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(Alliance News) - BB Healthcare Trust PLC on Wednesday said it outperformed its benchmark in the first half of its current financial year.
In addition, the investment company said Justin Stebbing has stepped down as chair with immediate effect due to his other commitments, but will remain on the board as a non-executive director. BB Healthcae said Randeep Grewal, who is currently a non-executive director, will replace Stebbing, also with immediate effect.
"Justin's invaluable input has helped grow the company into something which invests meaningfully in innovative companies that are improving healthcare for patients globally. Although he is stepping down as chair, we are delighted that he will continue to serve the company as a non-executive director," said Grewal.
Turning back to the results, BB Healthcare reported net asset value per share as at May 31 of 132.3 pence, up from 122.1p on the same date a year earlier.
The company's share price at the end of May stood at 134.5p, representing a 1.7% premium to NAV. The stock was trading 1.4% lower on the day Wednesday in London at 141.50p a share.
BB Healthcare posted NAV total return for the first half of negative 3.2% and share price total return of negative 2.5%. In comparison, the company's benchmark, the MSCI World Healthcare Index, returned negative 4.5%.
BB Healthcare declared an interim payout of 2.425p a share and said it is targeting an annual dividend of 4.85p per share. A year ago, it paid a 2.0p per share interim dividend.