Gresham House Strategic plc (LON:GHS) has today announced its unaudited half year results for the period ended 30 September 2017.
GHS invests primarily in UK and European smaller public companies, applying private equity techniques alongside a value investment philosophy to construct a focused portfolio expected to be comprised of 10-15 companies.
The investment manager aims for a considerably higher level of engagement with investee company stakeholders, including: management, shareholders, customers, suppliers and competitors, in order to identify market pricing inefficiencies and support a clear equity value creation plan, targeting above market returns over a longer-term investment horizon.
• £7.3 million cash invested into new and existing investment opportunities, portfolio approaching fully invested – 12 investments now representing 75% of NAV
• Maiden dividend of 15p per share
• NAV growth of 0.2% over the period
• Strong operating and strategic progress within majority of the portfolio
• Realisations from profitable investments of £3.0 million provide potential to grow dividend
• £0.8m returned to shareholders through dividend and share buyback
• Portfolio valuation (including cash and other net assets) of £39.3 million (30 September 2016: £39.9 million), £40.6 million as at 31 October 2017
• Profit before tax of £0.6 million (30 September 2016: £3.2 million)
Post-Period End Highlights
• Further £2.2 million invested and an additional £2.0 million committed post period-end, bringing net cash below 11% of NAV
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