27th Sep 2018 17:10
LONDON (Alliance News) - JPMorgan Mid Cap Investment Trust PLC on Thursday upped its dividend after net asset value increased in its recently ended financial year.
Net asset value per share grew in the year to the end of June to 1,319.2 pence from 1,157.6p reported at the same date a year earlier.
The NAV total return was 16.4%, compared with the benchmark, the FTSE 250 Index excluding Investment Trusts, total return of 11.2%.
The discount at which JPMorgan Mid Cap's shares traded to NAV narrowed over the year and resulted in the company's total return to shareholders being 27.4%.
Shares in JPMorgan Mid Cap closed 0.7% lower on Thursday at 1,176.52p each.
Revenue per share for the year was 33.12p, a 7.3% increase on last year. The company has decided to increase the dividend by 7.7% and proposed a final payout of 18.5p per share and a special dividend of 1.5p.
When added to the interim dividend, paid in April, of 8.0p, the total dividend payable for the full year totals 28.0p, up from 26.0p paid the year prior.
"The flexibility of UK mid-cap companies, and in particular their ability to respond rapidly to changing markets and technological developments, has been reflected in earnings growth in excess of the growth of the economy over the last five years," said Chairman Michael Hughes.
"We are therefore hopeful that whatever the outcome of the Brexit negotiations, these companies will continue to thrive by identifying opportunities to grow their businesses in both existing and new markets," added Hughes.
Related Shares:
JMF.L