Polar Capital Technology Trust PLC released its unaudited results for the six months ended October 31, 2024. The companys net asset value (NAV) per ordinary share increased by 11.6% to 352.15p, while the share price rose by 6.3% to 310.50p. The companys benchmark, the Dow Jones World Technology Index, also saw a 14.1% increase. The companys revenue and capital returns were £10,747,000 and £439,784,000, respectively, with a total income of £453,905,000. The companys net profit for the period was £435,743,000. The companys board remains unchanged, except for the appointment of Adiba Ighodaro as an independent non-executive director, effective December 3, 2024. The companys investment manager, Polar Capital, will implement a reduction in the base management fee and the complete removal of the performance fee, effective May 1, 2025. The companys fixed-rate term loans with ING Bank N.V. were repaid on September 30, 2024, and were replaced with a single fixed-rate term loan from The Bank of Nova Scotia. The companys share split, approved by shareholders, resulted in a total issued share capital of 1,373,150,000 ordinary shares. During the period, the company repurchased 19,341,010 shares into treasury, representing 1.4% of the total issued capital. The companys auditor, KPMG LLP, was reappointed at the AGM held on September 11, 2024.
| Financials | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total net assets | £4,179,544,000 | £3,804,533,000 | £3,804,553,000 |
| Net Asset Value (NAV) per ordinary share | 352.15p | 315.41p | 250.96p |
| Price per ordinary share | 310.50p | 292.00p | 250.96p |
| Benchmark | 5,712.88 | 5,007.08 | 4,373.56 |
| Discount of ordinary share price to NAV per ordinary share | (11.8%) | (7.4%) | (0.0%) |