Business
Half Yearly Report to 31 July 2013
Half Yearly Report to 31 July 2013.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 8161O Graphite Enterprise Trust PLC 25 September 2013 \n \n\n25 September 2013\nGRAPHITE ENTERPRISE TRUST PLC\n \nUNAUDITED RESULTS FOR THE SIX MONTHS\nTO 31 JULY 2013\n \nSummary of the period\n\n \n\n \nGraphite Enterprise made good progress in the six months to 31 July 2013 with the net asset value per share increasing by 8%. The performance of the portfolio was strong, driven by continued growth in underlying profits and by a number of successful realisations. \n \nWe are seeing many opportunities to invest in new funds and to acquire interests in existing funds and have doubled outstanding commitments since the year end. Our strong balance sheet leaves us very well placed to take advantage of further opportunities. \n \nOver both the short and long term, the Company's net asset value has been one of the top performers in the listed private equity sector. The maturity of our portfolio and its strong recent performance make Graphite Enterprise very well positioned for future growth. \n \nMark Fane\nChairman\n \n\n\n\n\n+8.1%\n\n\n\n\n\n+9.3%\n\n\n\n\nNet asset value per share\nThe NAV per share increased to 682.3p, outperforming the FTSE All-Share Index which increased by 6.8% in the period\n \n\n\n\n\n\nUnderlying value of the portfolio in local currencies\nThe portfolio grew strongly, driven by underlying earnings growth and realisations\n \n\n\n\n\n£39.6m\n\n\n\n\n\n£30.1m\n\n\n\n\nRealisation proceeds\n9.5% of the opening portfolio was realised in cash\n \n\n\n\n\n\nInvestment in the portfolio\nThe rate of investment was 27% higher than in the previous six months\n\n\n\n\n£100m\n\n\n\n\n\n£498m\n\n\n\n\nCommitment to Graphite VIII\nAfter the period end, a commitment was made to Graphite Capital's latest buy-out fund\n\n\n\n\n\nNet assets\nThe Company's net assets were at an all time high\n\n\n\n\n\n \n \nChairman's Statement\n \n \nSummary\n \nGraphite Enterprise performed well in the six months to 31 July 2013, with the net asset value per share increasing by 8.1%. By comparison, the Company's benchmark, the FTSE All-Share Index, rose by 6.8%. Performance has been consistently strong in recent years with the net asset value increasing by 18% over one year and by nearly 50% over three years, closi...