28th Feb 2014 10:37
LONDON (Alliance News) - Pantheon International Participations PLC Friday said its net asset value declined in the first half, as sterling's strength against the dollar offset the company's underlying portfolio growth.
Net asset value declined by 2.1% to 1,303.9 pence a share in the six months to December 31, 2013.
The private equity investor said underlying portfolio growth was 5.7%. Share buybacks added 0.3% to the net asset value per share.
Sterling's strength against the dollar led to negative foreign exchange effects of 7.1% on NAV per share, because about 70% of the private equity investor's portfolio is denominated in dollars.
The portfolio generated GBP74 million in net cash, according to Pantheon International Participations.
The company's shares were Friday quoted down 0.5% at 1,066.67 pence.
By Samuel Agini; [email protected]; @samuelagini
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