12th Jun 2023 14:20
ProVen VCT and ProVen Growth & Income VCT - London-based venture capital trusts managed by Beringea LLP - ProVen VCT net asset value falls to 65.5 pence per share at February 28 from 76.7p per share a year ago. NAV per share total return was negative 7.4%, mainly due to "significant realised losses" of MYCS, Festicket and Thread, compared with positive 7.2% the previous year. Declares final dividend of 2.0p per share and a 3.75p per share total dividend for the year ended February 28, down 29% from 5.25p per share the year prior.
ProVen Growth & Income NAV falls to 54.2p per share at February 28 from 67.3p at the same time in 2022. Reports negative 12.4% total return for financial 2023 compared with 14.3% return the year before. Declares 1.75p per share final dividend and 3.25p per share total dividend, down 32% from 4.75p per share.
ProVen Growth Chair Marc Vlessing and ProVen VCT Chair Neil Ransome say results are "disappointing" but praise investees' "resilience" despite "mixed signals from the economy". They expect the next year to be challenging but say portfolios "will yield solid growth over the medium term".
Proven VCT current stock price: 63.25p, up 2.9% on Monday
12-month change: down 99%
Proven Growth & Income current price: 52.75p, up 2.4% on Monday
12-month change: down 18%
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.