British Smaller Companies VCT2 PLC on Monday said net asset value per share was up marginally while British Smaller Cos VCT PLC saw a ‘positive’ third quarter.
The venture capital trust managed by YFM Equity Partners reported that NAV per share at December 31 was 61.6 pence per share, increasing marginally from 61.6p per share a year ago.
The trust said total return was 142.6p per share at December 31, increasing 2.2% from 139.5p per share at December 31, 2021. The increase was driven by an 11% return in the company’s investment portfolio.
The company declared a total dividend of 3.0p, down from a total dividend of 8.0p per share the year prior.
Looking forward, the trust said: ‘The company’s current fundraising is being well supported by new and existing shareholders, and we remain grateful as always for your ongoing trust and support. The funds raised will keep the company well positioned to continue to support the existing portfolio and to continue to seek out the most promising new opportunities to augment the portfolio.’
Meanwhile, British Smaller Cos VCT reported NAV per share at December 31 was 87.3p, up 2.7% from 85.0p at September 30, the end of the second quarter.
Total return at December 31 was 257.7p per share, up 1.7% from 253.4p per share at September 30.
The company said: ‘The positive performance of the portfolio in the quarter is pleasing in what remains a tough economic environment. Portfolio companies continue to show great resilience, with key investments demonstrating robust revenue growth.’
Shares in British Smaller Companies VCT closed down 3.4% at 72.00 pence and in British Smaller Companies VCT2 PLC up 5.6% at 57.00 pence in London on Tuesday.
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