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Athelney Trust PLC on Friday said its portfolio showed ‘resilience’ in a ‘volatile but improving environment’ during its latest half year. The trust, which invests in smaller UK companies for dividend and capital growth, said its net asset value at June 30 was 187.2 pence per share, up 0.6% from 186.1p at December 31 but down 1.1% from 188.1p at June 30, 2024. ‘The discount to NAV had increased to 11.9% [at June 30] from 5.9% at 31 December 2024 compared to a sub-sector average of 11.3%,’ the firm added. Shares in Athelney Trust were untraded at 195.00p on Friday in London. They last sold for 204.45p on Thursday afternoon. Athelney declared an interim dividend of 2.4p per share for the first half of 2025, up from 2.3p for the year before. Gross revenue was £133,835, up 41% from £94,816 the previous year. The revenue return per share increased on-year to 5.5p at June 30 from 3.0p, but decreased from 7.4p at December 31. The trust also reported a £44,604 gain on investments held at fair value, against a £111,919 loss, and a pretax net return of £104,168 against a £111,717. ‘The company’s investment performance over the six months to 30 June 2025 was mixed, but still comparable to the wider UK Smaller Companies sector as reported by the Association of Investment Companies,’ commented Chair Frank Ashton. ‘While some challenges persisted, the portfolio navigated a volatile but improving economic environment with resilience. ‘Despite some underperformance in specific holdings, the broader portfolio benefited from recovering investor sentiment towards UK small and mid-cap equities,’ he continued. ‘This was underpinned by the improving macroeconomic environment, declining inflation, and increased corporate activity, including M&A interest in undervalued UK-listed businesses.’ Looking ahead, Ashton commented: ‘UK fiscal policy and geopolitical uncertainties make it harder to forecast accurately, and we must wait for news from the Chancellor in the Autumn Budget, on whether she will raise taxes as many predict. ‘These factors may dampen short-term growth prospects.’ However, he said that Athelney’s discount to NAV still presents ‘a great opportunity for investors...as undervalued investments produce results and the discount unwinds in the future.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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