(Alliance News) - BB Healthcare Trust PLC on Monday said it has beaten its benchmark for the first half of its financial year, driven by outperformances from healthcare IT and healthcare technology.
For the six months ended May 31, the healthcare-focused investor posted a net asset value total return of 7.1%, compared to its benchmark, the MSCI World Healthcare index in sterling terms, which returned 3.9%.
As at the end of May, BB Healthcare's net asset value per share was 182.26 pence, up 14% from 159.40p the same date a year before. The trust's share price as at May 31 was 183.80p, reflecting a 0.8% premium to net asset value.
Shares in BB Healthcare were down 0.2% at 193.80 pence on Monday in London.
BB Healthcare declared an interim dividend of 3.015 pence per share, as it targets a total payout of 6.03p, and up from 2.50p a year prior.
"In that period, Healthcare IT and Healthcare Technology led the performance table, with Facilities and Dental the laggards. This was all about virtual care and the eschewing of non-emergency routine procedures. Now the converse is true; care is moving back from the virtual to the physical realm. Dental has been more of a surprise, driven by a Zoom-led upswing in adult tooth straightening," said Paul Major and Brett Darke of Bellevue Asset Management.
"Covid-19 has also shown the necessity to be nimble and flexible - if for no other reason than because circumstances can change rapidly. Operationally, I am pleased to report that the company and its service providers have continued to perform admirably and adapted well to working from home. As such, I am satisfied that we can weather any future lockdowns from an operational perspective, if such a scenario were to arise again," said Chair Randeep Grewal.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Bellevue Health (BBH)