Triple Point Venture VCT total return rises despite lower NAV

Triple Point Venture VCT PLC on Monday reported a higher total return and increased fundraising for its latest financial year, despite a decline in net asset value per share, as it reiterated confidence in the long-term outlook for UK venture capital investing.

The trust said net asset value per share at February 28 fell 2.3% to 93.23 pence from 95.44p a year earlier.

Total return, measured as NAV plus cumulative dividends paid, increased to 112.23p per share from 110.44p, as cumulative dividends rose to 19.00p from 15.00p. The company maintained its annual dividend at 4.00p per venture share.

Pretax profit nearly tripled to £1.8 million in the year ended February 28 from £636,000 a year earlier, while earnings per share improved to 1.83p from 0.86p.

Net assets increased to £111.8 million from £83.5 million.

The company raised £31.6 million during the year through the issue of new shares, up from £23.5 million a year earlier, while investment deployment more than doubled to £18.2 million from £7.7 million.

During the year, Triple Point also repurchased 1.5 million shares for cancellation at a 5% discount to NAV.

Looking ahead, the company said macroeconomic and geopolitical uncertainty persists but that the UK continues to offer one of Europe's strongest innovation ecosystems.

Chair James Taylor said: "The UK remains one of Europe's leading innovation ecosystems, supported by a deep talent pool, world-class research institutions, and a mature venture capital market. While macroeconomic and geopolitical uncertainties remain, the long-term outlook for venture investing remains attractive."

He added that the company's diversified portfolio and disciplined investment approach leave it well positioned to deliver long-term value for shareholders

Triple Point Venture shares were 1.7% higher at 87.50 pence in London on Monday afternoon.

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