26th Jul 2019 17:22
(Alliance News) - Small companies-focused investor Athelney Trust PLC said on Friday that its net asset value rose during the first half of the year but it suffered year-on-year gross revenue falls.
In the period ended June 30, its net asset value per share rose to 239.0 pence from 225.9p in December, though it fell year-on-year from 264.2p.
Gross revenue also fell year-on-year by 16% to GBP119,303 from GBP141,907 with a revenue return per ordinary share of 4.7p, down from 5.8p.
The company's net asset value improved by 5.8% but was behind two of its three benchmarks. The FTSE SmallCap index had a net asset value improvement of 8.3%, the FTSE AIM All-Share of 7.2%.
Athelney compared well with the FTSE Fledgling Index however which was negative 4.5%.
The company also said that Robin Boyle, the company's founder, will sell his remaining shares in Athelney over the next 12 months.
Athelney said it expects tougher currency and market conditions as a result of greater Brexit uncertainty after Boris Johnson was elected Conservative party leader and new Prime Minister.
Chair Frank Ashton said: "The likelihood of a no-deal Brexit has increased, or so commentators believe. Whether his stance softens as he moves in to Number 10, or whether there is time to get any possible deal through Parliament in time for his exit deadline of 31 October, only time will tell. Currency and market volatility will no doubt follow each twist and turn."
Shares in Athelney were up 4% at 239.00 pence each in London on Friday afternoon.
Related Shares:
Athelney Tst.