10th Nov 2023 09:15
(Alliance News) - AVI Global Trust PLC on Friday reported an increased net asset value and "pleasing" total return for its latest financial year, and proclaimed its optimism for the long-term future.
The Exeter, England-based investor said its NAV at September 30 was 226.77 pence per share, up from 199.76p at the same time one year prior.
AVI Global shares were down 0.6% at 200.80p each on Friday morning in London.
The NAV total return for the year ended September 30 was positive 15.3%. Chair Graham Kitchen described the result as "pleasing", and it was much improved from the previous year's negative 7.3%.
AVI Global's comparator benchmarks, the MSCI All Country World Index and the MSCI All Country World ex-US Index, delivered positive 10.5% and positive 10.1% respectively.
AVI Global, which backs family-controlled holding companies, closed-end funds and asset-backed opportunities, reported investment income of GBP24.5 million for the year, up from GBP23.1 million. Total earnings per share increased to 28.02p from 22.06p.
AVI Global declared a final dividend of 2.3p per share, up from 2.1p the prior year, and also announced a special dividend of 0.2p per share. These brought the total financial 2023 payout to 3.70p per share, up from 3.30p for financial 2022.
Going forward, Chair Kitchen commented: "The geopolitical and economic environment are undoubtedly challenging and the world is likely to be unstable for some time."
However, he claimed this instability "provides excellent investment opportunities", continuing: "While progress is unlikely to be straightforward, given the resources at our Investment Manager's disposal and the opportunities that they perceive, we look forward to the future with optimism."
He added that over the long term, AVI Global expects to deliver attractive returns.
By Emma Curzon, Alliance News reporter
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