HITS Daily Double


Hipgnosis Songs Fund’s six-month financial results have been published following a two-day delay. According to the portfolio independent valuer, Citrin Cooperman, the fair value of the portfolio decreased by 6.4% to $2.62b as of 9/30, compared to $2.8b on 3/31.

In the interim six-month results up to 9/30, operative NAV per share decreased by 9.2% to $1.7392, as a result of the reduction in the fair value of the portfolio.

Underlying net revenue (excluding CRB III accruals) up 14.0% to $65.8 million (H1 2022-23: $57.6 million) Pro-forma Annual Revenue (PFAR), which shows the gross royalty statements received or receivable within the reporting period and does not include any revenue accruals under IFRS grew 10.4% to $64.9 million (Six months to 9/30/22: $58.8 million).