19th Mar 2014 17:41
LONDON (Alliance News) - Dunedin Enterprise Investment Trust PLC Wednesday reported a net asset value total return of 0.6% for 2013, compared with the FTSE Small Cap Index's return of 43.9%.
The private equity investment trust, which specialises in investing in mid-market buyouts, said that at the year-end the net asset per share was 529.3 pence, down from 532.7 pence at the end of 2012. The trust declared a final dividend of 16.5p per share, at a cost of GBP3.6 million.
Dunedin Enterprise Investment Trust said it made a total of GBP18.5 million in new investments in the year. It said the change of emphasis to the UK from Europe has continued successfully.
"During the last twelve months the Trust has made two investments via Dunedin Buyout Fund III in Trustmarque Solutions and Kee Safety; and exited two European funds and Practice Plan, generating a strong return," the trust said in a statement.
The trust said the continuing improvement in the UK economic outlook will reinforce portfolio prospects.
"The majority of portfolio companies are budgeting for increased profits in 2014. In terms of new investment, the outlook for the UK market in 2014 is for a quieter first half and busier second half of the year," it said.
However, the trust joined a growing list of companies that said it is concerned about the uncertainty surrounding the independence referendum in Scotland.
Shares in the trust closed marginally lower Wednesday, down 0.25 pence at 409.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Dunedin Ent.it.