5th Aug 2021 07:39
Fidelity European Trust PLC - invests in portfolio of 40 to 50 continental European equities - Reports net asset value total return of 13% in the half-year that ended June 30, slightly ahead of the FTSE Word Europe (ex UK) Index benchmark return of 11%. Sees NAV per share reach 330.50 pence on June 30, up 18% year-on-year from 280.88p. Says total shareholders funds reached GBP1.36 billion on June 30, 17% higher than GBP1.16 billion a year prior. Declares interim dividend of 2.65p, up 1.9% from 2.60p the previous year.
"Following the pandemic melt-down, the global economy has recovered more quickly and more strongly than many of us expected. As a result, earnings and dividend expectations for continental European companies have continued to be upgraded," Fidelity European Trust says.
"[The] company will continue, as always, to focus on cash generative companies with strong balance sheets which have the potential to grow their dividends consistently over the next three to five years. While many of these companies looked relatively expensive a year ago, on through-cycle multiples, that is less so now."
Current stock price: 318.50p
Year-to-date change: up 11%
By Scarlett Butler; [email protected]
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