13th Aug 2019 12:16
(Alliance News) - Mobeus Income & Growth VCT PLC said Tuesday that its net asset value total return per share rose year-on-year during the first half of 2019, attributed to a strong underlying performance in its investment portfolio.
In the six months to June 30, the venture capital trust reported a net asset value total return of 11%, in the same period last year, the figure stood at 1.3%.
Net asset value per share rose by 3.9% to 73.00 pence each from 70.25p each in December. Net assets as at June 30, were valued at GBP77.13 million, up 2.3% year-on-year from GBP75.4 million.
The company realised its investments in Plastic Surgeon Holdings Ltd and ASL Technology Holdings Ltd during the period, for a total of GBP10.1 million.
Mobeus declared an interim dividend of 4.0 pence per share, double the 2.0p from last year and ensures that it has already met its annual target. The company said however that the portfolio's move to "growth capital investments may make it more difficult" to achieve the 4.0p guidance in future years.
Chair Clive Boothman said: "The strong result achieved during the period reflects growth and valuation increases in both elements of the portfolio, underpinned by two profitable realisations.
"While the demand for growth capital investment is strong, the amount of capital available for investment in the sector is substantial. This is causing increased competition and higher entry valuations for the most attractive investment opportunities."
The company's portfolio is predominantly UK-centric, it said, making Brexit uncertainty a potential risk to its future performance.
Boothman added: "Some value impact is possible over time, but Mobeus believes that the portfolio companies have appropriate plans in place and are as well prepared for Brexit as they can be at this point."
Shares in Mobeus were untraded in London on Tuesday afternoon, last quoted at 64.00 pence each.
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