Gresham House Strategic plc LON:GHS this morning 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.
Highlights
• £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
Financial Highlights
• 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
· IMImobile announced strong results and an earnings enhancing acquisition with continued double digit organic growth
