29th Jul 2015 10:02
LONDON (Alliance News) - Investment trust Law Debenture Corp on Wednesday said its total return beat its benchmark in the first half of 2015 and said it will pay a higher interim dividend.
The trust said its net asset value total return for the six months to the end of June was 3.8%, ahead of the 3% return from the FTSE Actuaries All-Share Index in the same period. Net revenue per share in the half was 10.75 pence, up 16% year-on-year.
Law Debenture said it will pay an interim dividend of 5.2 pence per share, up from 4.7 pence a year earlier.
The trust said it has been a subdued period for equity markets, with a generally good operating performance for its portfolio companies mostly offset by tougher macroeconomic conditions. The best performers in its portfolio were housebuilders Redrow PLC and Bellway PLC, along with textiles company Johnson Service Group PLC.
Shares in the trust were up 1.4% to 519.48 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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