On Thursday, Northern 2 VCT PLC, a Venture Capital Trust managed by Mercia Fund Management Limited, released its unaudited financial report for the six months ending September 30, 2024. The report showed an increase in net assets to £127.5 million from £113.9 million in the same period last year, and a slight decrease from £119.5 million as of March 31, 2024.
The net asset value (NAV) per share stood at 57.2p, a marginal decline from 58.6p at the end of September 2023, and nearly unchanged from 57.3p as of March 31, 2024. The return per share for the period saw a revenue return of 0.2p and a capital return of 0.8p, totaling a 1.0p return per share. This is a slight increase from the 0.9p total return per share in the same period last year, but a decrease from the 1.4p total return per share at the end of the previous financial year.
A dividend of 1.7p per share was declared for the period, which is a slight decrease from the 1.8p per share declared in the same period last year and less than half the 3.0p per share declared at the end of the previous financial year. The cumulative return to shareholders since the launch of Northern 2 VCT PLC, which includes the NAV per share and dividends paid, reached 197.5p per share, up from 195.9p at the end of September 2023 and 196.4p as of March 31, 2024.
The mid-market share price at the end of the period was 55.0p, consistent with the same period last year and showing an increase from 54.5p as of March 31, 2024. The share price discount to NAV was 3.8%, an improvement from 6.1% at the end of September 2023 and 4.9% as of March 31, 2024. The tax-free dividend yield, based on the NAV per share at the start of the period, was calculated at 5.0%, down from 5.5% at the same point last year and 5.1% as of the end of the previous financial year.
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