EPE Special Opportunities (ESO) announced its annual report for the 12 months to 31 January 2024. NAV total return was down 28% while shares fell 45%. The discount has widened 53% at the time of publishing. The company noted challenging operating conditions during the period, with pressure on demand from decreasing consumer confidence and profitability impacted by the inflationary environment.
No new investments were made in 2023, although the company completed the extension of the maturity of its £4m unsecured loan notes in July, improving its liquidity.
The results mark the second year running with double digit falls in NAV and share price and as a result of the uncertain market outlook, the board expects a challenging environment to complete further acquisitions within the portfolio in the near term.
ESO : Another tough year for EPE Special Opportunities