1st May 2018 15:35
LONDON (Alliance News) - Chelverton Growth Trust PLC on Tuesday underperformed benchmark due to a decline in net asset value per share in the first half of its financial year.
The company said its NAV per share in the six months ended February 28 fell to 80.82 pence per share from 85.63p the year before, demonstrating a decrease of 5.6%.
This underperformed its benchmarks the AIM All-share index which rose by 2.7% and the MSCI Small Cap UK index which grew by 1.1%.
Share price rose marginally to 63.5p, representing a discount of 21.4% at the period end.
Shares in Chelverton were trading 5.4% lower at 61.00p each on Tuesday afternoon.
During the year, the company liquidated its holding in Lombard Risk Management and reinvested part of these funds in the security systems company Petards Group PLC.
"Looking to the second half of the year, and onwards, the economic and political agenda is going to be dominated by the daily reporting of the negotiations to leave the European Union," said Chairman Kevin Allen.
"All of the "experts" believe that the UK economy will continue to grow steadily into the future and, as the European Union itself continues to exhibit signs of growth this will only go to help," Allen continued. "The board therefore feel that the portfolio will continue to make good progress."
Related Shares:
CGW.LPetards