26th Feb 2015 11:37
LONDON (Alliance News) - Candover Investments PLC on Thursday reported a fall in its net asset value per share in 2014, hit by a decline in the value of its investment in oil and gas services company Expro International.
The group's net asset value per share fell 24% in the year to December 31 to 545 pence, down from 715 pence at the end of 2013.
The primary cause for the fall was Expro, with the value of Candover's investment in the company falling by GBP35.2 million, or 161 pence per share, as weak oil prices dragged down the sector.
"The progress made by [investment manager] Arle [Capital Partners] in realising a number of small investments during 2014, together with a broadly based improvement in the portfolio's trading, offer some encouragement as we enter the current year. However, this is tempered by the potential impact on Expro of the sharp reversal in the oil sector's outlook," said Candover Chief Executive Officer Malcolm Fallen.
Candover shares were down 1.4% to 364.80 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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