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Albion Venture Capital Trust PLC on Wednesday said net asset value declined in the first half of its financial year, as it declared a lower interim dividend than last year.
The London-based investor in smaller, unquoted growth businesses said that for the first six months to September 30, NAV was 52.90 pence per share, down 10% from 58.80p a year ago and from 53.38p on March 31.
The stock was quoted at 48.00p each on Thursday morning in London. It is down 14% over the past 12 months.
Albion said NAV total return for the first half was 0.84p per share, down 67% from 2.52p per share.
The company declared a second interim dividend of 1.32p down from 1.47p a year ago, bringing the total dividend for financial 2023 to 2.65p per share, 5% of the opening NAV of 53.38p per share.
‘The board is encouraged by the performance of the portfolio as a whole and the prospects for its portfolio companies against a backdrop of multiple macroeconomic and geopolitical uncertainties,’ Chair Richard Glover said.
‘The manager is progressing a strong pipeline of new investment opportunities and, importantly, the company has the cash resources to capitalise on these exciting opportunities and to support the existing portfolio,’ Glover added.
During the first half, Albion Venture Capital invested £3.1 million into new portfolio companies, on top of a further £2.5 million invested into existing portfolio companies.
Albion Venture Capital said its portfolio companies continue to show resilience in the face of rising interest rates, high inflation, and the war in Ukraine.
By Harvey Dorset, Alliance News reporter
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