CDI.L Share News (CDI)

LONDON (Alliance News) - Candover Investments PLC Wednesday reported a 1.0% increase in net assets per share over the first half of its financial year.

In a statement, Candover said net assets per share increased by 7 pence per share during the six months ended June 30, reaching 722 pence.

The company's investment portfolio increased in value by GBP1.2 million, an increase of 0.7% since the year end. Constant currency valuations increased by GBP7.8 million, offset by unfavourable currency movements on investments of GBP6.6 million.

The disposal of Innovia Group, a manufacturer of speciality films, and DX Group, a mail, courier and logistics company, contributed GBP20.2 million of proceeds in the first half, while the completion of the sale of Grupo Corporativo Ono SA in the second half is expected to deliver GBP5.2 million of proceeds.

Vodafone Group PLC acquired Spanish cable operator Ono in a EUR7.2 billion deal in March.

Net debt was reduced to GBP30.4 million from GBP47.7 million.

"The first half of the year has seen the successful realisation by Arle of two investments, leading to a marked reduction in the company's net debt, with a further disposal completing in July. Our growth in net assets has been muted by the strength of sterling which may continue to create volatility in the future," Chief Executive Malcolm Fallen said in a statement.

Arle Capital Partners Ltd is the investment manager for Candover Investments.

"The improvement in the trading performance of the portfolio is encouraging as Arle continues to focus on positioning the portfolio companies for realisation," Fallen added.

Candover shares were Wednesday quoted up 0.4% at 563.90 pence.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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