11th May 2020 10:02
(Alliance News) - HgCapital Trust PLC on Monday said trading in its businesses remained strong up to the end of March, showing little impact from coronavirus virus at that point; however, stock prices have fallen sharply since then due to concerns about future trading of listed businesses.
The trust's net asset value decreased by 18.8 pence to 236.3 pence per share at the end of March, a decline on a total return basis of 6.2% in the first quarter of 2020. Over the same three-month period, the share price fell by 13%, compared with a fall of 25% in the FTSE All-Share Index.
"Our long-term performance remains strong, and we have sustained our long-term record of out-performance of the wider market, at more than 15% per annum over the last three and five years," the investment trust said.
HgCapital plans to reconsider its dividend guidance at a future date "in light of the strength of the portfolio and conditions prevailing at the time".
The company made investments totalling GBP134.4 million the first quarter, while realisations amounted to GBP3.2 million.
Shares in HgCapital Trust was up 2.9% at 219.11 pence each in London on Monday morning.
By Tapan Panchal; [email protected]
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