(Alliance News) - British Smaller Companies VCT 2 PLC on Wednesday reported a fall in net asset value in the first half of 2019 but total return was unchanged.
As of June 30, the venture capital trust posted NAV of 53.4 pence per share after the payment of a 6.5p dividend. Before the dividend payment, NAV was 59.9p, unchanged from January 1. Total return at June 30 was 118.40p, unchanged from January 1.
Shares in the company were untraded in London on Wednesday afternoon, last quoted at 50.00p each, a 6.4% discount to its June 30 NAV.
Pretax profit fell sharply year-on-year to GBP141,000 from GBP1.7 million, largely attributed to the company making a capital loss of GBP39,000 and revenue falling to GBP180,000. Last year, it made capital gain of GBP1.2 million and revenue of GBP484,000.
The company's portfolio as at June 30 had a value of GBP43.7 million up 15% from GBP38.1 million on December 31.
The trust said: "The portfolio produced a value gain of GBP400,000, representing a 1% increase over the opening value and equivalent to an increase in value for shareholders of 0.3 pence per ordinary share."
British Smaller VCT 2 proposed an interim dividend of 1.5 pence per share. During the recent six months, the company paid out its 1.5p final dividend for 2018, plus a 5.0p special dividend.
The trust made four new investments in the period totalling GBP5.6 million. It invested GBP1.6 million in Japanese cuisine chain Tonkotsu Ltd and GBP1.2 million in retailer Frescobol Carioca Ltd.
Also, GBP1.4 million in investments were made in both video production platform Wooshi Ltd and e-learning providers Elucidat Ltd.
Looking ahead, the company said a no-deal Brexit could impact investment performance in the medium term, though businesses in its portfolio are "as prepared as they can be".
Br.small Co.2 (BSC)