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Highlights
- Strong NAV Performance: NAV rose 15.9%, outperforming the NASDAQ Biotechnology Reference Index’s 15.3% gain.
- Strategic Investment Gains: Success in M&A and unquoted investments contributed significantly to the Trust's outperformance.
- Governance Enhancement: Appointment of Alexa Henderson as a non-executive Director signals a focus on governance and oversight.
International Biotechnology Trust PLC (LSE:IBT) has released its final results, showcasing another successful year with notable achievements and strategic advancements. Here are the key highlights from the report:
Financial Performance
- NAV Outperformance: The net asset value ("NAV") per share increased by 15.9%, outperforming the NASDAQ Biotechnology Reference Index, which rose by 15.3% during the review period. This marks a continued trend of strong performance relative to the Reference Index.
- Portfolio Gains: The NAV per share of the quoted portfolio, adjusted for sterling and reinvested dividends, climbed 15.4% over the financial year. The management team delivered double-digit absolute performance, solidifying their ability to outperform benchmarks.
Strategic Investment Highlights
- Mergers and Acquisitions Success: Effective identification of merger and acquisition candidates played a crucial role in outperforming the market, with two quoted holdings acquired during the financial year.
- Unquoted Portfolio Performance: Unquoted investments now make up 8.6% of the total assets, primarily managed through SV venture capital funds. SV Life Sciences Fund VI and SV Biotech Crossover Opportunities Fund both had a successful year, with two holdings acquired and another achieving a significant uplift following a NASDAQ listing.
Dividend Policy and Corporate Governance
- Dividend Policy: The Trust remains committed to its dividend policy, which provides distributions equivalent to 4% of NAV as of the financial year-end on 31 August. This is executed through two semi-annual payments, ensuring consistent shareholder returns.
- Board Appointment: The Board has announced that Alexa Henderson will join as a non-executive Director and Audit Committee Chair designate, effective 1 January 2025. This appointment reflects the Trust’s commitment to enhancing governance and financial oversight.
