18th Mar 2016 09:15
LONDON (Alliance News) - Dunedin Enterprise Investment Trust PLC on Friday reported a flat net asset value total return in 2015, following what it described as a "disappointing performance".
The private equity investment trust said its net asset value per share in 2015 declined to 505.8 pence from 510.6p in 2014, equating to a net asset value total return of 0% after taking account of a 4.7p final dividend for 2014 which was paid in 2015. Its share price total return was negative 7.5%.
Dunedin said the trading performance of its portfolio was mixed, with growth achieved in fiduciary services business CitySprint Hawksford and safety equipment provider Kee Safety, while metal manufacturer Premier Hytemp and video camera manufacturer EV Offshore, both of which provide services to the oil and gas industry, were hit by the reduction in oil prices.
"The June vote on the UK's membership of the EU is likely to lead to a period of uncertainty. However, the environment continues to be favourable for realising good private equity assets and particularly those which offer the potential for strong profit growth. The investment portfolio is relatively mature and a number of our investee companies offer interesting prospects for realisation," Chairman Duncan Budge said in a statement.
Shares in Dunedin were trading up 0.6% at 332.00 pence on Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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