12th Nov 2019 08:58
(Alliance News) - London-based AVI Global Trust PLC on Tuesday said its net asset value rose in its most recently ended financial year but warned on challenges caused by global political uncertainty.
The stock was 0.2% lower in morning trade in London at 752.48 pence a share.
The FTSE 250-listed investment company reported NAV per share as at September 30 of 852.61p, up from 841.95p it delivered a year earlier, with NAV total return over the year of 2.1%.
AVI Global - which was formerly known as British Empire Trust - increased its total dividend by 27% to 16.50p. During the year, the company purchased 1.7 million shares, all of which were placed into treasury, at a cost of GBP12.6 million. In mid-September, the trust cancelled 13.5 million of the shares held in treasury.
"The financial year to September was a challenging period and our investments were buffeted by the effects of the US-China trade war, unrest in Hong Kong, slowing global economic growth and the fear of recession," said Chair Susan Noble.
"Your board believes that the store of value in the portfolio provides both some security in challenging times and the opportunity for attractive returns over the longer term," added Noble.
By Evelina Grecenko; [email protected]
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