LONDON (Alliance News) - The Oxford Technology-managed venture capital trusts reported annual results on Thursday, with a mixed performance.
Oxford Technology Venture Capital Trust PLC reported a net asset value per share of 52.4 pence as at the end of February, compared to 53.2p the prior year, with a total NAV return per share of 107.4p since inception.
Underlying NAV per share rose by 0.2p, but this was offset by the payment of a 1.0p dividend in July.
It said that its largest portfolio company Select Technology Systems Ltd experienced reduced profitability and cash generation this year after simplifying its business model.
Meanwhile, its second largest holding Scancell Holdings PLC had some very positive news as it partnered with various firms including Cancer Research UK and BioNTech.
Oxford Technology 2 VCT reported NAV at the end of February of 31.7p, down from 37.2p the year before, with total return on NAV of 52.7p since inception.
NAV was lifted by an increase in the adjusted final sale price of its largest investment OC Robotics, and the return of nearly GBP900,000 to shareholders.
Oxford Technology 3 VCT reported NAV at the end of February of 86.2p, up from 82.5p a year earlier, and a total NAV return of 122.2p since inception.
The main change in Oxford Technology 3 VCT portfolio was an increase in the valuation of payments platform company Ixaris Systems Ltd by GBP990,000 as both of its trading subsidiaries continued to perform very well. Ixaris now represents 60% of Oxford Technology 3 VCT portfolio, it said.
Finally, Oxford Technology 4 VCT reported NAV at the end of February of 45.9p, down sharply year-on-year from 51.9p, with a total return on NAV of 82.9p since inception.
"This is a disappointing result, as valuations on four of the five largest portfolio holdings have essentially remained static during the period," said Oxford Technology 4 VCT Chairman David Livesley.
Shares in Oxford Technology were untraded at 40.00 pence on Thursday, Oxford Technology 2 untraded at 36.50p, Oxford Technology 3 untraded at 52.50p, and Oxford Technology 4 untraded at 33.50p.
