13th Sep 2019 08:19
(Alliance News) - P2P Global Investments PLC on Friday reported a fall in net assets during the first half of the year and warned on the UK's economic growth.
At June 30, net assets, cumulative of income, totalled GBP722.2 million, down 2.7% from GBP742.0 million recorded in the first half of 2018.
Per share, however, the investment trust recorded a 0.8% year-on-year rise in net asset value to 964.1 pence from 956.2p. Shares in issue reduced to 74.9 million from 77.6 million.
P2P delivered an annualised total return of 5.1%, up from 3.3% last year.
The company said however that it is "disappointed that the group continues to trade behind its net asset position".
At the market close on June 30, P2P's share price was 844.0p, a 12% discount to the net asset value. Early on Friday morning in London, shares in the P2P were 0.2% higher on the day at 826.00p
The company said that, due to its lower share price, it continued with its buyback programme. It repurchased 1.2 million shares in the first half, compared with 2.2 million in the first half of last year.
P2P said it re-purchased its shares this year at an average price of 819.7p, up 2.1% from last year's from average of 803.0p.
It retained its interim dividend of 24.0p per share.
Looking ahead, P2P warned that "although market conditions remain benign", economic growth in the UK is below the long-term average.
P2P also said that the impact of Brexit is uncertain and that it is monitoring the recent cut in US interest rates.