30th May 2014 17:27
LONDON (Alliance News) - Octopus AIM VCT PLC Friday saw net asset value per share rise in the year to end-February, and raised its final dividend.
The trust proposed a final dividend of 3.0 pence, up from 2.5 pence in the previous year.
It posted a net asset value per share of 125.2 pence, up from 93.7 pence in the previous year, leading to a total return on NAV of 38.8%, outperforming the AIM Index which saw a return of 20.5%.
Growth was driven by more optimistic market sentiment, the trust said, and good trading news from many of its portfolio companies.
The trust said that whilst the economic outlook was brighter, there were still "quite a lot of uncertainties."
The company said that since the year end the market has become more volatile due to slow growth in China and ongoing political turmoil in Ukraine, however, this is balanced by the improving economic outlook in the UK.
The company, which focuses on investments with long term growth potential, noted that many of AstraZeneca PLC's pipeline assets are bought in, which it said was evidence that "smaller, more entrepreneurial businesses are the engine room of the economy, are better at research and new
product innovation as measured in almost any terms."
Shares in Octopus AIM VCT closed down 1.3% at 114.00 pence Friday.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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