5th Mar 2025 12:06
(Alliance News) - Murray Income Trust PLC on Wednesday reported a pretax net loss for the first half of its financial year, as its net asset value total return declined while its benchmark index posted gains.
The Edinburgh-based investment trust focused on risk-averse income seekers said that, for the six months ended December 31, its pretax net loss stood at GBP22.3 million, reversing from a GBP46.2 million profit a year earlier. This was largely due to an investment loss of GBP36.0 million, compared to a GBP32.7 million gain in the previous year.
Murray Income Trust's net asset value total return fell by 2.1% during the period, underperforming against its benchmark, the FTSE All-Share Index, which gained 1.9%. The share price total return also declined by 2.4%.
Earnings per share for the first half rose to 15.2 pence, compared to 14.2p in the prior-year period.
The trust declared three interim dividends of 9.50 pence per share for the 2025 financial year and expects the total payout to be at least 39.0p.
Murray Income Trust's shares continue to trade at a discount to net asset value, with the discount widening to 11% as of December 31, compared to 10% at the end of June.
The trust's dividend yield stood at 4.7% at the end of the period, up from 4.5% in June 2024.
Chair Peter Tait said: "The current investment portfolio boasts a significantly higher return on equity than the market, meaningfully stronger earnings growth stability than the market and lower gearing than the market - all in all a good quality portfolio currently standing at an attractive discount to NAV."
Shares in Murray Income Trust were up 0.8% at 852.70 pence in London on Wednesday around midday.
By Eva Castanedo, Alliance News reporter
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