Electra has announced results for the year ended 30 September 2015 (which is a pretty fast turnaround!). The total return on net assets was and the return to shareholders were both 25%. The equivalent figures for the Morningstar private equity index were 10% and 13% and for the FTSE All-Share Index -2%. The dividend for the year has been set at 116p – equivalent to 3% of year end NAV after the conversion of their loan stock.
£259m of realisation proceeds were received in the year and a further £270m is expected to be received after the year end. Cash has been reinvested in one new acquisition and a number of bolt-on acquisitions. They had £78m of cash (after providing for the repayment of their zeros which falls due next year) at the end of September. They reckon, after allowing for cash coming in and going out (to pay the dividend for instance) they will have £170m of cash left to spend on new investments plus their £275m credit facility.
ELTA : Electra shareholders make 25% on their investment in a year