In QuotedData’s morning briefing 29 July 2024:
- Smithson (SSON) has published interim results for the six months ended 30 June 2024, during which it provided an NAV total return if -1.8%, underperforming the MSCI World SMID Index which returned 3.4%. Its chairman, Diana Dyer Bartlett, says this is frustrating, noting that the last two and a half years, and particularly the last 18 months, have been challenging for those investing in small and mid-cap stocks, which have lagged large caps by a significant margin. There were also couple of stock specific issues. She also adds that, despite the efforts to reduce the discount to NAV, the share price performance continues to be disappointing, with the share price loss for the first half amounting to 2.6% and the annualised return since inception lagging NAV performance at +5.8%.
- Literacy Capital (BOOK) has published a trading and NAV update for the three months ending 30 June 2024: NAV total return for the quarter of +2.4%, an uplift of £7.4m (12.2p per share), taking NAV per share to 522.6p (31 March 2024: 510.4p), and total NAV to £313.6m (31 March 2024: £306.2m). BOOK celebrated its third anniversary since listing in June 2021. It says that, during this period, its NAV performance of over 47% per annum compound, places it first out of all UK listed investment companies. RCI, BOOK’s largest holding, was the strongest contributor again in the second quarter, whilst Cubo Work and Wifinity have also traded particularly encouragingly. Revenue growth across BOOK’s top ten holdings accelerated compared to recent quarters. Total charitable donations since the inception of BOOK now amount to £10.0m, including a charitable donation provision of £735k in the second quarter of 2024.
- HgCapital Trust (HGT) has provided a preliminary trading update in advance of its interim results for the six months ended 30 June 2024 in which it says strong trading in the underlying portfolio continues to drive growth. Estimated NAV total return was 5.6% with an estimated end NAV of 524.0p per share. The share price total return was 12.7%, reflecting a narrowing of the discount from 13% to 7%. LTM revenue and EBITDA growth were 20% and 25% respectively for the top 20 companies, which account for 78% of the portfolio. HGT made £310m during the period and received realisations of £347m. HGT says it has available liquid resources of £550m (including a £375 million undrawn credit facility as at 30 June 2024) and has outstanding commitments to Hg funds of £847m.
- Balanced Commercial Property Trust (BCPT) has posted a 2.1% fall in NAV to 105.1p per share in the quarter to 30 June 2024. This represents a NAV total return for the quarter of -0.8% when the dividend is included. The fall in NAV was mainly due to a 9.6% drop in the value of its office portfolio, which contributed to a 1.5% decline in the value of its overall portfolio to £943.3m. The board said that interested third parties were still running the rule over the company, but no offers had yet been made for the company. This follows the launch of a strategic review into the future of the company earlier this year.
- Workspace Group (WKP) has sold The Planets, a residential redevelopment site in Woking for £13.0m. The redevelopment site formed part of the McKay portfolio acquired in May 2022 and received planning consent for 366 residential units in November 2022. It has been sold at an 18% (£2m) premium to the March 2024 valuation.
We also have:
- Annual results from CT Global Managed Portfolio
