- Gresham House's results for the six months to the end of June show an increased overall loss on the combined 'revenue' and 'capital' account of £2,014,000 compared to a loss of £791,000 for the corresponding period in 2012.

This loss represents 30.7p per ordinary share (six months ended 30 June 2012: loss of 14.0p per ordinary share).

As a consequence the net asset value per share has decreased from 472.5p at 31 December 2012 to 439.3p at 30 June 2013.

However, as mentioned in previous results announcements, in the opinion of directors, this value is overstated because of the requirements of IAS27 to show minority stakes in subsidiaries with a negative net worth as a debit to equity.

The net asset value per share after adjusting for the negative balance for non-controlling interests would be 405.2p against 445.1p at 31 December 2012.

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