Northern Investors Company plc

Northern Investors Company plc (NIC), an investment trust managed by Northern Venture Managers, has announced its preliminary results for the year ended 31 March 2003. Net assets were down 3.5%, from £43.4m to £41.9m. The net asset value per share was 849.7p, down by 3.6%. The chairman of NIC, Robert Dickinson, was keen to emphasise that the performance still represented a premium above stock market indices. Referring to the fall in net assets, he cited a 'difficult period for the UK economy and financial markets'. Income fell by 5.5% to £1.5m, reflecting a slight fall in interest rates and an increase in the funds invested in the venture capital portfolio. New investments totalled £8.6m and were financed mainly from the company's liquid resources, as realisation proceeds were low, at £2.8m. Some of the largest companies in NIC's portfolio include such recent investments as John Fredericks Plastics, Longhirst Group, Crantock Bakery and Horncastle Industries. NIC was launched in 1984 and has been listed on the London Stock Exchange since 1990.

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• UK / Ireland