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LONDON - Geiger Counter Limited (LSE:GCL) reported a 37.5% decline in net asset value (NAV) to 33.71p for the six months ended March 31, 2025, amid volatility in uranium markets despite positive developments in the nuclear energy industry.
According to the company’s interim report, uranium spot prices fell 21% from $81.75/lb to $64.45/lb during the reporting period, while term contract prices remained stable. The company’s share price declined by 24.52% over the same period as the discount to NAV narrowed to 1%.
The company has been actively repurchasing shares to provide liquidity and increase NAV per share. During the period, Geiger Counter repurchased 7,989,430 ordinary shares at a cost of £3.9 million and has continued the buyback program after the reporting period, acquiring an additional 14,842,766 shares for £5.7 million.
On December 11, 2024, the company’s ordinary shares were admitted to the Official List of the FCA and to trading on the Main Market of the London Stock Exchange (LON:LSEG), replacing its previous listing on The International Stock Exchange.
The report noted that since the end of March, the company’s NAV has increased by 45% from 33.71p to 48.89p, following U.S. President Donald Trump’s signing of executive orders on May 24, 2025, aimed at "re-establishing the United States as the global leader in nuclear energy."
The company’s investment managers believe that structural support for uranium equities remains strong, citing growing global nuclear power demand coupled with constrained supply. The report highlighted continued government support for nuclear energy worldwide, including Trump administration targets to quadruple domestic generating capacity to 400GW by 2050 and China’s approval of 10 new large-scale reactors.
The information in this article is based on the company’s interim report and financial statements for the period ended March 31, 2025.
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