HgCapital Trust PLC on Monday reported an improved year-end net asset value per share from a year prior, and said its total return outperformed the FTSE All-Share index.

The London-based investment company said its NAV per share was 456.6 pence at December 31, rising 3.7% from 440.5p at the same time a year prior. It was driven by strong portfolio trading, the company said.

However, HgCapital noted that NAV per share fell by 1.2% to 450.9p at February 28 from 456.6p at December 31. HgCapital said this fall in NAV per share was attributed to negative foreign exchange movements.

The company posted a total NAV return in 2022 of positive 5.4%. This compared to a total NAV return of positive 0.3% for the FTSE All-Share Index.

The company also proposed a final year dividend of 4.5 pence per share, bringing the total full year dividend to 7.0 pence per share, unchanged from the previous year.

Chairman Jim Strang said: ‘The portfolio has continued to deliver strong operating performance in the last year, despite the many and obvious challenges presented in the broader global economy. Looking forward, the environment seems set to remain challenging, however the investment model adopted by HGT and the strength of the portfolio augurs well for its continued successful development.’

Shares were down by 2.1% at 330.00 pence in London on Monday morning.

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