GHS swings into profit

Gresham House Strategic swung into the black in the six months to the end of September, posting a pre-tax profit of £3.2 million against a £0.5 million loss last time.

The GHS share price has risen 6.9%, marginally ahead of the FTSE small-cap (ex Investment Trusts) Index (up 6.4%) in the period from 31 March. The NAV has been resilient against a volatile market and economic and political backdrop increasing 8.5% during the same period.

Other financial highlights:

Financial Highlights

- Portfolio valuation (including cash and other net assets) of £39.9 million (30 September 2015: £36.0 million)

- Realised and unrealised gains on investment of £3.7m (30 September 2015: £2.9 million)

- At the period end circa 15p per share available for return to shareholders according to the policy to return half of net profit on realised gains on investment

Chairman David Potter said: "The period was characterised by the focus on Britain's vote to leave the European Union and its effect on markets and sentiment. It spanned the vote on 23 June, with the first half of the period focused on the uncertainty surrounding which way the vote would fall, and the second half focused on what sort of Brexit the UK might adopt.

"The result has been uncertainty throughout the period and I believe our investment manager, Gresham House Asset Management (GHAM), has been entirely correct in moving cautiously to invest our significant cash and other net assets (£14.7m and 36.9 % of NAV at 30 September 2016)."

At 8:09am: (LON:GHS) Gresham House Strategic Plc Ord 50p share price was 0p at 752.5p