7th Dec 2021 12:34
(Alliance News) - Monks Investment Trust PLC on Tuesday reported a fall in profits due to the disruption and structural consequences of the coronavirus pandemic.
The Edinburgh-based investment trust reported that net return before taxation more than in the half-year period ended September 30 fell to GBP210.1 million from GBP518.6 million a year before.
Total gains on investment halved to GBP203.6 million from GBP513.9 million a year prior.
Monks explained this by stating that the pandemic disrupted several sectors that its portfolio companies operate in.
"Rather than thinking of this period as having pulled forward some portion of finite demand, it would be more accurate to think of it as a catalyst which has tipped a range of industries out of their previous equilibria. The erosion of inertia serves to highlight how important it is to recognise early the likely adoption of new products and services and the enduring growth opportunities they represent," Monks stated.
Monks did not declare an interim dividend.
Monks' net asset value per share at fair on October 31 amounted to 1,444.8p, up 6.3% from 1,358.1p six months prior.
The trust concluded by stating that: "We believe many of the companies in the Monks portfolio will be beneficiaries of change and seek to guard against complacency by ensuring that our view remains differentiated. By focusing on these fundamentals and by being open-minded about the sources of growth opportunities, we believe we can continue to grow savers' capital within The Monks Investment Trust."
Shares were up 2.0% at 1,388.94 pence each on Tuesday morning in London.
By Abby Amoakuh; [email protected]
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