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(Alliance News) - Albion Technology & General VCT PLC and Albion Development VCT PLC on Monday said their net assets rose in the first six months of the year.
In the period to June 30, Albion Technology had a 10% rise in net asset value per share to 85.15 pence from 77.40p.
During the period, there was a GBP9.0 million uplift in the valuation of Process Systems Enterprise Ltd, a GBP641,000 uplift in Proveca Ltd and a GBP380,000 uplift in Bravo Inns II Ltd. The largest decline during the period was a GBP409,000 decrease in Convertr Media Ltd.
The net effect of the portfolio revaluation was an overall gain on investments of GBP11.3
million, the venture capital trust added.
It paid a flat interim dividend of 2.00p per share.
Chair NE Cross said: "The board is encouraged by the continuing strong performance of the investment portfolio, by the prospects in many of our portfolio companies and in the outlook for fresh investment opportunities. We believe the portfolio is well positioned to continue to grow over the coming years but the political and economic background remains challenging."
During the same period, Albion Development's NAV per share ended at 85.28p, a 0.7% rise from 84.70p.
It also raised its dividend by 13% to 2.25p from 2.00p.
The uplift in net asset value was the result of gains on investments of GBP2.7 million during the period, the trust said. Albion Development similarly benefiting from uplifts in Proveca and Process Systems.
Shares in Albion Technology were untraded in London on Monday afternoon, last quoted at 72.00p each. Shares in Albion Development closed 1.3% lower at 77.00p.
