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 19

Year ended 31 August 2019

At 31 August 2019, for financial reporting, the quoted portfolio represented 85.2% of NAV (excluding cash and other net assets) at £202.2m. The unquoted portfolio represented 14.8% of NAV at £35.2m. For performance purposes companies that were first invested in from the unquoted pool and have now become quoted but continue to be managed by the unquoted Investment Managers are included within the unquoted portfolio.
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31

Aug 18

Year ended 31 August 2018

In the year ended 31 August 2018, the NAV per Ordinary share of the Company rose from 672.9p to 699.0p, returning 8.6%. Over the same period, the Ordinary share price of the Company increased by 13.7%. This compares to returns of 10.1% and 4.7% from the NBI and FTSE All-Share Index respectively. All figures are on a total return basis and are sterling-adjusted.
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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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31

Aug 12

Year ended 31 August 2012

I am pleased to report to you a substantial positive return for the year ended 31 August 2012. The NAV increased by 41.9% to 232.5p per share. With a small narrowing of the discount to 12.0% from 12.7%, the Company’s share price increased by 43.0%. By comparison, the FTSE All-Share Index produced a total return of just 10.2% over the same period.
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31

Aug 11

Year ended 31 August 2011

I am glad to be able to report to you a positive return for shareholders for the year just ended on 31 August 2011.
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Interim Reports

28

Feb 19

Half Yearly Report ended 28 February 2019

I am pleased to present the Company’s Interim Report for the six months ended 28 February 2019, a period which marks the start of International Biotechnology Trust’s 25th year, the only UK investment trust within the biotechnology and healthcare sectors to reach that milestone.
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28

Feb 18

Half Yearly Report ended 28 February 2018

In the shorter term, over the six months to 28 February 2018, the NAV per Ordinary share of the Company fell from 672.9p to 603.2p. The decrease in NAV per share was driven by a dividend payment of 13.5p per share, that was announced in December 2017 and paid on 31 January 2018, and a currency loss of £16.9m, equivalent to 45.0 pence per share. The NAV per share returned -6.5% including the dividend. Over the same period, the Ordinary share price of the Company decreased by 4.0%. This compares to a fall in the NBI of 8.8% and a fall in the FTSE All-Share Index of 0.9%. All figures are on a total return basis and are sterling-adjusted.
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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

IBT 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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28

Feb 13

lBT Yearly Report ended 29 February 2013

I am pleased to report a positive return for Shareholders over the half year to 28 February 2013. A 13.4% increase in NAV per share to 263.6p was offset by a widening of the discount from 12.0% to 17.9%, to generate a 5.9% increase in the Company’s share price to 216.5p per share, the highest level since July 2001. Both the quoted and unquoted portfolios fared well over the half year period both returning 13.3%.
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28

Feb 12

lBT Yearly Report ended 29 February 2012

I am very pleased to be able to report to you a strong positive return for shareholders over the half year to 29 February 2012. After taking account of a 25.5% increase in the Net Asset Value (“NAV”) per share and a small narrowing of the discount from 12.7% to 11.0%, the Company’s share price increased 28.0% to 183.0p per share, the highest level since August 2001, and above the adjusted price of the conversion C-share issue of February 2007.
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28

Feb 11

lBT Yearly Report ended 29 February 2011

I am able to report a rise in both the Net Asset Value per share ("NAV") and the share price of the Company over half year to 28th February 2011. The NAV increased by 7.5% to 166.8 pence, which compares with 14.4% and 18.5% increases in the NASDAQ Biotechnology Index and the Russell 2000 Biotech Index.
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