12th May 2014 11:51
LONDON (Alliance News) - Candover Investments PLC Monday said its portfolio as a whole continues to perform well, and on a rolling 12 months basis for the twelve months to March 31, the combined earnings for its five largest investee companies increased by 5.9% and revenues by 2.7%.
The UK-based investment company's portfolio was last valued as of December 31, 2013 with a
net asset value per share of 715 pence. It said the next valuation of the company's assets will be conducted as of June 30, and in the meantime will continue to apply earnings based valuations to portfolio businesses.
"Over the course of the first quarter of 2014, the net effect of currency movements on the value of the portfolio has been to reduce its value by approximately GBP1.7 million, following appreciation of sterling relative to the euro and US dollar," the trust said.
The company said that net debt at March 31 was GBP45.1 million, a reduction of GBP2.6 million during the first quarter.
Candover Investments shares were up 0.9% at 543.00 pence Monday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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