Biotech Growth Trust Outpaces Benchmark On Strong Second Half

(Alliance News) - Biotech Growth Trust PLC on Wednesday posted a significant outperformance versus its benchmark in its recently-ended financial year.

The firm's net asset value per share total return was 19% for the year to March 31, "significantly" outperforming its benchmark, the NASDAQ Biotechnology Index, which rose just 1.2% over the year.

The annual result reflects a "very strong" second half total return of 24%, the firm said, which has continued past the year-end with the firm's net asset value per share, and share price, reaching all-time highs in late April and early May.

"Biotechnology as a sector had a somewhat tepid first half of the financial year, followed by a much stronger second half that was abruptly cut short by the Covid-19 related market correction in March," the company noted.

Biotech Growth's net asset value per share stood at 932.4 pence at the end of the financial year, versus 786.8p the year before.

No dividend was recommended for the recently-ended year, in line with the decision taken the year prior.

Shares in Biotech Growth closed up 0.2% at 1,200.00p in London on Wednesday.

By Lucy Heming; lucyheming@alliancenews.com

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