28th Aug 2015 10:13
LONDON (Alliance News) - British & American Investment Trust PLC Friday said it outperformed the FTSE 100 and All Share indices in the first half of 2015.
The company reported a rise in net assets of 5.3% in the half year to end-June, compared to a 0.7% decline from the FTSE 100 Index, and a 1.1% rise from the All Share Index.
The company proposed a dividend of 2.7 pence per ordinary share, and 1.75 pence per preference share, both in lie with the previous year.
It reported a pretax profit of GBP700,000, down from GBP2.4 million a year before, which it said was due to a change in the presentation of the company's accounts.
British & American Investment attributed the increase in net assets during the half year to an increase in the value of its principle investment Geron Corp.
"As previously reported, during the first few months of the year we took advantage of high valuations to reduce some of our core UK holdings against the background of political and economic uncertainty. These sales were conducted at levels which have yet to be re-tested. Looking forward, we will consider any new investment opportunities in the light of developments during the remaining months of the year," the trust said in a statement.
Shares in British & American were untraded Friday. It last closed at 88.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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