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Capital Gearing Trust PLC on Friday reported a loss-making half-year as it cited continued febrile markets.
The Belfast, Northern Ireland-based investment trust's net asset value at September 30 fell 2.0% to 4,798.4 pence each from 4,894.6p at October 5, 2021. NAV total return over the past six months was negative 3.5%, swinging from a positive return of 8.2% a year ago.
The firm swung to an interim pretax loss of £49.9 million from a profit of £48.1 million a year prior. It reported a net loss on investments of £60.0 million, compared to net gains of £42.7 million.
Looking ahead, Capital Gearing noted its manager's cautious stance due to very febrile volatile markets, poor liquidity and corporate profits that are under pressure by limited growth and widening input costs.
Capital Gearing Trust shares were 0.6% higher at 5,004.80 pence each on Friday morning in London.
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