SVG Capital unveils interim results

SVG Capital Plc has recently announced its unaudited interim results for the six months ended 30 June 2004. Highlights include a 4.7% increase in the value of the investment portfolio in local currency. Portfolio valuation has been adversely affected by particularly large foreign exchange movements, resulting in fully diluted net assets per share increasing by 1% to 463.4p. Improvement in portfolio companies earnings, meanwhile, with a continuing focus on cash generation and debt repayment, has had a positive impact on a number of company valuations. Realisations during the period were at an average of 63% premium to December 2003 valuations. Portfolio valuations remain conservative and discounts have increased on valuation bases. Compound growth in net assets per share over five years stands at 7.3%, compared to negative compound return of 5.4% p.a. in the FTSE All-Share and 5.1% p.a in the FTSE World Index.

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