INVESTMENT TRUST Syncona (SYNC) has reported 38% growth in net asset value (NAV) for the year ended 31 March. It invests in life science businesses and the past year’s performance has been helped by valuation increases to its stakes in Autolus, Nightstar and Blue Earth.

Syncona says it will no longer pay dividends, adding its investee companies are ‘fast growing and capital intensive’ which implies it will use spare cash to back their growth plans rather than return money to shareholders. A final dividend of 2.3p will be paid in July.

The trust is focused on so-called ‘Third Wave’ innovation, which include gene and cell therapies. With no incumbents, these technologies are expected to revolutionise the healthcare industry.

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