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Invesco Perpetual blames energy and inflation issues for NAV drop

19th Apr 2023 11:19

(Alliance News) - Invesco Perpetual UK Smaller Companies Investment Trust PLC on Wednesday reported a negative net asset value return in the year ended January 31, "against a backdrop of energy supply issues and concerns about inflation".

The UK-based investment trust, which aims to achieve long-term total returns through investment in small to medium-sized UK-quoted companies, reported a total NAV return of negative 17.5% in its financial year, with dividends reinvested, compared to a return of positive 18.8% the year prior.

The company's benchmark index, Numis Smaller Companies + AIM, excluding investment companies, returned negative 12.4%, with dividends reinvested, over the same 12-month period.

Invesco Perpetual's NAV per share at January 31 dropped 21% to 517.09 pence from 652.60p at the same time a year prior.

Chairman Jane Lewis commented that "over the past year, equity markets have been adversely affected by the ongoing conflict in Ukraine, UK politics and more recently, renewed worries about the global banking system."

"Conviction that UK smaller companies continue to provide investment opportunities with which to deliver long-term total returns for shareholders remains a constant, regardless of the investment conditions which prevail," Lewis added.

She further stated: "The year ahead will doubtless see the portfolio evolve further as conditions change again, hopefully for the better."

The company paid a final dividend of 6.79 pence, taking its total payout for the financial year to 18.04p. This represented a 21% decline from the previous year's payout of 22.80p.

Shares in Invesco Perpetual were down by 0.8% at 425.40p in London on Wednesday morning.

By Emma Curzon, Alliance News reporter

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