13th Jun 2014 09:47
LONDON (Alliance News) - British Smaller Companies VCT PLC Friday said its net asset value and total returns both increased in its last financial year.
In a statement, the trust said its total return rose 6.3% to 192.7 pence per share in the year to end-March, while net asset value rose 11.9%.
It reported underlying growth in its investment portfolio of GBP6.7 million, including nearly GBP6 million of unrealised value growth and GBP0.7 million of gain from disposals. The realised profit over original costs was GBP1.1 million.
It has proposed a final dividend of 3.5 pence a share.
The company said it invested a total of GBP10.2 million into ten companies during the year, including GBP8.3 million into five new companies and GBP1.8 million of follow-on investment to support the existing portfolio.
"In the first two months of the 2014/15 financial year your company has already completed five investments and approved two others for a total of GBP7.64 million," it said.
"The board remains of the opinion that this investment strategy will provide good returns throughout the economic cycle but in particular that the current market conditions are favourable to making good investments. In the short term the current levels of funds available for investment should enable the company to take advantage of this opportunity and to continue to maintain its leading performance in terms of investor returns," it added.
British Smaller Companies VCT shares last traded at 88.5 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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