22nd Feb 2024 12:15
(Alliance News) - Pantheon International PLC on Thursday reported growth in net asset value on the back of receding inflation and lower energy prices last year.
The Exeter, England-based private equity investment company said net asset value per share improved 1.5% to 476.49 pence per share as at November 30 from 469.46p a year prior.
The company said its GBP200 million share buyback programme which it launched during the six months to November 30 is taking advantage of "the wide discount" to its shares.
Pantheon International said: "In 2023, we saw the pendulum start to swing back, with the impact of higher interest rates and lower energy prices helping inflation to recede, enabling central banks to pause rate rises, and leading to predictions of a 'soft landing'. Markets began to factor in rate cuts, and most major share indices recorded double digit gains for the year, helped by a strong, albeit lopsided rally in November and December."
Looking ahead, the company said: "Despite short-term volatility, private equity returns continue to be resilient over the long term, and outperform public markets on a consistent basis. In more difficult economic periods, dispersion of returns between private equity managers increases, and those that focus on investing in companies that offer opportunities for improving operating performance and increasing growth differentiate themselves from the 'financial engineers'."
Pantheon shares were flat at 317.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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