LONDON (Alliance News) - British Smaller Companies VCT2 PLC Friday reported an increase in total return for 2013.
For the year ended December 31, 2013 the trust reported a 4.6% increase in total return to 104.6 pence per share, up from 100.0 pence in 2012.
It said its net asset value increased to 4.6 pence in the year to December 2013, prior to the payment of dividends totalling 4.5 pence per share.
"This is another solid performance as we have continued to build and diversify the investment portfolio and represents a 7.0% increase on the opening net asset value for the year," Chairman Richard Last said in a statement.
The trust said that considerable progress has been made by many of the portfolio businesses during the year, with an overall value gain from the investment and fixed income securities portfolio of GBP2.35 million, an increase of 26% on the opening January 1, 2013 portfolio value.
"The UK economy has begun to see some growth again this year but uncertainties remain regarding the medium term sustainability and most economists assume an extended period of low growth," said Last.
"Our portfolio companies are on the whole well-funded and have focused strategies to maximise the new market opportunities now open to them," Last added.
The company said it remains well placed to continue to support the portfolio businesses in the year ahead.
British Smaller Companies VCT2 shares closed 1% lower Friday at 57.52 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Br.small Co.2 (BSC)