17th Jun 2014 14:27
LONDON (Alliance News) - Invesco Income Growth Trust PLC said Tuesday that it had outperformed its benchmark in the year to end-March.
The trust saw a total return on net asset value per share of 14.2% during the year, beating the FTSE All-Share Index which saw a total return of 8.8%.
It proposed a total dividend of 9.85 pence, up from 9.55 pence in the previous year.
The company said that, whilst there was continued volatility in the UK equity market, improving economic news had helped the market to advance.
It reiterated concerns that the level of returns it had seen in recent years may be harder to achieve in the year ahead.
"The world, both economically and politically, remains challenging and many markets are near their highs," the company said in a statement. However, it remains confident there are still attractive opportunities for it to invest in.
Strong performers in the company's portfolio were BT Group PLC, AstraZeneca PLC, Next PLC, N Brown Group PLC and Whitbread PLC.
However, concerns about the possible impact of e-cigarettes hit tobacco stocks, and WM Morrison Supermarkets PLC and Tesco PLC posted negative returns. The trust has sold its interest in Morrisons since the year end.
Shares in Invesco Income Growth Trust were trading up 0.1% at 282.25 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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