Last checked at 
(Alliance News) - Northern Venture Trust PLC on Wednesday reported improved performance in the first half of its current financial year.
The trust reported net asset value per share as at March 31 of 79.8 pence, up from 58.2p posted a year before and up from 70.7p reported at the end of September 2020.
The trust paid a total dividend of 8.0p per share, up from 1.5p a year earlier.
In a separate statement, Northern 2 VCT also reported strong performance in the financial year to March 31. NAV per share increased to 71.3p from 53.5p year-on-year.
The investment company said it will be paying a dividend for a year of 7.5p, up from 3.5p paid the year prior.
Mercia Asset Management PLC, the asset manager of Northern VCTs, noted the continuing strong recovery in its investees' NAV, arising in large part from successful exits and the IPO of one of their leading investments, musicMagpie PLC.
Mercia said it is entitled to receive gross performance fees totalling GBP3.3 million. As a result, the company said its full year profit and total comprehensive income is now expected to exceed GBP32 million.
"It is very encouraging to see the material net asset value per share increases by the Northern VCTs, as they delivered a strong overall investment performance for their shareholders," said Mercia Chief Executive Mark Payton.
Mercia shares closed 4.0% higher in London on Wednesday at 32.50p each, Northern Venture Trust stock ended the day up 7.4% at 72.50p and Northern 2 VCT shares finished up 11% at 67.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
