30th Jul 2014 12:15
LONDON (Alliance News) - Maven Income and Growth VCT 5 PLC Wednesday reported strong growth in its net asset value for the first-half of the year, and raised its interim dividend.
The venture capital trust said its net asset value total return in the six months to May 31 rose more than 10% to 68.83 pence per share, up 6.44 pence from the 62.39 recorded November 30, 2013.
"During the period... a combination of valuation uplifts, investment returns and realisation proceeds has resulted in a further increase in NAV total return," the company said in a statement.
Its net asset value at the end of the period was 42.18 pence per share, up from 37.09 pence.
The company declared an interim dividend of 0.80 pence per share, up on the 0.65 pence dividend it declared a year earlier.
During the period, the company said it added six new investments to its portfolio. Looking forward, it said it will continue to focus on investing "at attractive entry values in established UK businesses that are capable of generating income and have significant potential for capital appreciation."
Share in the venture capital trust were up 0.4% at 29.25 pence Wednesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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