5th Jun 2024 14:34
(Alliance News) - Biotech Growth Trust PLC on Wednesday said it was relieved to see signs of recovery in the biotechnology sector, as it outperformed its benchmark.
The biotechnology-focused investor said net asset value per share rose 27% to 1,078.9 pence as at March 31 from 852.6p a year prior.
NAV per share total return was 26.5% for the financial year ended March 31, swung from negative 11% a year prior and outperforming its benchmark, the sterling-adjusted Nasdaq Biotechnology index, which had a total return of 5.0%.
The company recommended no dividend for the financial year ended March 31, unchanged from a year ago.
Noting former headwinds, in particular during the Covid pandemic, Chair Roger Yates said: "While performance this year has been encouraging and we are relieved to be seeing signs of recovery in the sector, the board is aware that there is still some way to go before the company fully recovers its relative and absolute losses from the past two years. Nevertheless, our portfolio manager's investment strategy has started once again to yield results."
He added that the portfolio manager continued to believe that the long-term outlook for Chinese biotech was promising. Chinese investments represented 7.7% of the company's portfolio at the year end, down from 9.0% a year prior.
Biotech Growth shares fell 1.1% to 945.00 pence each on Wednesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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