25th Feb 2014 16:14
LONDON (Alliance News) - Herald Investment Trust PLC Tuesday said it will not pay a dividend for 2013 after reporting a GBP370,000 revenue loss, while the increase in its net asset value compared unfavourably against indices over the course of the year.
It paid a 1.00 pence dividend for 2012.
Net asset value rose to 802.80 pence, from 632.78 pence, while a share price increase meant the discount to net asset value narrowed to 14.7%, from 18.9%. The increase was put down to warming investor sentiment to smaller companies. Factors that held back returns included borrowings not fully utilised in equity investments, which the investment manager described as a "lost opportunity".
The trust's composite comparative index rose by 31.0%.
Over the same period the Numis Smaller Companies Index plus AIM (ex. investment companies) rose by 27.7% and the Russell 2000 (small cap) Technology Index (in sterling terms) rose by 38.3%.
Chairman Julian Cazalet said the net asset value rise of 26.9% fell below its specialist comparative indices but compared well with more general equity indices.
The trust's shares were Tuesday quoted at 736.50 pence, flat.
By Samuel Agini; [email protected]; @samuelagini
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