Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey registered investment company established to offer investors a pure-play exposure to songs and associated musical intellectual property rights. The Company has raised a total of over £1.1 billion (gross equity capital) through its Initial Public Offering on 11 July 2018, and subsequent issues in April 2019, August 2019, October 2019, July 2020, September 2020 and February 2021. In September 2019, Hipgnosis transferred its entire issued share capital to the premium listing segment of the Official List of the FCA and to the London Stock Exchange s premium segment of the Main Market, and in March 2020 became a constituent of the FTSE 250 Index.
2. Calculated as net debt divided by last quarter annualised Adjusted EBITDA for the period. · Full year Group revenue increased by 7% year-on-year to US$414.0m (2019: US$387.8m), driven by the continued growth in the number of sites and tenancies across the Group. o Q4 2020 Group revenue increased by 2% quarter-on-quarter to US$106.1m (Q3 2020: US$103.6m). · Full year Adjusted EBITDA increased by 10% year-on-year to US$226.6m (2019: US$205.2m), driven by tenancy growth and continued improvements in operational efficiency, with Adjusted EBITDA margin expanding to 55% (2019: 53%), up 2ppts. o Q4 2020 Adjusted EBITDA increased by 5% quarter-on-quarter to US$60.1m (Q3 2020: US$57.4m). · Full year operating profit increased by US$60.8m year-on-year to US$56.3m (2019: US$-4.5m).
The following amendment has been made to the Interim Results announcement released on 9 March 2021 at 07:00 under RNS number 5557R, which replaces the second paragraph of Notes to the unaudited condensed consolidated financial statements, 1: Basis of preparation: Going concern: The Group has a £225.0m revolving credit facility with a consortium of seven banks maturing in December 2023, with two one-year options to extend the facility, subject to mutual agreement. At the date of approval of these interim condensed financial statements, £154.0m of the revolving credit facility remained undrawn, in addition to cash in hand at bank of £7.3m as at 5 March 2021.
The year to 30 November 2020 has been one of considerable challenge, dominated by the outbreak of COVID-19, which has had an unparalleled impact on the economy and our society. Our thoughts are with all those who have been affected by the crisis.
Despite the wide-reaching disruption caused by the pandemic, it is encouraging to report that your Company has generated a modest uplift in NAV total return at the year end to 144.44p per share. This reflects a significant recovery following the revaluation of the portfolio that was announced on 26 March 2020, when a small number of specific provisions were taken against those companies that were most immediately impacted by the economic disruption caused by the pandemic. Notwithstanding the market conditions, this has been a year of progress during which £10.5 million has been invested across a range of carefully selected new private and AIM quoted companies, alongside the provision of follow-on funding to support the continuing g