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Witan Investment first half net asset value rises after profit swing

15th Aug 2023 08:40

(Alliance News) - Witan Investment Trust PLC on Tuesday said its net asset value rose over the first half of 2023, as it swung to a profit driven by a swing to an investment gain.

The London-based investment company, with diverse holdings including in Apax Global Alpha Ltd, Unilever PLC and Microsoft Corp, said NAV per share on June 30 stood at 251.4 pence, up 7.4% from 234.1p on December 31.

Over the six month period, it recorded a NAV total return of 8.7%, ahead of its composite global benchmark of 7.2%. In the previous year, NAV total return was just under 14%, ahead of its benchmark of just over 11%.

Shares in Witan Investments were flat at 229.50p each in London on Tuesday morning.

This was due to Witan Investments swinging to a first half pretax profit of GBP129.1 million from a loss of GBP323.7 million a year earlier.

Investment income ticked up to GBP24.4 million from GBP23.7 million. More significantly, Witan Investments swung to a gain on investments held at fair value of GBP111.4 million from a loss of GBP341.3 million.

As a result, Witan Investments ticked up its dividend payment to shareholders to 2.90p from 2.80p a year earlier.

"As we approach the peak in rates worldwide and look towards better long-term growth prospects in 2024 and beyond, Witan's managers will continue to select companies with sound business strategies, resilient finances, and good management, on the basis that companies that grow the fundamental value of their business will create sustainable returns for shareholders," said Chair Andrew Ross.

Cash and cash equivalents for Witan Investments stood at GBP20.8 million on June 30, down 46% from GBP38.5 million a year earlier.

By Greg Rosenvinge, Alliance News reporter

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