North Atlantic Smaller Cos Investment Trust PLC on Friday said its net asset value per share declined in the first half, but added that there is ‘significant’ value in its portfolio.

The investor in smaller companies based in countries bordering the North Atlantic Ocean said NAV per share declined 3.3% to £49.29 at July 31, the end of the first half of its financial year, from £50.97 at January 31, and 1.0% from £49.80 a year prior.

North Atlantic said its NAV was £666.8 million at July 31, down from £693.4 million six months prior. The firm noted that the fall in NAV was due to a 4.4% decline in the dollar-to-sterling exchange rate.

It said the basic loss per share was 174.9 pence, narrowing from 799.4p a year ago.

The firm did not declare a dividend, unchanged from a year ago, but said it intends to declare an interim dividend in February. It added that based on its expectations, the dividend will be larger than its financial 2023 dividend.

Last year, the firm paid an interim dividend of 22p per share.

‘We continue to believe that there is significant value in our portfolio which should be well-placed to weather the very difficult economic environment facing the UK,’ the company said.

North Atlantic shares fell 1.4% to 3,735.87 pence each on Friday morning in London.

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