LMS Capital portfolio gains offset by currency headwinds

30th Apr 2019 08:05

(Sharecast News) - Equity investment firm LMS Capital reported a broadly flat net asset value at the end of its first trading quarter.The AIM-listed outfit saw net asset value slip just 1.16% to £59.6m, or 73.8p on a per share basis, as portfolio gains were offset by a strengthening of the pound against the US dollar and increased overhead costs.LMS' investment portfolio showed net gains of £300,000, excluding the impact of exchange rate movements, as the value of its shares in Gresham House rose £600,000. However, this was mostly offset by a reduction of £500,000 in the valuation of its stake in YesTo.Since the end of March, LMS noted that further movements in the prices of its quoted investments and changes in the sterling/US dollar exchange rate had not had "a material impact" on its NAV.LMS also stated that there had been "no material change" in its cash balance during the quarter."Continued progress is being made with the realisation of one of the company's unquoted investments, which could result in further proceeds being received," LMS added.As of 0950 BST, LMS shares had dipped 1.49% to 49.65p.