20th Nov 2020 14:33
Schroder Income Growth Fund PLC - invests in companies paying dividends expected grow faster than inflation - Net asset value total return for financial year ended August 31 is negative 13.2% compared to negative 12.6% decline in the FTSE All-Share index, its reference index. Says "certain cyclical domestic holdings" such as hotelier Whitbread PLC and house-builder Crest Nicholson Holdings PLC weighed on performance and notes that Pearson PLC "detracted from performance after a profit warning last autumn driven by poor trading in its US university textbook business". NAV per share 246.71p as at August 31, down from 297.66p the year before. Fourth interim dividend per share 5.1p, down from 5.2p the year before. Total dividends per share 12.6p, up from 12.4p.
Chair Bridget Guerin: "At a time when interest rates and bond yields are so low, this is a good test of the company's raison d'etre. We want the manager and the portfolio to keep us in a position where we can maintain the record of increasing the dividend every year. With our revenue reserves equivalent to 11 months of dividends the board retains the ability to smooth out dividends should there be a future fall in investment income."
Current stock price: 275.00p
Year-to-date change: down 12%
By Anna Farley; [email protected]
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Related Shares:
PearsonCrest NicholsonWhitbread