Monks' net asset value per share reaches all-time high

5th Jun 2013 07:55

FTSE 250-listed Monks Investment Trust has reported that the net asset value per share closed at an all-time year-end high in its preliminary results for the year to April 30th 2013.The net asset value total return, with borrowings at fair value, was 7.8% and the share price total return was 6.2%. The group pointed out that while this represented a positive return, it compared unfavourably with the total return of 21.4% on the FTSE World Index.The second half of the company's year was better than the first. In the first half the net asset total return was minus 5.9% and the share price total return was minus 8.0% while in the second half the figures were 14.6% and 15.4%, respectively. The total return on the comparative index was 2.7% in the first half and 18.3% in the second.Earnings per share were 4.68p compared with 5.35p, a decrease of 12.5%. Dividend income was lower than for the previous year, and the group said that this was largely as a result of sales of higher yielding holdings on valuation grounds, which more than offset a decline in expenses. Over the course of the year, there was a net disinvestment of £145.2m comprising £115.5m in net sales of equities and £29.7m in net sales of bonds. There were net purchases of equities in North America and net sales in all other regions. The group said that the proceeds of the sales were mainly used to repay debt and repurchase shares for cancellation. A total of £80.0m of debt was repaid during the year, comprising a £40m short term loan and a £40m 11% debenture on maturity.Monks Investment Trust was up 0.40% to 353.90p at 08:39 on Wednesday.MF