31st Mar 2021 14:43
Mobeus Income & Growth VCT PLC - London-based investment firm - For 2020, portfolio income rises 74% to GBP4.7 million from GBP2.7 million in 2019. Net asset value as at December 31, 2020 stood at GBP84.7 million, up 18% from GBP71.9 million in 2019, while NAV per share reached 67.03 pence, down 2.5% from 68.78p. Says the increases are due to "substantial" net unrealised gains in portfolio valuations. As a result, Mobeus declares a 2020 dividend of 11.00p compared to 10.00p in 2019.
"Covid-19 and lockdown restrictions have been the dominant influence on the portfolio and its valuations for most of the year. All investee companies were alerted to, and some utilised, the available government support packages. The company initially provided loan interest payment holidays to some portfolio companies, generating vital cash headroom over the subsequent period. Although some portfolio companies remain disadvantaged by the Covid-19 pandemic, it was evident in the second half of the year that a number had actually been beneficiaries of the associated moved to online and digital solutions," says Mobeus.
Looking ahead, Mobeus says it is "well positioned" to continue to adapt and respond to the most likely scenarios that it can currently foresee.
"The five successful realisations and the fundraising completed earlier in the year gave the company strong liquidity to support the existing portfolio, but also to take advantage of opportunities as they arise for new investment," adds Mobeus.
Current stock price: 69.00p, up 3.8% on Wednesday
Year-to-date change: up 20%
By Zoe Wickens; [email protected]
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