29th Mar 2019 12:14
LONDON (Alliance News) - Merchants Trust PLC on Friday reported a steep reduction in net asset value per share during its latest financial year, as it announced the appointment of a new chair-designate.
As of the end of January, the investment company posted a net asset value per share of 491.1 pence, down 10% from 545.8p a year prior.
Merchants Trust upped its annual dividend for the 37th consecutive year to 26.0 pence, 4.8% higher than last year's 24.8p. This was after proposing a final payout of 6.6p from 6.3p.
Looking ahead, the company said its outlook remains "resilient".
"We remain in a period of heightened geopolitical and economic risk. However, whilst there has been volatility in share prices, the fundamentals of most companies in Merchants' portfolio remain robust, with a resilient outlook for profits and dividends, albeit that the economic outlook is more uncertain than a year ago," Merchants Trust said.
Furthermore, Merchant has appointed Colin Clark as non-executive director with effect from June 30. Clark will become chair of the company in September, after the retirement of Simon Fraser from the board.
Clark is currently chair of the boards of AXA Investment Managers UK Ltd and AXA Investment Managers GS Ltd, a non-executive director of AXA IM SA global and of Rathbone Brothers PLC.
Merchants Trust shares were trading up 0.3% at 487.44p each on Friday.
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