Candover Increases on ‘Encouraging Signs’ of Value RecoveryKiel Porter
Candover Investments Plc rose in London trading after saying it sees “encouraging signs” of a recovery in value of some of its holdings in the first half.
The firm wrote up its holding in Expro International by 13.9 million pounds ($22 million), helping to increase the value of its portfolio by 8 percent, London-based Candover said in a statement today. It wrote down the value of its holding in Stork, which provides inspection, assessment and repair services to the energy industry, by 12 million pounds.
“There are some encouraging signs of a recovery in value within parts of the portfolio,” Chief Executive Officer Malcolm Fallen said. “Returning cash to shareholders as soon as practicable remains our overriding objective.”
The shares climbed 2.8 percent to 406 pence.