LONDON (Alliance News) - Strategic Equity Capital PLC Thursday said it performed well against the FTSE Smaller Companies Index ex-Investment Trust index over the first six months of the year, driven by what it called a "consistent focus on high quality smaller companies".
At the end of the six months to December 31, 2013, the company had net assets of GBP96.5 million, or 162.0 pence a share, representing a 23.1% increase. Including dividends, the company delivered a total return to shareholders of 29.4% over the six months.
The FTSE Smaller Companies ex-Investment Trust index rose by 24.8% over the six month period.
The strong absolute and relative performance was delivered despite maintaining an average cash balance of 11%.
The company said it is still taking steps to recruit a successor to Chairman John Hodson, who is seeking to step down as previously announced.
The company said returns for shareholders will derive primarily from the capital appreciation of the shares rather than from dividends. In line with previous years, no interim dividend was paid.
The company's shares were Thursday quoted at 157.85 pence, down 0.3%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Strategic Eqty (SEC)