Interim Results for the six months ended 30 June 2011

HgCapital Trust plc (“the Trust”), which provides investors with a listed vehicle to invest in all private equity deals managed by HgCapital, today announces its interim results for the six months ended 30 June 2011.

HGCAPITAL TRUST PLC CONTINUES TO DELIVER LONG TERM OUTPERFORMANCE

Financial Highlights for the above period

	% Total return*	30 June 2011	31 December 2010
Share price	+16.1%	1,140.0p	1,006.0p
NAV per share (basic)	+6.3%	1,160.4p	1,118.8p
(diluted)	+6.1%	1,129.3p	1,090.7p
Movement NAV	+£21.0m	£369.0m	£348.0m
Market Cap	+£49.6m	£362.5m	£312.9m

* Assuming reinvestment of all dividends

• +14.7% p.a. ten year compound annual growth rate of the share price on a total return* basis vs. 4.8% p.a. from the FTSE All-Share Index to 30 June 2011
• Strong sales and EBITDA growth from top 20 buyout investments of +17% and +12% respectively over last 12 months to 30 June 2011.
• Liquid resources were £94m (26% of NAV) with outstanding commitments of £191m (52% of NAV).

OPERATIONAL HIGHLIGHTS

• £29m deployed over the period, principally in two new buyout investments.
• £40m of cash proceeds from realisations generated over the period; exits at a 71% uplift to book value as at 31 December 2010.

EVENTS SINCE 30 JUNE 2011

• NAV per share at 31 July 2011 was 1,142.6p (basic) and 1,114.1p (diluted); movement from June mainly due to foreign exchange fluctuations.
• The Trust has finalised a £40m three year standby facility with Lloyds TSB Bank plc, on an unsecured basis.
• New commitments totalling £75m made since period end, consisting of a £15m secondary commitment to Hg6 and a £60m commitment to the Manager’s Mercury fund that invests in smaller companies in the TMT sector.
• Numis Securities Limited has been appointed as joint corporate broker.

OUTLOOK

• Economic weakness likely to create opportunities for buyout investments.
• Existing portfolio companies will continue to strengthen management capabilities, market position, operational and financial performance and balance sheets.
• Continued confidence in HgCapital’s thematic investing approach using sector expertise to identify industry ‘champions’ and focus on delivering long-term profit growth ahead of the market.

Roger Mountford, Chairman of the Trust, commented:
The Trust has performed well in the first half. Again, the Trust has significantly exceeded its benchmark, the FTSE All Share Index. Encouragingly, most of the Trust’s top 20 buyout investments grew in both sales and EBITDA.

On-going macroeconomic instability does create opportunities for private equity and we remain confident in the Manager’s dedicated thematic approach to identify and invest in outstanding companies. We also believe HgCapital has the skill and resource to participate actively in portfolio companies; enabling value to be protected and grown through trading while minimising balance sheet risk.

It is also important to ensure that additional risk is not being taken at the level of the investment vehicle. Transparent reporting enables the investor to assess these factors. Both HgCapital and the Board understand these imperatives and engage in regular dialogue on the strategy and operation of the Trust. The Board remains confident that the Trust offers an attractive proposition to the long-term investor.