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F&C Private Equity Trust : Positive About Further Progress As Profit Triples

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08/26/2016 | 08:51am CEST

LONDON (Alliance News) - F&C Private Equity Trust PLC said Friday it should be well-placed to deliver further progress, despite the uncertainty surrounding the long-term affects of the UK's vote to leave the European Union.

The trust, which co-invests in private equity deal and invests in private equity funds, said net asset value per share was up 9.7% to 314.08 pence from 283.75p from the year previously, while profit was more than tripled to GBP17.8 million from GBP5.5 million. F&C Private Equity declared an interim dividend of 6.12p per share.

The group said its net asset value improved around 5.0% due to the weakening of sterling following the UK's decision to leave the EU, due to its sterling-denominated assets but euro and dollar-linked balance, though said the longer-term implications of Brexit "will take time to discern" and "are as yet unknown".

F&C Private Equity said a large section of its portfolio is based outside the UK, and so areas of its business has continued "relatively uninfluenced" by Brexit. The company also said it is likely "new investment opportunities" will be created by the UK leaving the EU.

The group said it remains well-placed to deliver further progress for shareholders, with a broadly based portfolio, a robust balance sheet and an uncomplicated capital structure.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2016 Alliance News Limited. All Rights Reserved., source Alliance News

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