- Hargreave Hale AIM VCT PLC on Wednesday said that the AIM market has started to recover as it reported a decline in net asset value.

The venture capital trust investing primarily in companies listed on the AIM market in London said net asset value per share fell 17% to 43.64 pence as at March 31 from 52.84p a year prior.

NAV total return was negative 2.6% in the financial half-year ended March 31 compared to negative 5.6% a year prior. NAV total return with dividends reinvested was negative 2.7%, underperforming against the FTSE AIM All-share index, which had a return of positive 3.3%.

The company said it paid 1.50 pence per share in dividends in the six months to March 31, down from 4.00p a year prior.

Hargreave Hale declared an interim dividend of 1.00p per share, unchanged from a year ago. However it also declared a special dividend of 1.50p for the half-year compared to none a year prior.

Looking ahead, the company said: ‘Although trading continues to vary quite widely by sector, there are signs that sectors that struggled in 2023 and early 2024 are starting to feel more confident. In general, corporate news flow across the portfolio is improving.

‘UK purchasing managers indices also continue to point to a further expansion of economic activity. Retail remains a weak spot despite UK consumer confidence reaching a 2 year high. Defence companies continue to report very strong trading and rapidly growing order books.’

Hargreave Hale added that AIM had started to recover amid signs of a return of investor interest in small UK companies.

Hargreave Hale AIM shares were flat at 43.00 pence each on Wednesday afternoon in London.

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