NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL
28 June 2022
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company" or "Honeycomb") announces that the Investment Manager's monthly factsheet for 31 May 2022 is now available on its website at http://www.honeycombplc.com.
Net Asset Value per Share
The Company announces that its unaudited Net Asset Value ("NAV") per share as at 31 May 2022 on a cum-income basis was 1,032.6 pence, based on a NAV of £361.0 million, and on an ex-income basis was 1,018.6 pence, based on a NAV of £356.1 million. The NAVs have been calculated by Apex Fund Services (UK) Ltd.
Honeycomb delivered a NAV return of 0.69% for the month, which is equivalent to 8.1% per annum. NAV return was driven by strong risk adjusted yield of 9.1%.
Net Investment Assets remained broadly stable in the month at £586m with cash being recycled into several existing senior facilities as borrowers drew down to fund growth in their asset base.
Performance across the portfolio remains strong with a small net release in impairments in the month following a reduction in arrear balances in the secured consumer portfolio. Despite robust performance we have seen borrowers proactively adjust new customer underwriting to reflect the high inflationary environment with increases in debt service coverage ratios, higher income requirements and higher pricing.
The pipeline of opportunities remains strong which allows the Investment Manager to be selective in the investments it pursues. The Manager is also seeing opportunities to increase returns on new facilities as global central banks increase interest rates.For further information about this announcement please contact:
Pollen Street Capital - Investment Manager
Matthew Potter / Julian Dale: +44 (0)20 3728 6750
Liberum Capital Limited - Joint Broker
Chris Clarke: +44 (0)20 3100 2000
Cenkos Securities plc - Joint Broker
Justin Zawoda-Martin: +44 (0)20 7397 8900
Link Company Matters Limited - Corporate Secretary
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.