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Northern 3 VCT has announced an increase in its net asset value per share from 95.2p to 96.3p, excluding dividends, in the 18 months to March. The trust’s performance was boosted by the sale of business events organiser Ithaca Holdings to United Business Media for £14.25 million, and that of HR software supplier KCS to FTSE-100 software group Sage for £20 million.

The VCT’s return to shareholders over the period, calculated by adding net asset value to cumulative dividends, was 8.6 per cent. No final dividend is proposed, though the managers plan to pay an interim dividend in January 2009.

Says chairman John Hustler: ‘The overall condition of the portfolio is good although some companies, particularly those involved in construction-related sectors, are finding current conditions challenging.’

Hustler, who will step down as chairman in January next year, adds that such issues have been taken into account when calculating investment valuations on the company’s balance sheet.

Northern 3 VCT made 14 new investments over the 18 months to March at a total cost of £8.4 million. Currently the largest holdings in its portfolio are logistics company Product Support (valued at £1.5 million) and property management business Paladin Group (£1.2 million).

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