Rockwood Strategic 'delighted' with FY results

Rockwood Strategic stated its had delivered a net asset value total return of 21.4% to 1959.56p per share over the twelve months ended 31 March - compared to declines of -15.7% and -22.4% in the FTSE Small Cap and FTSE AIM All Share, respectively.

Total shareholder return in the period was 28.2%, while Rockwood's NAV total return performance in the three years to 31 March was 116.9%.

At period end, the AIM-listed company traded at a discount of 7.1% to NAV.

Fund manager Richard Staveley said: "Rockwood's strategy is differentiated, effective and being executed in favourable conditions for our value and recovery style of investing.

"We are excited about the current, concentrated portfolio's prospects for further material NAV growth and have a full pipeline of potential money-makers competing for our capital, which we are carefully deploying. The current mix of macro and market worries are not distracting us from the job in hand."

As of 1055 BST, Rockwood shares were down 0.028% at 1,804.50p.

Reporting by Iain Gilbert at Sharecast.com