21st Jul 2020 11:55
(Alliance News) - BB Healthcare Trust PLC on Tuesday said it beat its benchmark in the first half of financial 2020 as it raised its interim dividend payout.
For the six months ended May 31, the healthcare-focused investor posted NAV total return of 13%, beating its benchmark, the MSCI World Healthcare Index, which returned 12%. Net asset value per share as at May 31 stood at 159.40 pence, up from 153.11p as at November 30.
BB Healthcare's share price as at the end of May was 160.00p, representing a 0.4% premium to NAV. The stock was trading 0.6% higher at 170.50p on late Tuesday morning in London.
The company declared an interim dividend of 2.50p, up from 2.425p for the first half of financial 2019 as it said it is targeting an annual dividend payout of 5.00p, up from 4.85 paid the year prior.
Looking ahead, Chair Randeep Grewal said: "These are unprecedented times and there will doubtless be many more twists and turns in the road ahead. There are few things about which the investor can feel sure, but one's conviction in the growth outlook for healthcare is surely one of them. And I feel confident that our investment managers will be able to navigate the portfolio successfully in the coming months."
Separately BB Healthcare said it is seeking the permission of shareholders to be able to allot new shares on a non-pre-emptive basis, which the directors believe will improve the liquidity of the shares in the market and will also enable the company to take advantage of more investment opportunities. The general meeting at which the vote will be held is scheduled for September 1.
By Ife Taiwo; [email protected]
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