19th Feb 2020 09:47
(Alliance News) - Herald Investment Trust PLC on Wednesday reported double-digit growth in its net asset value in 2019.
The FTSE 250-listed company's NAV per share as at December 31 was 1,668.1 pence, up 28% from 1,307.9p reported the same date a year earlier.
London-headquartered Herald's share price at the end of 2019 stood at 1,480.0p, representing a 11% discount to NAV.
The stock was trading 0.1% lower in London on Wednesday at 1,490.42p a share.
During the year, Herald said share buyback transactions amounted to GBP20.3 million, or 2.3% of the equity outstanding, at an average price of GBP12.79 per share.
"Valuations are not as attractive as they have been, but the sector is still dynamic, and we believe continues to offer better opportunities than the wider market. The microcap end of the market offers conspicuously more interesting valuations," said Chair Ian Russell.
Looking ahead, Herald warned that the technology sector will be "significantly" hurt if the coronavirus continues to disrupt manufacturing in China.
By Evelina Grecenko; [email protected]
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