25th Mar 2020 11:56
(Alliance News) - Dunedin Enterprise Investment Trust PLC on Wednesday reported a rise in net assets over 2019, driven by a strong performance from its portfolio.
At December 31, the trust's NAV per share stood at 444.4 pence, up 7.6% from 412.9p at the same point a year before.
Dunedin Enterprise's net assets also rose 7.6% over 2019, to GBP91.7 million from GBP85.2 million.
The trust declared a final dividend of 5.0p in 2019, up from the 2.0p final distribution in 2018.
As a result, Dunedin Enterprise's NAV total return in the 12-month period was 14%
Dunedin Enterprise did not make any new investments in 2019, with its NAV being driven by valuation uplifts in its portfolio.
There were follow-on investments made in GPS, CitySprint and EV.
"Overall the trading performance of our portfolio companies has been strong during the year," Chair Duncan Budge said.
Unrealised valuation increases of GBP24.9 million were partially offset by decreases of GBP12.8 million. Valuation uplifts were achieved by FRA, RED, GPS, U-POL, Formaplex and EV, all of which are trading well as a result of strong organic growth, Budge said.
Looking ahead, Budge added: "Although the uncertainty created by the spread of the coronavirus will continue to cause significant dislocation, the extent of this remains unpredictable. Our portfolio companies are making contingency plans wherever possible to address this threat.
"More generally, the board welcomes the continued strong trading performance of a number of portfolio companies during the year under review. We also welcome the returns which have been delivered for shareholders by the underlying investment performance of the portfolio and the return of capital. We will continue to return capital to shareholders whenever practicable following realisations of investments."
Shares in Dunedin Enterprise Investment Trust were 3.7% higher in London on Wednesday at midday at 214.58 pence each.
By Paul McGowan; [email protected]
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