15th Sep 2023 09:59
(Alliance News) - EPE Special Opportunities Ltd on Friday said it narrowed its pretax loss in its latest half year, but that its net asset value decreased amid "ongoing market uncertainty".
The Bermuda-based investment company said its NAV at July 31 was 308.23 pence per share, up from 259.74p at the same time a year prior but down from 328.41p at January 31.
Shares in EPE were untraded at 157.5p in London on Friday. They last traded on Monday.
EPE's pretax loss meanwhile narrowed to GBP4.9 million in the six months ended July 31, compared with a GBP61.4 million loss the previous year. Its basic and diluted loss per share was 18.47p, narrowed from 197.13p.
"The company's portfolio has continued to experience headwinds from an adverse macroeconomic environment," EPE explained, adding that "ongoing market uncertainty presents a difficult environment for acquisitions or disposals within the portfolio given the lack of alignment in pricing expectations between buyers and sellers."
EPE also reported a GBP3.5 million loss from net fair value movement on investments, compared with a GBP59.8 million loss the year before. This combined with interest income for a total loss of GBP3.4 million compared with GBP59.8 million. Total expenses meanwhile decreased 12% to GBP1.4 million from GBP1.6 million.
EPE had a GBP16.3 million cash balance at July 31, down from GBP26.6 million on the same day in 2022. Net debt was reduced to GBP1.1 million at July 31 from GBP2.5 million on January 31.
EPE did not declare a dividend for the period, unchanged from the prior year.
Looking ahead, EPE believes the trading environment is beginning to stabilise, with the possibility of improvements "in the coming period."
The firm said it is focusing on "managing the portfolio through the continuing turbulence and ensuring it is well-placed to take advantage of improvements in market conditions as they develop over the next year, with value creation plans extending beyond the likely period of market dislocation."
By Emma Curzon, Alliance News reporter
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