19th Jun 2025 12:26
(Alliance News) - Montanaro European Smaller Cos Trust PLC on Thursday said Plejb AB, a developer of smart lighting, had an excellent year, while one of the top detractors was Tecan Group Ltd, as biopharma firms struggled.
The Edinburgh-headquartered investment trust said net asset value per share was 162.0 pence as at March 31, down 1.9% from 165.1p a year prior.
Net asset value total return was minus 1.1% in the financial year ended March 31, underperforming against its benchmark, the MSCI Europe ex-UK SmallCap index in sterling terms, which had a return of plus 1.3%.
The company said for financial 2025, the dividend was 1.26p, up 12% from 1.13p a year ago.
Montanaro European said among the largest detractors was Mannedorf, Switzerland-based Tecan, which develops automated instruments and solutions that are used in laboratories.
"The company endured a difficult year as biopharma companies pulled back spending and research budgets in the US in particular came under threat from the new administration," Montanaro European said.
One of the top contributors was Plejd, a Molndal, Sweden-based developer of smart lighting, heating and other electrical products, which are sold to professional electricians. Montanaro European said: "The company had an excellent year, with operating profit more than doubling thanks to both significant revenue growth and a well invested cost base that allowed for significant operating leverage."
Looking ahead Chair Richard Curling said: "Increasing global trade barriers and indeed policy uncertainty are likely to hinder rather than support economic growth. In this environment, owning a portfolio of very high quality, structurally growing companies provides us with a strong degree of comfort. One of the defining features of such quality companies is their ability to invest for the future and capture market share in more challenging economic environments, while weaker competitors have to focus on day-to-day survival."
Montanaro European Smaller shares rose 0.1% to 170.63 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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