Schroder UK Public Private Trust plc: Half Year Report

Schroder UK Public Private Trust plc has today released its Half Year Report for the period ended 30 June 2020.

Highlights were:

  • NAV of 45.44p per share, a reduction of 1.5% since 31 March 2020 (46.13p per share)
  • Net debt of £103.5 million, down £7.2 million from 31 December 2019
  • The portfolio’s weighting towards the healthcare sector has proven to be beneficial in the current environment. The sector’s resilience over the period is reflected in strong performance in the second quarter
  • Schroders continues to provide support to the businesses in the portfolio to help them navigate the COVID-19 crisis and is focused on adjusting position sizes towards a more balanced portfolio, whilst reducing the debt
  • Schroders has taken steps to ensure that the Schroder UK Public Private Trust plc is in line with industry best practice for private equity vehicles through the implementation of quarterly NAV reporting

Tim Creed, Co-Portfolio Manager of the Schroder UK Public Private Trust plc, commented:

 “As Portfolio Manager, we have been actively adapting to the impact of the economic downturn across the portfolio and working intensely with each individual portfolio company management team to ensure that each business is best placed to cope with the demands of the current environment and seize opportunities where they may arise.

“Whilst repositioning the portfolio and reducing debt is a clear priority, it is also important to continue to support the companies in the portfolio as they continue to develop and grow. We expect to announce several significant operational milestones from companies in the portfolio in the second half of 2020 and 2021, and we are excited about being able to communicate these developments if they materialise as expected.”

Ben Wicks, Co-Portfolio Manager, Schroder UK Public Private Trust plc, said:

“As highlighted in the first quarter update, we have been heavily focused on achieving our near-term objectives and are pleased with the dialogue and relationships that we have developed with the portfolio companies since taking on management of the Company in December 2019. In undoubtedly challenging economic circumstances, we are pleased that overall asset valuations have significantly stabilised during the second quarter.”