British Smaller Cos VCT PLC and British Smaller Cos VCT 2 PLC on Friday reported mixed performances for their latest periods, with steady investment activity and strong growth in several portfolio companies helping to offset challenging market conditions.

The companies are both Leeds, England-based venture capital trusts, and are investment arms of YFM Private Equity Ltd, better known as YFM Equity Partners.

British Smaller VCT said its net asset value per share was 81.8 pence at September 30, down from 83.6 pence at March 31. VCT2 said its net asset value per share was 57.35 pence as of September 30, down slightly from 57.50 pence on June 30.

British Smaller VCT delivered a positive total return of 0.2 pence per share from 262.5 pence to 262.7 pence for the six months ended September 30, while British Smaller VCT2 saw its total return ease by 0.15 pence per share for the quarter from 145.25 pence in June to 145.10 pence on September 30.

British Smaller VCT declared a second interim dividend of 2.0 pence per share in respect of its financial year ending March 31.

Combined with the interim dividend paid earlier this year, total dividends for the year so far stand at 4.0 pence per share, representing 4.8% of the opening NAV per share.

British Smaller VCT completed 11 investments totalling £20.4 million in its first-half. The trust also realised £2.6 million from the sale of Traveltek Group Holdings Ltd, representing a 2.1 times return on cost.

Chair Rupert Cook said: ‘The performance in the period reflects the company’s positive progress despite ongoing macroeconomic challenges and geopolitical uncertainty. There continues to be strong levels of underlying growth in the portfolio, across a range of investments.’

British Smaller VCT2, meanwhile, highlighted strong growth among several portfolio companies, investing £6.4 million into existing portfolio companies and £1.2 million into new investment Integrum ESG during the quarter.

Post-period, the company realised £1.9 million from its sale of Traveltek, delivering a 2.3 times return.

Shares in British Smaller Companies VCT PLC were flat at 74.00 pence, while shares in British Smaller Companies VCT2 PLC remained steady at 53.50 pence in London on Friday morning.

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