Herald Investment Trust (HRI)

Sector:

Investment Firms

Index:

FTSE 250

2,190.00p
   
  • Change Today:
      10.00p
  • 52 Week High: 2,215.00
  • 52 Week Low: 1,596.00
  • Currency: UK Pounds
  • Shares Issued: 54.27m
  • Volume: 67,584
  • Market Cap: £1,188.41m
  • RiskGrade: 148

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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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

HRI Market Data

Currency UK Pounds
Share Price 2,190.00p
Change Today 10.00p
% Change 0.46 %
52 Week High 2,215.00
52 Week Low 1,596.00
Volume 67,584
Shares Issued 54.27m
Market Cap £1,188.41m
RiskGrade 148

HRI Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
72.37% below the market average72.37% below the market average72.37% below the market average72.37% below the market average72.37% below the market average
85.43% below the sector average85.43% below the sector average85.43% below the sector average85.43% below the sector average85.43% below the sector average
Price Trend
79.21% above the market average79.21% above the market average79.21% above the market average79.21% above the market average79.21% above the market average
93.35% above the sector average93.35% above the sector average93.35% above the sector average93.35% above the sector average93.35% above the sector average
Income Not Available
Growth
95.43% above the market average95.43% above the market average95.43% above the market average95.43% above the market average95.43% above the market average
92.21% above the sector average92.21% above the sector average92.21% above the sector average92.21% above the sector average92.21% above the sector average

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 14-Jun-2024

Time Volume / Share Price
16:36 3,529 @ 2,190.00p
16:35 7,624 @ 2,190.00p
16:35 1 @ 2,190.00p
16:35 29 @ 2,190.00p
16:35 30 @ 2,190.00p

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