24th Sep 2015 15:40
LONDON (Alliance News) - JPMorgan Mid Cap Investment Trust PLC on Thursday said its total return on net assets outperformed its benchmark index in the most recent financial year, resulting in it increasing its dividend increasing and proposing to pay an additional special dividend.
The trust said the total return on net assets was 24.7% in the year ended June 30, 9.7 percentage points ahead of the company's benchmark index, the FTSE 250, which returned 15% on a total return basis in the same period.
Earnings per share for the year came in at 28.53 pence, up 31.7% year-on-year.
Net assets rose to GBP242.4 million at the end of June from GBP199.1 million at the end of June 2014, leading to net asset value per share rising to 1,010.1 pence from 829.6p.
"It is pleasing to state that since the company's year end and despite the marked volatility in the market over the summer, the company has continued to outperform the benchmark on both an NAV and share price total return basis," it said.
As a result, the trust proposed a final dividend of 12.0p per share, which when added to the 8.0p interim dividend makes a full-year dividend of 20.0p. That is up from 18.0p in the previous financial year.
Given the level of special dividends received from its portfolio companies, the trust also proposed a special dividend of 4.5p per share.
JPMorgan Mid Cap Investment shares were down 0.2% to 977.38p late Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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