LONDON (Alliance News) - Artemis VCT PLC on Wednesday reported a drop in net assets in the financial year ended September 30, but the company managed double digit returns following another special dividend.
At September 30, the trust's NAV per share was 64.40 pence compared to 73.60p a year ago, a 13% decrease.
Artemis' net assets also decreased 13% to GBP34.2 million from GBP39.1 million in the same period.
The trust declared a total dividend of 4.0p, flat on the year before but Artemis declared a special dividend of 17p, up 6.3% from the 16p special dividend from last year.
As a result, the trust's NAV total return for the period was 18.8%, down from 32.9% the year before.
Artemis said Dods Group PLC was its biggest detractor, losing 1.2% in the year, with the trust confessing to being "slightly at a loss to explain why".
The trust kept its "large" holding - 4.4% of net assets - which only "magnified the underperformance" but said it is "hard to rationalise" the Dods' 22% fall in share price in the period.
Proactis Holdings PLC detracted 1.0% of Artemis' portfolio in the period. The trust said it was more understandable than Dods.
"The acquisition of Perfect Commerce was a large one and the company has struggled to digest it," explained Artemis, about Proactis struggles.
Artemis biggest contributor was Yu Group PLC. Artemis said it was "impressed" with the small business energy suppliers revenue growth.
Chairman Fiona Wollocombe said: "The UK economic environment, along with the results of the drawn out Brexit negotiations and the VCT legislative change announced last year, can all be relied upon to make the upcoming year an interesting one.
"The process of negotiating the exit from the EU remains complex with details only just emerging. There is still a lack of clarity on what the post-Brexit environment may look like from both a business and regulatory perspective. The board is continuing to monitor developments and, through the investment manager, the potential impacts on our individual investee companies. At the present time, the board believes that the portfolio of companies remain in a strong position to weather the uncertainty and changes that may be coming their way."
Shares in Artemis VCT were untraded Wednesday but last closed at 61.00 pence each.