10th Apr 2019 17:50
LONDON (Alliance News) - Foresight VCT PLC on Wednesday expressed confidence for the year ahead after reporting a moderate growth in its net asset value per share in 2018.
The stock closed up 0.8% on Wednesday at 67.00 pence each.
The investment company reported a NAV per share as at the end of 2018 of 83.1p, up 3.9% from 80.0p a year prior.
As at December 31 the company's portfolio comprised 33 actively managed investments with a total cost of GBP80.5 million and a valuation of GBP99.1 million.
Foresight VCT said it invested a total of GBP13.2 million in seven new portfolio companies during 2018, while total proceeds of GBP3.4 million were generated from the disposal of investments in document management firm ICA Group, facilities management company Thermotech, and waste-to-energy plant developer CoGen.
In 2018, the company paid a dividend of 5.0p a share, unchanged year-on-year. For 2019, the company intends to maintain the payout, which is expected to be paid on May 3.
During the year Foresight VCT repurchased 2.6 million shares for cancellation at an average discount of 10%, it said.
"The board and the manager believe that the value of investments currently held within the portfolio should grow further during the current year and that the pipeline of new investment opportunities will provide worthwhile new investments in the months ahead," said Chair John Gregory.
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