British Smaller Cos VCT2 PLC on Friday reported annual returns ahead of its benchmark, and lauded its portfolio’s performance in a challenging economic environment.
British Smaller Cos is a Leeds-based venture capital trust, and one of the investment arms of YFM Private Equity Ltd, better known as YFM Equity Partners.
Total return increased by 2.95 pence to 145.55 pence per share in 2023, equivalent to a 4.8% return. This tracks ahead of the FTSE Small Cap Index, which rose by 3.0%, while the AIC’s index of generalist VCT’s fell by 1.3%.
Net asset value at December 31 was 59.3p per share, down from 61.6p at the end of 2022.
The company said that portfolio realisations generated £4.1 million of total proceeds over the year, 37% ahead of the opening value of £3.0 million at the end of 2022.
British Smaller Cos paid 5.25 pence per share in dividends over the year, a 75% increase over 3.0 pence in 2022.
Chair Peter Waller credited the company’s 2023 performance to the fact that its portfolio businesses ‘have adapted well to market conditions and, while focused on capital efficiency, are still achieving good growth rates in most cases’.
Shares in British Smaller Cos were up 1.8% at 55.50 pence each in London on Friday.
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