12th Oct 2021 18:14
JPMorgan Smaller Cos Investment Trust PLC - a trust giving access to growing smaller companies in the UK - Says it made sustained progress over the financial year to deliver a second consecutive year of strong performance. For year ended July 31, net asset value per share rises to 443.7 pence from 269.0p. Company's total return on net assets rose by 68.1% which compares favourably to the return of 50.3% for the trust's benchmark, the Numis Smaller Cos plus AIM Index. JPMorgan UK Smaller lifts final dividend to 5.7p per share from 5.5p.
Chair Andrew Impey says: "The UK stock market has performed strongly in response to various measures including the success of the vaccination programme, financial stimuli and renewed consumer spending. Whilst such a strong recovery is unlikely to continue in a straight line the valuation of smaller companies, on current forecasts, remains attractive and points to the potential for further gains. Furthermore, smaller companies are attractively valued in relation to their larger counterparts.
"Against this, it is difficult to judge how strong economic growth will be once the catch-up phase has been completed. The huge debts amassed over the past two years will have to be reduced and the Government and Bank of England will need to tread a fine line in order not to kill the recovery. The portfolio has been positioned to take full advantage of the opportunities that they perceive and it is encouraging to note the renewed interest in smaller UK companies after some lean years."
Current stock price: 382.00p
Year-to-date change: up 5.9%
By Arvind Bhunjun; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
JMI.L