1st Jun 2023 10:13
(Alliance News) - CT UK Capital & Income Investment Trust PLC on Thursday said it had outperformed its benchmark during its half-year despite macroeconomic disruptions.
The London-based investment company said that net asset value per share total return for the half-year ended March 31 was 12.4%, slightly outperforming the FTSE All-Share index benchmark total return of 12.3%.
This NAV total return marked a significant rise from negative 1.3% at the same point last year
The company said its NAV per share was 305.29 pence, up from 277.66p on September 30 last year. However, CT UK Capital's NAV per share was down from 320.49p at this point last year.
Chair Jonathan Cartwright said: "The recovery of the company's share price and net asset value per share, together with a further increase in the dividend, are indicative of the robustness of our investment strategy which continues to provide the opportunity to deliver attractive longer term investment returns to shareholders."
The company announced a dividend for the first-half of 5.50 pence per share, up 3.8% from 5.30p the previous year.
The company said that it is recognised as a "dividend hero" by the Association of Investment Companies, as it has increased its dividend every year since launch in 1992.
Looking forward, the company said that its investment strategy is sound but warned that the UK "economy is apparently struggling to produce any meaningful growth" and that "inflation is proving more persistent than expect and interest rates are probably staying at higher levels for longer".
Nevertheless, the company said that despite macroeconomic turbulence, across a longer-term timeframe, value should be reflected in improving individual share prices.
CT UK Capital shares were 3.1% higher at 301.00 in London on Thursday.
By Will Neill, Alliance News reporter
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