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LONDON - British & American Investment Trust PLC released its Annual Financial Report for the year ended December 31, 2024, showcasing a significant turnaround in performance compared to the previous year. The investment trust reported a total profit before tax of £2.0 million, a stark contrast to the £2.0 million loss recorded in 2023.
The company’s net assets saw a notable increase of 31.9% to £6.0 million after dividends of £0.6 million were paid to shareholders. This growth outperformed the FTSE 100 and the UK All Share indices, which rose by 5.7% and 5.6% respectively over the same period. The trust attributes much of its success to the recovery of its largest investment, Geron (NASDAQ:GERN) Corporation, which saw a 70% increase in value over the year.
Geron’s progress was highlighted by the US FDA’s approval of its cancer drug, Rytelo, on June 7, 2024, leading to sales that matched expectations in the latter half of the year. Despite a recent unexpected decline in Geron’s share price, the trust remains optimistic about the portfolio’s potential to recover its previous value.
Dividends remained consistent with the prior year at 1.75 pence per ordinary and preference share, yielding approximately 6% based on the average ordinary share price over 12 months.
Looking ahead, British & American Investment Trust PLC is cautious yet hopeful. The trust plans to pay an interim dividend for the current year, contingent on profitable sales of investments. However, the investment landscape has been clouded by recent political developments, including President Trump’s trade tariffs and their impact on growth prospects and market volatility.
As of April 25, 2025, the trust’s net assets had decreased significantly to £1.0 million, which represents a decrease of 83.6% since the beginning of the calendar year. This decline is attributed to a substantial fall in the share price of Geron in the last two months.
The report is based on a press release statement and presents a comprehensive view of the trust’s financial performance, with an emphasis on the substantial outperformance of the investment portfolio in 2024 and the challenges faced in the early months of 2025.
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