23rd May 2014 11:59
LONDON (Alliance News) - The Income & Growth VCT PLC Friday said its net asset value total return for the six months ended March 31 was 6.2%, while the share price total return per share was 4.5%.
In a statement, Income & Growth VCT Chairman Colin Hook said the portfolio performed well during the period, increasing in value by 13% on a like for like basis. The portfolio saw a GBP3.4 million net increase in unrealised gains and GBP600,000 in realised gains over the six month period and was valued at GBP41.7 million at the period-end.
"This has been another positive period for many of the companies in the portfolio which are performing well. The continuing encouraging performance of your portfolio supports the view that well-managed and prudently financed businesses can succeed in challenging market conditions. The board believes that the portfolio is well positioned to take advantage of the more promising outlook for the UK economy," Hook said.
During the six months, the VCT invested GBP9.1 million and took in GBP3.9 million in sale proceeds.
"The adviser is also of the view that there are many promising new opportunities to invest in established, profitable businesses on attractive terms. In addition, there continue to be several opportunities to provide further finance to certain businesses in the portfolio to enable them to make acquisitions," Hook said.
"The company's significant cash resources will enable it to capitalise on the opportunities for new investment. Similarly, the adviser is seeing interest from potential acquirers in a number of portfolio businesses, and so believes exit prospects are also favourable," Hook added.
The Income & Growth VCT were quoted at 100.00 pence, unchanged.
By Samuel Agini; [email protected]; @samuelagini
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