Core Insights - Aspire Software's 2026 Commercial Landscape Industry Report highlights the resilience of contractors amid labor shortages, economic pressures, and rising costs, focusing on customer retention, operational efficiency, and technology adoption [1][9]. Contractor Focus - 79% of contractors aim to grow revenue in 2025, prioritizing customer acquisition and retention over adding new services, with 59% earning most revenue from recurring maintenance services [2][3]. - Word-of-mouth and repeat business are crucial, with 35% of revenue attributed to repeat clients and 26% from referrals [3]. Labor Market Challenges - Labor shortages are a significant concern, with 70% of contractors planning to raise wages in 2025, 44% by at least 4%, due to pay disparities between maintenance and construction crews [4][5]. - Hiring challenges extend beyond headcount to finding quality talent, prompting wage increases as a competitive strategy [5]. Cash Flow Issues - Cash flow delays hinder stability, with 76% of contractors billing within four days of job completion, yet only half receive payments on time, and over 60% report payments being at least one week late [5][6]. Technology Investment - There is significant fragmentation in software usage, with 62% of contractors using seven or more solutions, leading to a shift towards integrated platforms [7]. - Currently, 55% of contractors use end-to-end business management solutions, with 31% planning to invest in these platforms in 2025 [8]. Future Outlook - As contractors face ongoing economic uncertainty and staffing challenges, those adapting by tightening processes and investing in technology are positioned for resilience [9].

Core Viewpoint - The European Commission has initiated an investigation into potential anticompetitive practices by SAP, the largest software maker in Europe, concerning its widely used business management software [1] Group 1 - The investigation focuses on SAP's business management software, which is popular among enterprises [1] - The European Commission's action indicates a regulatory scrutiny of major software companies in Europe [1]

Highlights - ICG Enterprise Trust delivered a NAV per Share Total Return of 10.5% for the year ending 31 January 2025, with a closing NAV per Share of 2,073p [2][38] - The portfolio companies achieved a 15% earnings growth over the last twelve months, contributing to a robust operational performance [3][47] - The company returned £59 million to shareholders, representing 5% of the opening NAV, through dividends and share buybacks [3][15] Financial Performance - The portfolio grew by 10.2% on a Local Currency Basis during the year, with a Portfolio Return on a Sterling basis of 10.6% [6][37] - Total new investments amounted to £181 million, with commitments of £83 million made during the year [3][44] - The company executed 40 full exits at a weighted-average uplift to carrying value of 19%, generating total proceeds of £150.8 million [52][54] Capital Allocation and Shareholder Returns - The Board declared a total dividend of 36p per share for FY25, marking a 9% increase compared to FY24 [15][60] - Share buybacks returned £36 million to shareholders, reducing the share count by 4.3% during the year [15][20] - The company has a proactive capital allocation policy, balancing new investments with cash returns to shareholders [18][19] Portfolio Composition and Strategy - The portfolio is geographically balanced between North America and Europe, focusing on mid-market private companies with resilient growth characteristics [16][32] - The investment strategy includes a mix of Primary, Direct, and Secondary investments, with a target portfolio composition evolving towards more Direct and Secondary Investments [34][41] - At 31 January 2025, the portfolio was valued at £1,523 million, with 52.3% in US Dollar, 38.4% in Euro, and 9.2% in Sterling [69][70] Market Environment and Outlook - The company is well-positioned to navigate current market uncertainties, supported by a robust balance sheet and strong origination network [4][25] - The secondary market is expected to present compelling opportunities for future investments [4][23] - The focus on private equity-owned companies is seen as a structurally attractive allocation within investment portfolios, with a track record of attractive returns [30][32]