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Dunedin Enterprise profit plunges and net assets drop

15th Sep 2023 09:53

(Alliance News) - Dunedin Enterprise Investment Trust PLC on Friday said in the six months ended June 30, its pretax profit plummeted on lower gain on investments, and said a drop in its net asset value resulted from a dividend payment for 2022.

The Edinburgh-based UK and overseas companies' investor said at June 30, net asset value per share fell by 2.9% to 609.2 pence from 627.1p per share at December 31. NAV total return was 1.0% compared to 4.0% a year prior. This follows the payment of a final dividend of 25.0p for 2022, Dunedin said.

Pretax profit plunged to GBP389,000 from GBP3.0 million the year before, as gain on investments fell to GBP430,000 from GBP2.6 million in the first half of 2022.

Looking ahead, as Dunedin continues to wind-down, the company said it will keep assessing whether its "current arrangements remain in the interests of shareholders," and added it is considering maintaining its listed status.

Shares in Dunedin were down 2.3% at 544.96 pence each in London on Friday morning.

By Sabrina Penty, Alliance News reporter

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