13th Aug 2021 08:52
(Alliance News) - Murray International Trust PLC on Friday reported a continuation of its dividend policy following a broadly positive first half that saw a rise in net asset value total return.
The investment trust had an NAV total return of 8.7% for the six months ended June 30, well up from 0.9% six months before but below the 11.4% total return from the FTSE All World TR Index for the same period.
The share price total return improved substantially, rising to 7.3% compared to negative 5.3% for the six-month period before.
For the six-month period Murray generated a 5.9% uplift in net asset value per share to 1,205.3 pence from 1,138.2p six months before.
Two interim dividends of 12.0 pence were declared for the first half, unchanged from a year prior. Murray stated that it intends to "maintain a progressive dividend policy", with the trust reiterating its aim to match the dividend payout of 54.5p per share made in 2020.
It is expected that this will again entail some use of the "significant revenue reserves" built up over prior years.
Looking ahead, Interim Chair David Hardie was upbeat but cautioned that pandemic-related risk still remained: "Both in terms of new patterns of consumption brought about through necessity during the past twelve months and production constraints associated with satisfying pent-up demand going forward from here, the pricing environment for goods and services is likely to remain volatile for some considerable time.
"How global financial markets ultimately cope should persistent inflation re-emerge remains to be seen, but the company remains well diversified in quality companies with real tangible assets, seeking to capitalise on the numerous growth and income investment opportunities that currently prevail."
Shares in Murray International were up 0.1% at 1,130.56 pence in London on Friday morning.
Earlier this week, Murray announced that Chair Simon Fraser had died on Monday after a short illness. Fraser had served on the board since May of last year and as chair since April of this year.
Former senior independent director David Hardie has now taken the role of interim chair, and former non-executive director Alexandra Mackesy has started as senior independent director.
By Will Paige; [email protected]
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