Annual and Interim Reports

Annual reports are prepared each year and audited by the auditors of IBT. The Reports will include, amongst other matters, information on IBT and its Investments, fund expenses and liquidity and leverage profiles and other material considerations. Periodic disclosure will be made on this site should there be a material change in liquidity, risk or leverage profile.
Annual Reports

31

Aug 17

Year ended 31 August 2017

In the year ended 31 August 2017, the NAV per Ordinary share of the Company rose from 575.1p to 672.9p, including a significant currency gain, equivalent to 14.4 pence per share. The NAV per share returned 20.9%. Over the same period, the Shareholders total return was 30.5%. This compares to a rise in the NBI of 21.7% and a gain in the FTSE All-Share Index of 14.4%. All figures are on a total return basis and are sterlingadjusted. The quoted portfolio has performed very strongly, outperforming the benchmark by 7.7%.
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31

Aug 16

Year ended 31 August 2016

After a number of years of strong growth, returns for the Company were lower in the year ended 31 August 2016 with the NAV per share down 1.7%. This reflected a period of consolidation in the biotechnology sector. Although 2016 was a challenging year for the biotechnology market, our Investment Manager has outperformed the NBI for the second consecutive year.
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31

Aug 15

Year ended 31 August 2015

The year ended 31 August 2015 saw the strongest performance yet reported by the Company, in both absolute and relative terms against the NBI benchmark. The NAV rose by 48.2% to 586.4p per share, while the share price increased by 75.4%, from 314.5p to 551.5p. Over the same period, the FTSE All-Share gave a negative return of (2.3)%. This also represents a significant outperformance of the sector, compared to the return of the NBI (sterling denominated) of 33.6%.
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31

Aug 14

Year ended 31 August 2014

The year ended 31 August 2014 saw a substantial positive return for the Company. The NAV increased by 26.4% to 395.7p per share and the share price increased by 16.9% from 269.0p to 314.5p. By comparison, the FTSE All-Share Index produced a total return of 10.7% over the same period.
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31

Aug 13

Year ended 31 August 2013

I am pleased to report to you a substantial positive return for the year ended 31 August 2013. The NAV increased by 34.7% to 313.05p per share. With a small widening of the discount to 14.1% from 12.0%, the Company’s share price increased by 31.5%. By comparison, the FTSE All-Share Index produced a total return of just 18.9% over the same period.
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Interim Reports

28

Feb 17

Half Yearly Report ended 28 February 2017

In the six months to 28 February 2017, the NAV per Ordinary share of the Company rose from 575.1p to 656.7p, including a currency gain of £11.6m, equivalent to 30.9p per share. The NAV per share returned 16.2% including the first dividend payment of 11.5p per share, which was announced in December 2016. Over the same period, the Ordinary share price of the Company increased by 21.1%. This compares to a rise in the NBI of 12.2% and a gain in the FTSE All-Share Index of 8.6%. All figures are on a total return basis and are sterling-adjusted. The quoted portfolio has performed very strongly, outperforming the benchmark combined with a 0.5% hurdle by 9.6% as at 28 February 2017
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29

Feb 16

Half Yearly Report ended 29 February 2016

In the six months ended 29 February 2016, the Company’s NAV per share fell by 17.7%. The NBI fell by 18.0%, while the S&P 500 Index increased by 9.3% and FTSE All-Share Index decreased by 1.2%, the latter taken from 28 August 2015 close. All figures are sterling-adjusted.
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28

Feb 15

lf Yearly Report ended 29 February 2015

In the six months ended 28 February 2015, the Company’s NAV per share increased by 44.5%. The NBI increased by 31.1%, while the S&P 500 Index and FTSE All-Share Index increased by 14% and 4.1%, respectively. All figures are sterling-adjusted.
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28

Feb 14

lf Yearly Report ended 29 February 2014

The six months ended 28 February 2014 saw the Company’s NAV per share increase by 21.5%. The NBI increased by 26.6%, while the S&P500 and FTSE All-Share increased by 6.5% and 8.8%, respectively. All figures are Sterling-adjusted.
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