Alliance News) - Maven Income & Growth VCT PLC on Friday said market volatility driven by Russia’s invasion of Ukraine had affected its performance, after it swung to a net loss on pretax activities in the first half.

At August 31, the firm’s net asset value per share was 42.74 pence, down 6.5% from 45.70p a year prior. At the same date, Maven’s net asset value total return was 145.90p per share, down 0.5% from 146.61p year-on-year.

Maven Income is a London-based venture capital trust, with investments in growth capital and AIM-listed companies, including Delio Ltd and Horizon Ceremonies Ltd.

The firm reported a net loss on ordinary activities before taxation of £436,000, swung from a return of £3.5 million a year prior.

It recorded income from investments of £325,000, down 28% from £449,000 the previous year.

Maven said that the invasion of Ukraine, together with volatile financial markets and commodity prices, had a ‘destabilising impact’ on the growth of its portfolio.

However, it highlighted strategic progress made over the first half, including the addition of five new private company investments to its portfolio, with a further four completed after the period end.

It was also an active period for realisations, with the completion of four profitable private company exits, including Maven’s holding in global insurance broker Global Risk Partners.

Looking ahead, the firm said it would ‘maintain a focussed approach in targeting emerging growth companies operating in sectors and markets that are likely to be more resilient and less dependent on discretionary consumer spending’.

Maven declared an interim dividend of 1.10p per share, to be paid on December 2.

Maven shares were last publicly traded on October 26 at 41.20p per share.

Copyright 2022 Alliance News Limited. All Rights Reserved.

Copyright 2022 Alliance News Limited. All Rights Reserved.