|
Good progression in net asset value
A total return of £80.7 million for the half year, or 6.5% of opening Net Asset Value ("NAV")1. This is a good result in the context of the Company's return target of 8% to 10% per annum, to be achieved over the medium term
The European portfolio continued to perform well both financially and operationally. The portfolio value increase in the period was driven mainly by the positive impact of regulatory developments on the value of the Company's holding in Elenia. This more than offset the weak performance of the India Fund during the period
|
6.5%
Total return on opening NAV
153.8p
NAV per share2
|
|
Healthy level of investment
Three new investments, for a total consideration of £187 million, were completed during the period. These investments were in the European mid-market economic infrastructure and low-risk energy sectors
|
£187m
Invested in the period
|
|
Portfolio income in line with expectations
The portfolio generated income3 in the period of £27.1 million, in line with expectations. Portfolio income is expected to increase in the second half, as income is earned from new investments made during the first half
|
£27m
Portfolio income
|
|
Efficient balance sheet
The Company is well funded for new investment, with total liquidity of £335 million, including cash balances of £51 million and an undrawn revolving credit facility ("RCF") balance of £284 million
|
£51m
Cash balances
£284m
Undrawn RCF balance
|
|
Interim dividend in line with full year target
Interim dividend of 3.625 pence per share or £28.8 million in aggregate. On track to deliver the full year target distribution of 7.25 pence per share and to continue to grow this progressively beyond FY2016
|
3.625p
Interim dividend per share
|
