22nd Mar 2019 18:09
LONDON (Alliance News) - Albion Technology & General VCT PLC on Friday reported a rise in net asset value per share.
At December 31, Albion Technology & General's NAV per share stood at 77.4 pence compared to 71.9p the year before, a 7.6% increase.
The trust's NAV total return in 2018 was 13%, with Chair Cross saying the year represented "excellent progress" for the trust following a "period of divestment" under its recovery plan.
Albion Technology & General paid 4.0p in dividends in 2018, flat on 2017.
Albion Technology & General made net gains on investments in 2018 of GBP10.7 million, double the gains made in 2017.
The trust said the main drivers of the growth were the rises of the value of portfolio firms Quantexa, Mirada, G Network Communications and Egress Software Technologies.
Albion Technology & General also contributed the growth to the sale of digital marketing business Grapeshot.
Albion Technology & General invested GBP1.4 million in 2018 on seven new portfolio companies, which the trust believes will require further investment as the companies "prove themselves and grow".
Cross added: "It is encouraging to see strong performance returning to the company. The portfolio remains well balanced, despite its exposure to an increasing number of early stage technology businesses. However, the portfolio's ability to grow and add value is shown by a number of our more mature technology investments, whose prospects lead us to look forward to the future with cautious optimism despite a less than propitious and uncertain economic backdrop."
Shares in Albion Technology & General closed down 1.4% Friday at 73.00 pence each.
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