22nd Jul 2019 11:57
(Alliance News) - Investment company Miton UK MicroCap Trust PLC said on Monday its net asset value per share fell in its recently-ended financial year.
The company's NAV per share fell 19% to 56.13 pence as at April 30 from 69.33p at the same date a year before. Net assets fell to GBP85.7 million from GBP118.7 million.
Miton reported a NAV total return of minus 18.5% for the year, versus positive 8.4% a year ago. This compares with the UK Investment Trust Smaller Companies sector, where the average was a 1.0% decrease in total return terms over the same period. The total return on the FTSE AIM All-Share Index was minus 6.7% over the year.
Miton's revenue after costs dropped to GBP307,000 from GBP464,000 in the year to April 30.
"A number of holdings that paid high dividend yields were either sold or acquired prior to the year under review, and the proceeds have been reinvested into stocks that are more overlooked, in anticipation that they will deliver better returns over time," the company explained.
The board recommended a final dividend of 0.20 pence, down from 0.36p the year before.
Despite "the unsettled nature of the markets", the company said it is "well-placed for the future".
Shares in Miton were down 1.7% at 48.16 pence each in London on Monday morning.
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Miton Uk