10th Jun 2020 17:32
(Alliance News) - Income & Growth VCT PLC on Wednesday reported a drop in first half net asset value return due to a fall in value of its investment holdings following the outbreak of coronavirus.
"The aggregate portfolio valuation decreased due to a number of reductions in the valuation of individual portfolio companies reflecting the impact of Covid-19. However, this adverse impact was partly offset by the benefit of the uplift achieved from the three profitable realisations in the period," the London-based investment trust said.
Income & Growth saw a 7.8% drop in net asset value total return in the six months to March 31, with its share price return declining by 6.0%.
Shares in the company closed at 64.50 pence each in London on Wednesday.
Net asset value fell to 68.46 pence per share at March 31 from 78.03p a year ago and 79.12p at September 30, 2019.
Income & Growth declared a dividend of 3.00 pence per share for the first half.
Chair Jonathan Cartwright said: "The impact of Covid-19 has been immediate and wide-reaching. The eventual effects of the pandemic, many of which are unclear at present, are likely to be felt over the course of the months and years to come. Nevertheless, your board considers that your company is well-positioned to cope with most likely scenarios in so far as they can presently be foreseen."
By Tapan Panchal; [email protected]
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