24th May 2018 10:00
LONDON (Alliance News) - Caledonia Investments PLC boosted its dividend Thursday despite its total return slightly lagging its inflation-beating growth target as foreign currency movements drag on results.
For the year ended March, net asset value dropped 3.2% to 3,285 pence from 3,395p the year prior. Total NAV return, however, was 1.4%, lagging its retail prices index target which grew 3.3% in the year.
Caledonia proposed a 41.5p per share final dividend, up 4.0% from 39.9p the year prior. For the full year, the dividend rose 4.0% to 57.0p dividend per share from 54.8p the year before.
"Caledonia's investment portfolio has delivered a resilient performance despite a return to volatile market conditions," Caledonia Chief Executive Officer Will Wyatt said. "Whilst our portfolio was impacted by adverse foreign exchange movements in the year, we benefited from the diversification that our broad global exposure provides."
"Our performance enabled us to increase the annual dividend by 4%, our fifty-first year of increasing dividends," Wyatt added. "Looking ahead, while we expect to see continued volatility in financial and commodity markets, Caledonia's portfolio is well positioned for long term capital and dividend growth."
Shares in Caledonia were 0.7% higher at 2,688.44 on Thursday.
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