(Alliance News) - Smaller companies-focused investor Athelney Trust PLC said Tuesday it performed better than its comparative index, despite reporting a negative net asset value return.
For the six months to the end of June, its net asset value negative return was 14.8%, compared to the FTSE 250 index, which made a negative return of 21.8%.
As at June 30, net asset value per share was 227.3 pence, down 15% from 239p the same date the year before.
In addition, Athelney's share price at the end of June was 165 pence, bringing the discount to net asset value at 27%.
Shares in Athelney Trust closed untraded on Tuesday, last quoted at 179.00 pence in London.
Gross revenue fell by 56% year-on-year to GBP52,578 from GBP119,303 the year before, as a result of most of the trust's portfolio companies cancelling or postponing their dividend payouts.
"In just a few months there have been many changes to the local and global environment and markets, much of them as a result of the pandemic - the full outcome is yet to be understood. In addition there are significant uncertainties for the next six to nine months that may impact the timing and strength of recovery in the UK, Europe and the rest of the world," said Chair Frank Ashton.
"Most understand that for all but a few stocks in the current climate, there will be a degree of share price volatility for a while and that our investment trust status will help smooth the impact of spotty dividend payments by portfolio companies year-on-year. Overall the board remains confident the company remains well-positioned to weather this storm and meet its objectives," Ashton added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Athelney Tst. (ATY)