4th Sep 2018 17:35
LONDON (Alliance News) - Albion Development VCT PLC on Tuesday reported an increase in its net asset value in the first half of the year due to investment gains, particularly from the disposal of its Grapeshot Ltd investment.
As at June 30, Albion Development's net asset value per share stood at 80.9 pence, up 13% from 71.3p the year before as it gained GBP7.5 million on investments during the period, GBP2.3 million alone from its Quantexa write-up and a further GBP3.6 million from the Grapeshot disposal.
"The results for the six months to 30 June 2018 showed a particularly strong return. This was principally due to the sale of our investment in Grapeshot, at a total return of around ten times cost, and to a sharp write-up of our investment in Quantexa, following a new funding round in July," said Albion Development Chairman Geoffrey Vero.
The venture capital trust has declared a second 2.00p per share dividend to be paid on September 28. It paid a 2.00p per share first dividend on May 31, meaning that the company is in line with its 4.00p target for the full year.
Albion Development's total dividend for 2017 was 4.00p, down from 5.00p in 2016. Encouraged by its recent results, the trust is considering a dividend increase.
"The board remains highly encouraged by the performance of a number of companies within the investment portfolio and by the quality of the new investments being made. The board will continue to keep the level of dividend under review, and in particular whether any increase would be sustainable for the longer term," said Vero.
Shares in Albion Development were untraded at 71.50 pence on Tuesday afternoon.
Related Shares:
Albion. Dev Vct