Polar Capital Global Healthcare Trust PLC on Friday reported ‘very strong’ performance in the last 12 months and higher net asset value per share compared to the previous year.

The London-based investor in healthcare stocks said net asset value per share was 395.05 pence at September 30, up 14% from 345.66p year-on-year. NAV per share total return for financial 2024 was 15%, whereas the company’s benchmark, the MSCI All Country World Health Care index, was 9.9% during the same period.

The company declared a second interim dividend of 1.20p per share, bringing 2024’s total dividend to 2.40p per share, up 9.1% from 2.20p the year prior.

Annual pretax profit rose to £63.7 million from £18.2 million year-on-year.

The company said growth was driven in particular by biotechnology and pharmaceuticals. It maintained confidence in the growth potential of healthcare stocks, despite the sector facing cost pressures.

‘The performance of the healthcare benchmark, whilst delivering positive absolute returns, has lagged the broader market in the last year’, noted Chair Lisa Arnold.

Nonetheless, she said: ‘The healthcare sector is delivering high levels of innovation and has consistently shown the ability to yield strong revenue and earnings growth, regardless of the economic, political and regulatory environment’.

James Douglas and Gareth Powell, co-managers of the trust, added that ‘greater focus on access and affordability’ in the healthcare sector will further enhance its prospects.

The company noted it will start developing proposals for a potential reorganisation in 2025, ahead of the standard requirement to propose liquidation at the first annual general meeting after March 1, which is expected to take place in early 2026.

Polar Capital Global Healthcare shares were up 0.3% at 194.97p each on Friday afternoon in London.

Copyright 2024 Alliance News Ltd. All Rights Reserved.