13th May 2015 11:22
LONDON (Alliance News) - Candover Investments PLC Wednesday said sterling's strengthening against the euro and weakening against the dollar hurt its portfolio in the first three months of 2015.
In a statement, Candover Investments said the net effect of currency movement on the value of its portfolio was a reduction of about GBP3.9 million in the first quarter of the year.
Its portfolio was last valued at the end of 2014, when it had a net asset value per share of 545 pence. The next valuation is due on June 30.
Net debt amounted to GBP32.2 million at the end of March, according to Candover, which cited "the adverse impact on net debt of the weakness of sterling relative to the US dollar". That increased net debt by GBP3.3 million over the first quarter, the company said. There were no realisations in the three month time frame.
Candover shares were flat at 311.00p on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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