APEO announces interim results for 6 months to 31 March 2023
abrdn Private Equity Opportunities Trust has this morning announced interims results for the six month period ending 31st March 2023. Financial highlights include:
| P&L | 31 Mar 2023 GBP £~000 | 30 Sep 2023 GBP £~000 | 31 Mar 2022 GBP £~000 |
|---|---|---|---|
| Net Asset Value Total Return*+ | 3.0% | 14.1% | 6.8% |
| Share Price Total Return*+ | 2.3% | -15.1% | 5.8% |
| FTSE All - Share Index Total Return | 12.3% | -4.0% | 4.7% |
| Net Assets | £1,181.4m | £1,158.1m | £1,095.3m |
| Share Price | 412.0p | 410.0p | 520.0p |
| Expense Ratio*+ | 1.05% | 1.06% | 1.06% |
* Considered to be an Alternative Performance Measure.
+ A Key Performance Indicator by which the performance of the Manager is measured by the Board.
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Commenting on the results, Chairman Alan Devine said:
“…The past six months have continued to be a challenging period in the global economy and financial markets, carrying on where we left off in the previous financial year. The war in Ukraine continues with no sign of resolution and the pace of interest rate rises, in order to tackle the high levels of inflation in the global economy, has been unprecedented. We have seen the unintended consequences of these rate rises, most notably impacting US regional banks, creating a situation of even greater uncertainty.
Whilst I expect this challenging period still has some way to run yet, I gain a great deal of confidence in APEO’s NAV performance during the six months to 31 March 2023, in the face of this volatile backdrop. In addition, APEO’s balance sheet was further strengthened through the increase of its revolving credit facility during the period. I continue to believe that APEO’s focused and consistent strategy, tested over 22 years, and the quality and diversified nature of the existing portfolio will continue to position APEO well, in weathering short term challenges and in delivering longer term value growth.”
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In the TV clip below Alan Gauld, Senior Investment Director at APEO outlines the the major financial highlights from the period. He also presents the investment case for listed private equity and prospects for the Trust.