(Alliance News) - Mobeus Income & Growth 2 VCT PLC on Wednesday said its net asset value declined by 9.8% over the first half amid challenging business environment.
The investment company reported a decline in NAV per share to 89.85 pence as at September 30 compared to 99.60p as at March 31.
"The company has had a good start to the year with NAV total return per share for the first half of 5.3%. Despite general business and political uncertainty, it has been a busy period of corporate activity for Mobeus," noted Chair Ian Blackburn.
Mobeus said it has participated in three new and follow-on investments during the first half and generated "healthy" proceeds from two successful disposals. During the six months, the company said it invested a total of GBP1.8 million.
The portfolio continued to perform well during the period, the company noted,increasing in value by 8.2% on a like-for-like basis, after adding back disposals and new investments. The portfolio was valued at GBP29.0 million at the period end.
In the first half, Mobeus said it bought back and cancelled 612,876 of its own shares, at a total cost of GBP530,000, inclusive of expenses.
"We believe that the existing portfolio provides a good balance between well established investments providing an income return and earlier stage companies typically seeking rapid scale which, whilst recognising their inherently higher risk, also offer potentially higher capital growth," said Blackburn.
He added: "Whilst the medium-term economic and business environment continues to be challenging, the investment adviser reports a strong pipeline of attractive businesses with dynamic entrepreneurial management teams."
The stock was untraded in London on Wednesday, last closing at 84.50p a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Mobeus I&g 2 (MIG)