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(Alliance News) - EPE Special Opportunities Ltd said Tuesday its net asset value per share rose substantially in the first half of its financial year, mainly on a jump in the value of its largest asset.
As at July 31, the private equity investment firm reported a net asset value of 254.54 pence per share, up 34% from 190.18p the same date the year before, and up 20% from 205.19p at the end of January.
EPE Special Opportunities' share price at the end of July was 191.00p, reflecting a discount to NAV at 25%.
Shares in EPE Special Opportunities were untraded on the day Tuesday, last quoted at 160.00p, marking a decline since the period-end.
The company said its strong net asset value performance was driven by a sharp rise in the value of its largest asset, lighting products maker Luceco PLC.
On Monday, Luceco reported a swing to a GBP5.3 million pretax profit for the first half of 2019 from a loss of GBP4.1 million the year prior. This was after revenue rose 10% to GBP82.7 million from GBP75.1 million the year before.
However EPE, warned that Luceco's value remained volatile due to the rise of price fluctuations in listed shares.
As for other investments, tea and coffee retailer Whittard of Chelsea was said to have maintained a robust growth trajectory over the period, and online pharmacy Pharmacy2U performed well on a rise in registered customers and orders.
"The performance of the company in the period has been encouraging. The recovery in the profitability of Luceco, the company's largest asset, as well as continued progress across the rest of the portfolio, has contributed to improved financial performance over the period. Nonetheless, the board remains mindful of Brexit and the potential risks posed to the company and its portfolio," said Chair Clive Spears.
