27th Jun 2019 12:11
(Alliance News) - Gresham House Strategic PLC said Thursday it outperformed its benchmark index in its recently-ended financial year, with net asset value driven by strong investments.
The investments firm's net asset value total return for the year to the end of March was 8.0%, compared to a negative return from the FTSE Small Cap Index of 3.1%.
Net asset value per share as at March 31 was 1,258.6 pence, up from 1,186.3p the same date the year before.
Gresham House's share price at the end of March was 970 pence, reflecting a discount to net asset value of 23%.
Shares in Gresham House Strategic were down 1.6% on Thursday at 1,156.00 pence, reflecting a 19% rise since the financial year-end.
The firm said that net asset value growth was driven by strong performances in several investments, namely waste treatment company Augean PLC, Northbridge Industrial Services PLC and cloud communications software provider IMImobile PLC.
During the year, Gresham House recognised realisations of GBP16.4 million, generating a net realised profit of GBP5.4 million against cost.
Gresham House Strategic proposed a final dividend of 11.1 pence per share, bringing the total payout to 19.85p, up from 17.26p the year before.
"I am glad to say that, for the second year running, it has been the best year's performance since we engaged Gresham House as the manager. Given the volatility of markets and the high level of political uncertainty globally this is an excellent achievement," said Chair David Potter.
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