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Date: Wednesday 27 Aug 2008

LONDON (ShareCast) - Buy-out specialist Candover said it continues to make progress despite the economic slowdown but said realisations will be harder to achieve.

“Although no company can be immune from the economic pressures facing Europe, our portfolio is in good shape, and we continue to believe that this is a good time to invest with company valuations and debt multiples back to more sensible levels. Realisations, however, will be harder to achieve,” it said.

Net assets per share were 2051p for the half-year, showing a modest decline of 0.7% on December 2007, however year-on-year net assets rose 11%.

The valuation of financial investments at 30th June, 2008 was £424.5m compared to £344.9m at 31st December, 2007.

Profits before tax for the six months were £9m, compared to £10.6m for the first half of 2007, which the group said reflects its current cautious view on fixed asset investment income given the uncertain outlook for the European economy.

“The value of Candover's portfolio has been largely maintained despite the continued economic uncertainty. The recent investments in Technogym and Expro International show that Candover is very much open for business despite the credit crisis,” said the group.

Interim dividend has been raised 10% to 22.0p per share.

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