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Annual Results

Edinburgh Worldwide beats index

11 December 2015 07:50

Edinburgh Worldwide Investment Trust's net asset value per share, cum income with debt at fair value, increased by 10.0% and the share price by 13.8% in the year to the end of October. The comparative index, the S&P Global Small Cap Index, increased by 3.5% in sterling terms.

Revenue losses per share were 0.18p (2014: surplus of 0.14p) so no final dividend is being paid. The company's objective remains that of generating capital growth. Should the level of underlying income increase in future years, the Board will seek to distribute the minimum permissible to maintain investment trust status.

Edinburgh Worldwide said a number of the company's holdings contributed to the positive performance, notably: 4D Pharma, a UK based biotechnology company developing natural bacteria-derived therapeutics; Marketaxess, a US based electronic bond trading platform; and, Galapagos, a Belgian clinical stage biotechnology company. Stratasys, a US listed 3D printer manufacturer, was the notable detractor to performance.

The company also announced that chairman David Reid will be resigning from the board at the conclusion of the annual general meeting in January 2017. Reid joined the board in 1998 and became chairman in 2011. It is intended that Henry Strutt will replace him as chairman.

The process for identifying a new Board member has begun and the board intends that a new director will have been identified and appointed by this time next year.

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Related Company: EWI

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