Full year trading update and notice of results
Fair value movements and portfolio performance:
- Fair value movements and portfolio performance:
Gross fair value reduction in the six-month period to 31 March 2023 of £23 million excluding FX. - Fair value movement reflects the net of £81 million increases offset by reductions of £104 million.
- The lower fair value reduction relative to the Enterprise Value movements reflects the preference share protection limiting the downside.
- Portfolio companies have adapted to the current environment and undertaken cost-cutting measures as well as prudently managing their own balance sheets.