2nd Jul 2020 17:55
(Alliance News) - Foresight 4 VCT PLC on Wednesday reported a fall in its net asset value for financial 2020 driven by the negative effects of the Covid-19 pandemic, but expressed optimism in its outlook following the successful containment of the virus.
The investment company's NAV per share as at March 31 was 55.8p, down 18% from 67.8p recorded at the same date the year prior.
As at the end of March, Foresight 4 VCT's portfolio comprised 32 investments including five new investments made during the financial year worth GBP7.6 million.
The company said that while the performance of the portfolio had been steady throughout the year, the pandemic resulted in a valuation decline of GBP16.3 million to GBP66.2 million.
In financial 2020, it paid a dividend of 4.0p a share.
Looking ahead, Chair Raymond Abbot said: "The persisting uncertainty over the full impact of Covid-19 and the ongoing negotiations in relation to Brexit create truly exceptional challenges for every business. The company invests primarily in developing companies which benefit from general economic growth, and the current environment places considerable demands upon them and their management teams. Nevertheless, the Board and the Manager are optimistic that the existing portfolio has potential to grow once the spread of the virus has been successfully contained."
Shares in Foresight 4 VCT closed untraded on Thursday in London, last quoted at 50.00p each.
By Ife Taiwo; [email protected].
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