15th Feb 2023 09:29
(Alliance News) - Brunner Investment Trust PLC on Wednesday upped its dividend and reported that it achieved a rise in annual profit.
Brunner Investment is a trust managed by Allianz Global Investors that seeks growth in capital and dividends from companies globally.
For the year ended on November 30, Brunner said total net asset value return was 3.0%, ahead of the company's benchmark index - 70% FTSE World Ex-UK and 30% FTSE All Share Index - which returned 1.4%.
Brunner said this marked the fourth year of outperformance against its benchmark index in "extremely varied and volatile conditions".
"2022 was a significant and distressing year in both economic and geopolitical terms. A war, of the scale we thought we would never see again, raged throughout the year in Ukraine and increasingly strident statements by China raised questions about the wisdom of extensive cross-border supply chains," the trust said.
NAV per share as at November 30 stood at 1,164.4 pence, down from 1,176.9p on the same date a year prior.
Pretax profit for the year amounted to GBP10.8 million, up 10% from GBP9.8 million the year before.
The company proposed a final dividend of 6.05 pence per share, which would take the total dividend payout to 21.5p, up 6.7% against 20.15p in financial 2021.
Looking ahead, Brunner said there are signs of inflation moderating. It believes that the best approach is to "continue to be an 'all-weather' global equity portfolio for investors".
Shares were up 1.1% to 1,094.72 pence each on Wednesday morning in London.
By Xindi Wei, Alliance News reporter
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