7th Oct 2016 13:31
LONDON (Alliance News) - Octopus Apollo VCT PLC on Friday said its net asset value rose 1.2% in its first half of 2016.
The venture capital trust saw its net asset value rise to 83.0 pence as of the end of July, compared to 82.3p as at the end of January, which it attributed to a number of successful investment exits during the period.
However, the net asset value of D class ordinary shares fell 1.5%, hit by a further devaluation of some of its investments.
"Since the company's launch we have seen significant government changes to the subsidy regime for the renewable energy sector and an economy which has until recently struggled to grow following the global financial crisis. Following the referendum on membership of the EU in June we have entered another period of economic uncertainty, however against this backdrop the portfolio has generally continued to perform well," Octopus Apollo said.
"The recent weakening of the British pound has not had a significant impact on the businesses we have backed as they are generally UK based and do not have large unhedged foreign currency exposures. As such, the returns to shareholders have shown low volatility year on year, which is testament to the prudent investment approach adopted by the investment manager," the trust added.
Octopus Apollo noted that new venture capital trust investment rules, which came into force in the UK within the last year, have reduced the size of the available market for investment opportunities.
Shares in Octopus Apollo were untraded Friday. They last closed at 75.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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