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Prices & Quotes - UK Markets - Herald Investment Trust (HRI)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 2,185.00p
Change Today:
-25.00p
Market Cap:
1,418.59m
Sector:
Equity Investment Instruments

Herald trust swings to revenue earnings as liquidity issues continue

By Josh White

Date: Friday 17 Feb 2017

LONDON (ShareCast) - (ShareCast News) - Herald Investment Trust posted its results for the 2016 calendar year on Friday, with total assets - before the deduction of bank loans and derivatives - of 816.4m, rising from 709.1m at the end of 2015.
The London-listed firm posted a net asset value per ordinary share of 1083.2p, up from 881.8p, while over the year its share price improved to 882.5p from 745.3p.

Revenue earnings per share were 0.58p for the period, off revenue profits of 0.4m for the year, swinging from revenue losses of 0.05p per share in 2015.

The trust's discount to net asset value was 18.5%, compared to 15.5% in 2015.

"The share price discount has remained at a frustratingly wide level, but broadly in line with UK smaller companies investment trusts," commented Herald chairman Julian Cazalet.

"Helped by the strong cash flows from takeovers in 2015 and 2016, the board and the manager have been purposeful in share buybacks, representing 4% of the outstanding capital, but overall volume has been limited."

Cazalet said the illiquidity in the trust's shares mirrored the illiquidity in the underlying portfolio.

"In part this reflects the fact that commission levels have been driven down to such a low level that it does not pay brokers to broke stocks actively.

"The burden of marketing is now moving even more to companies including the trust itself.

Cazalet explained that marketplaces adapt, but at the moment in the UK the regulatory shock of the impending introduction of MiFID II had led to "dire illiquidity", and commensurately wide discounts for smaller company trusts in general.

"It will be interesting to see how markets evolve over the next two years.

"In 2017, we intend to be more active in marketing and broker engagement."

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HRI Market Data

Currency UK Pounds
Price 2,185.00p
Change Today -25.00p
52 Week High 2,450.00p
52 Week Low 1,294.00p
Volume 66,185
Shares Issued 64.92m
Market Cap 1,418.59m
Beta 0.03

Performance Indicators

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HRI Dividends

  Latest Previous
  Interim Final
Ex-Div n/a 10-Apr-13
Paid n/a 03-May-13
Amount 0.000p 1.00p

Trades for 06-May-2021

Time Volume / Share Price
16:35 7,976 @ 2,185.00p
16:29 4 @ 2,200.00p
16:26 2 @ 2,200.00p
16:26 500 @ 2,199.09p
16:25 45 @ 2,199.09p

HRI Key Personnel