Hargreave Hale Posts Loss For FY22

Hargreave Hale AIM VCT (HHV.L), a British diversified portfolio of small UK firms, on Monday posted a loss for the full year, reflecting weak macro-economic conditions, war in Ukraine, and higher expenses.

For the 12-month period to September 30, the UK-based firm posted a pre-tax loss of 88.670 million pounds, compared with a pre-tax income of 67.871 million pounds, a year ago.

Loss after taxation was at 88.670 million pounds or 33.42 pence per share, compared with post-tax earnings of 67.871 million pounds or 30.45 pence per share of fiscal 2021.

Net loss on investments held at fair value through profit or loss stood at 85.203 million pounds, versus a gain of 71.337 million pounds of previous fiscal.

Net asset value was at 160.51 million pounds or 60.19 pence per share as against 228.96 million pounds or 100.39 pence per share of 2021.

Other expenses of the company rose to 1.115 million pounds, from 0.871 million pounds of last year.

Hargreave has proposed a final dividend of 2 pence per share, lesser than last year’s 3.15 pence per share, to be paid on February 10, 2023, to the shareholders of record on January 6, 2023.

In addition, a special dividend of 2 pence per share has also been approved by the Board. The special dividend will be paid together with the final dividend on February 10, 2023.

The special dividend distribution will return to shareholders earnings arising from the cash acquisition of Ideagen Plc by funds managed by HG Capital in July.

Looking ahead, the company said: “We do not expect the falls endured last year to translate to permanent loss of value. At some point in 2023, we will be able to look forward to better times. As we emerge from recession, fundamentals will improve and markets will recover their poise.”

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