29th Sep 2014 10:30
LONDON (Alliance News) - Dunedin Income Growth Investment Trust PLC Monday said it outperformed its benchmark in the first half of its current financial year.
In a statement, the trust, which aims to achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the UK, said its net asset value per share rose by 6.9% in total return terms over the six months ended July 31, while the FTSE All-Share Index increased by 4.5% in total return terms over the same period.
The trust said total return to shareholders increased 6.1%.
At a headline level, total revenue declined by 1.6% year-on-year due to the lower level of option income generated in the period, the trust said.
However, the trust said it still expects to derive a similar annual level of income from option writing, which will be more weighted to the second half.
Dividend income from investments rose 3.3%, despite the strength of sterling.
"With close to half our income being earned in overseas currencies, this is a significant headwind, magnified by the impact on the reported profits of many of the companies in the portfolio that pay sterling dividends yet have substantial operations overseas," Chairman Rory Macnamara said in a statement.
The trust's adjusted net asset value per share was 278.83 pence at the end of July.
The trust's shares were Monday quoted up 0.4% at 264.58p.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Dunedin Inc.