StockMarketWire.com - Debt investment company Axiom European Financial Debt Fund swung to first-half loss as net assets fell owing to the impact of the pandemic on the financial sector.

For the six months ended 30 June 2020, the company reported a net loss of £7.2m, compared with a profit of £7.5m on-year, as net assets slipped to £81m from £87m.

The company had declared two dividends each of 1.50p a share in relation to the half-year, and said it remained well on track against its target of at least 6.00p for the year.

'It is pleasing to note that the recovery in the economy seems at present to be quicker than might have been feared,' the company said. We must, however, recognise the possibility that there will be future "waves" of the pandemic and it will be some time before the pandemic can be declared "over," the company said.

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