British Smaller Companies VCT PLC on Friday said that its annual net asset value return outperformed its benchmark despite economic volatility.

The venture capital truss managed by YFM Equity Partners said its NAV per share at 31 March fell to 83.7 pence from 85.7 the prior year.

The company generated a 7.6% total return on its NAV as compared to the 12% fall in its benchmark the FTSE Small Cap. The company said this was due it selling four portfolio companies, and a strong level of revenue growth within the portfolio.

Pretax profit dropped to £12.2 million from £28.3 million the previous year. The company said this was due to the increase in cost of purchasing financial assets to £28.8 million from £10.5 million the prior year.

The total dividend was 8.5 pence per share, down from 9.0p the prior year. The company did not propose a final dividend for the year ended March 31.

British Smaller Companies VCT declared an interim dividend of 2.0 pence per share for the year ended March 31 2024, this interim dividend will be paid on July 28 of this year.

The company said that inflation remains high, and was continuing to pull up interests rates. It noted the challenging economic environment in the short-term.

‘I am pleased to see the portfolio’s continued resilience and promising levels of underlying growth rates, and believe that many portfolio companies will be stronger for the experience of weathering

the economic conditions of the past 12 months,’ said Chair Rupert Cook.

Shares in British Smaller Companies VCT were up 3.2% at 80.50 pence in London on Friday.

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