Investment trust Dunedin Enterprise said it would seek to internationalise the operations of its portfolio firms to reduce their reliance on single markets.
The listed trust, in which Dundee’s Alliance Trust Savings is a significant shareholder through Dunedin’s savings plan schemes, revealed a 0.5% rise in net asset value per share to 535.1p during the six months to the end of June.
Overall net asset value fell to £123.7 million in the same period after £12.5m was returned to shareholders via a tender offer. Dunedin invested a total of £10.2m and realised £18.1m from investments.
Live stakes include holdings in crane firm Weldex, courier company CitySprint and oil and gas component manufacturer Premier Hytemp.
The trust, which principally invests in UK lower mid-market management buyouts with an enterprise value of £20m to £75m, said it had seen a “strong pipeline” of new opportunities in the period and was focussed on business services, financial services and industrials.
“The existing portfolio continues to evolve both through organic growth and acquisitions,” it said.
“A key driver of growth from within the portfolio is to internationalise the operations of some portfolio companies to make them less reliant on a single economy.
“The manager actively assists portfolio companies to achieve this.
“Though the economic outlook remains uncertain firms in the portfolio are well financed to take advantage of opportunities.”
The trust also announced that chairman David Gamble is to retire from the board in May and will be replaced by Duncan Budge.