Amati AIM VCT PLC on Friday reported a drop in its net asset value and lowered its dividend.
The Edinburgh-based investment company reported a NAV per share of 94.70 pence for the year ended January 31, down 29% from 132.80p the year prior.
NAV total return for its financial year was negative 23%, falling below the benchmark of negative 12%. A year ago, NAV total return was negative 22%.
Amati noted that 2023 was ‘undoubtedly one of the most hostile markets for junior AIM companies since the financial crisis of 2008.’
The company declared a full-year dividend of 5.0p per share, down 29% from 7.00p the year before.
Amati AIM VCT said: ‘Historically there is evidence that companies that come through this kind of market crisis tend to emerge a good deal stronger. In a falling interest rate environment, it would not take much for market dynamics to become a good deal more positive, and this should benefit our existing portfolio.’
Amati AIM VCT were trading flat at 85.00 pence each in London on Friday afternoon.
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