30th Jun 2016 12:19
LONDON (Alliance News) - New Century AIM VCT PLC on Thursday reported growth in its net asset value per share in its last financial year but warned on volatility to come following the UK's vote to leave the EU.
The venture capital trust said its NAV per share rose to 73.98 pence in the year ended February 29, from 72.68p the year before, beating a 3% fall in the FTSE AIM All Share Index.
New Century said it was a volatile year for AIM index, with the early part of the year making good gains before starting to experience a decline from June to December. 2016 began with a sharp sell-off across most indices, New Century said, but this was abated by mid February and the market "bounced quite strongly".
"Now we know the UK is going to exit the EU, we are conscious of the probable volatility which will be in evident in the markets for some time to come," Chairman Geoffrey Gamble said in a statement.
"On the positive side, we have started to see a more steady flow of companies seeking funding which gives your fund the opportunity to invest in new qualifying companies or to add to existing investments," Director Michael Barnard added.
Shares in New Century were trading down 11% at 53.00 pence on Thursday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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