International Biotechnology Trust (IBT), the top performer in its sector over 10 years, has had to correct net asset value (NAV) statements published last month after an administrative error meant the 15.6p dividend declared in December was not deducted from the NAV.

As a result 15 “cum income” NAVs issued in January have been revised. For example, the first one for 29 December has been lowered to 1,005.87p from 1021.5p and the last to be changed for 19 January has been cut from 1,009.7p to 994.04p.

In a short statement yesterday afternoon the £291m company said the administrative error related to the “non-accrual of the company’s most recent interim dividend”.

“As a result, the company’s service providers have implemented corrective measures and enhanced their procedures,” it said.

Schroder Unit Trusts Limited has provided IBT’s accounting and administration services since 2024 when fund managers Ailsa Craig and Marek Poszepczynski joined Schroders  from SV Health Managers. It is paid £100,000 a year.

The latest unrevised cum income NAV for 9 February was 963.21p, putting the shares, which were unchanged at 916p, on a 5% discount.

In the past year IBT shares have rallied 31% as sentiment in the biotechnology sector has improved following US interest rate cuts and an increase in mergers and acquisitions. Over 10 years shareholders have received a 245.7% total return.

Stay a step ahead. Our daily newsletter brings you the latest on investment trusts and active ETFs. Subscribe here.