14th May 2014 09:46
LONDON (Alliance News) - Dunedin Enterprise Investment Trust PLC Wednesday said its net asset value per share for the quarter ended March 31 was 532.3 pence, up 0.6% on the quarter to December 31, 2013.
The trust said the marginal increase in net asset value in the quarter was attributed to an increased in the value of Dunedin managed investments totalling GBP0.6 million.
Dunedin Enterprise Investment Trust said that its share place in the quarter to March 31, fell 5% to 414 pence, from 436 pence the prior quarter, and underperformed its benchmark - the FTSE Small Cap Index - which increased 1.7% over the same period.
The company said it had cash and near cash balances of GBP26.4m million at quarter end.
"There are signs that the UK economic environment is continuing to improve with GDP growth in the first quarter of 2014 at 0.8%. This will reinforce the prospects for growth at portfolio companies. The prospects for new investment in 2014 are stronger in the second half of the year," the trust said in a statement.
The investment trust specialises in the provision of private equity finance for management buyouts, management buy-ins and growing businesses.
The trust's shares were trading 0.9% higher at 421.94 pence Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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