Ludgate Environmental has released its interim results for the six months to the end of December 2013. Over the period Ludgate’s NAV fell from 82.7p to 70.7p. 5p of the fall is accounted for by a special dividend of 5p paid in December. Much of the rest of the fall, as reported on 17 January, is accounted for by a write down in the value of EcoPlastics. The Board has stressed that EcoPlastics is trading well with “significantly increased…sales” and the fall in value is attributable to a change in valuation methodology.