20th Sep 2018 18:25
(SQN Secured issued a correction on Thursday to say its June 30 share price was 91.50p, 0.6% higher than the price originally provided in its annual financial report.)
LONDON (Alliance News) - Investment company SQN Secured Income Fund PLC said on Thursday it saw higher profit for its recently-ended financial year.
For the year to the end of June, pretax profit rose to GBP2.8 million from GBP2.4 million the year before due to narrowed investment losses of GBP494,000 from GBP754,000, coming from a gain on derivative financial instruments of GBP21,000 from a loss of GBP1.0 million.
This was on revenue that remained flat year-on-year at GBP4.5 million.
Net asset value as at June 30 dropped to 97.78 pence per share, from 98.74p on the same date the year before.
The company's share price stood at 91.50p at the end of the financial period, representing a discount to net asset value of 6.4%, widened from 1.0%.
Shares in SQN were untraded on Thursday, last quoted at 89.80 pence.
SQN Secured declared a dividend of 6.30 pence per share, down from 6.38p the year before.
"SQN is now fulfilling its original task of delivering stable income from the company's assets. The board believes that the portfolio now offers sound, risk-adjusted total returns and as SQN has a substantial pipeline of deals waiting for funding the board is keen to support your manager over the coming year and hopes that the size of the company can be increased considerably," said Chairman Richard Hills.
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