19th Sep 2019 18:20
(Alliance News) - Octopus Apollo VCT on Thursday reported a rise in net assets and said its portfolio performed to expectations in the first six months of the financial year.
Net assets at July 31 rose 2.6% to GBP122.1 million from GBP119.0 million at the end of January. Net asset value per share fell by 1.9% however to 46.20 pence from 47.10p, reflecting an increase of shares in issue.
At the end of July, the company had 264.3 million shares in issue, compared with 252.5 million at the end of January.
Its net asset value return was 1.5% in the period, compared with negative 0.8% in its year to January.
The venture capital trust said the first half performance was driven by valuation gains made by investees telecommunications firm Natterbox Ltd and software company Ubisecure Inc, which largely offset declines by other portfolio companies.
Octopus added: "The company invested GBP7.2 million into new companies in the period, as well as GBP4.3 million of follow-on funding rounds into five existing investments, with further investments made after the end of the period."
The company declared an interim dividend of 1.50 pence per share, in line with policy.
Chair Murray Steele said: "The overall performance in the period has shown an improvement and a return to profitability, although the political and economic uncertainty resulting from Brexit negotiations still persists. I remain cautiously optimistic for the future. Lastly, the company's
current fundraising is ongoing and we are confident of raising sufficient new capital to fund our exciting pipeline of future opportunities."
Shares in the trust closed 1.2% lower at 42.80p each in London on Thursday.
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