28th Sep 2015 10:00
LONDON (Alliance News) - GLI Finance PLC on Monday said its net asset value grew in the first half and said its annualised return on equity is running ahead of its guidance.
GLI, which invests in small and smaller-sized finance companies, said its net asset value per share at June 30 was 52.48 pence, compared to 51.00 pence at the end of December.
The company made four investments in SME finance companies in the half, including US non-bank online funding platform Trade River USA, Spanish business finance platform MytripleA, US commercial and small-scale utility solar projects financing platform Open Energy Group, and Funding Options, a US-based online credit broker.
GLI said its annualised return on equity was running at 16.3% at the end of the half, ahead of its target range for the full year of 10% to 15%.
"The focus for GLI for the remainder of 2015 is on completing the balance sheet transition, to better underpin and at least maintain the dividend, and on growing the existing platforms organically and potentially by acquisition," said Chief Executive Geoff Miller.
GLI shares were up 0.8% to 51.76 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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