------- ------------------- -------- -------------------
BOOK net asset value +16.1% +41.3% +204.1% +302.9% +442.8%
--------- ------- ------------------- --------
BOOK share price +27.2% +17.0% +192.5% n/a n/a
------------------------- --------- ------- ------------------- -------- -------------------
FTSE Investment Company
Index (2.7)% +0.2% (14.1)% +11.8% +27.2%
FTSE All-Share Index +2.6% +7.9% +8.2% +33.2% +19.6%
Comparison to prior periods
At 30 June 2023 At 31 December 2022
------------------ ---------------- --------------------
Net asset value GBP293.1m(1) GBP252.4m(1)
NAV per ordinary
share 488.5p(1) 420.6p(1)
Six months to 30 June Six months to 30 June
2023 2022
Capital invested GBP19.4m GBP10.7m
-------------------- ---------------------- ----------------------
Cash realised GBP21.3m GBP6.1m
-------------------- ---------------------- ----------------------
Charitable donation GBP1,334k GBP942k
provision
(1) The NAV and NAV per share figures include the impact of the
warrants in issue. The calculation is shown on page 32 of the
interim accounts
(2) BOOK was admitted to the London Stock Exchange on 25 June
2021
(3) Inception date treated as 30 April 2018. GBP54 million of
capital raised
Richard Pindar, CEO of the Investment Manager and Director of
Literacy Capital plc, commented:
"We are pleased that BOOK and its portfolio has continued to
show good progress, evidenced by the 16% uplift in NAV in the six
month period and strong performance for shareholders (+27% in the
six months to 30 June 2023).
Many of BOOK's earliest investments have matured and grown
substantially since Literacy originally invested. We are now seeing
large and well-respected investors taking an active interest in
many of our businesses. We expected cash inflows to be significant
in 2023 and we expect this to continue in the second half of the
year and into 2024.
The recent sales of Kernel Global and Butternut Box have been
clear examples of the returns on capital that BOOK can generate
from its investments and converting interest in its assets from
larger, institutional investors into sales. Both sales realised
very substantial premiums to the prior reported carrying values,
contributing to the uplift recorded in H1 and giving comfort on the
prudence of the portfolio's valuations.
We look forward to delivering further positive outcomes for
BOOK's shareholders, its portfolio companies and their employees,
and communities across the UK; including, improving outcomes for as
many children from disadvantaged backgrounds as possible."
Enquiries
For further information, please contact:
Literacy Capital plc / Literacy Capital
Asset Management LLP:
Richard Pindar / Tom Vernon +44 (0) 20 3960 0280
MHP:
Reg Hoare / Ollie Hoare / Matthew Taylor +44 (0) 20 3128 8276
Singer Capital Markets Securities Limited:
Robert Peel +44 (0) 20 7496 3000
About Literacy Capital:
Literacy Capital (BOOK.L) is a closed-end investment company
launched in 2017 by Paul and Richard Pindar and listed on the
London Stock Exchange's main market in 2021. The Company focuses on
opportunities to invest for the long-term in growing private
businesses where a clear route to creating additional value. It
also has a unique charitable objective to donate 0.9% of annual NAV
to charities focused on improving UK literacy in children. GBP7.1
million has been donated or reserved for donation to charities
since the trust's creation in 2017. For more information, please
visit our website: www.literacycapital.com.
Website:
www.literacycapital.com
LEI: 2549006P3DFN5HLFGR54
A copy of this announcement will be available on the Company's
website at www.literacycapital.com.
The information contained in this announcement regarding the
Company's investments has been provided by the relevant underlying
portfolio company and has not been independently verified by the
Company.
This announcement is for information purposes only and is not an
offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision.
The value of investments may fluctuate. Results achieved in the
past are no guarantee of future results. Neither the content of the
Company's website, nor the content on any website accessible from
hyperlinks on its website for any other website, is incorporated
into, or forms part of, this announcement nor, unless previously
published by means of a recognised information service, should any
such content be relied upon in reaching a decision as to whether or
not to acquire, continue to hold, or dispose of, securities in the
Company.
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, business strategy, plans and
objectives of management for future operations (including
development plans and objectives relating to the Company's products
and services) are forward-looking statements. Forward-looking
statements are subject to risks and uncertainties and accordingly
the Company's actual future financial results and operational
performance may differ materially from the results and performance
expressed in, or implied by, the statements. These factors include
but are not limited to those described in the formal Prospectus.
These forward-looking statements speak only as at the date of this
announcement. The Company expressly disclaims any obligation or
undertaking to update or revise any forward-looking statements
contained herein to reflect actual results or any change in the
assumptions, conditions or circumstances on which any such
statements are based unless required to do so by the Financial
Services and Markets Act 2000, the Listing Rules or Prospectus
Regulation Rules made under Part VI of the Financial Services and
Markets Act 2000 of the Financial Conduct Authority or other
applicable laws, regulations or rules.
, the news service of the London Stock Exchange. RNS is approved by
the Financial Conduct Authority to act as a Primary Information
Provider in the United Kingdom. Terms and conditions relating to
the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DOCSSFFIAEDSEIU
(END) Dow Jones Newswires
September 11, 2023 02:00 ET (06:00 GMT)
Literacy Capital (LSE:BOOK)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Literacy Capital (LSE:BOOK)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024
