7th May 2025 10:27
(Alliance News) - North Atlantic Smaller Cos Investment Trust PLC on Wednesday hiked its dividend as it reported a rise in net asset value per share during the financial year.
NASCIT is an investor in smaller companies based in countries bordering the North Atlantic Ocean.
Net asset value per share at January 31 was 5,397 pence per share, up 5.3% from 5,127 pence a year prior. Total income multiplied to GBP50.5 million from GBP10.8 million.
The trust noted that NAV per share rose 5.3%, compared to an increase of 27.3% during the year in the S&P 500 Composite Index.
NASCIT declared a total dividend for the financial year of 88.00 pence per share, up 28% from 68.50p a year ago.
Chair Charles Wake said the UK government's last budget "unleashed a massive increase in employment costs" which will be difficult to pass on to consumers.
"Against this background it is hardly surprising that domestic equities face a tough economic environment where even a modest profit warning can result in a total collapse in the share price," Wake said.
Chair Wake concluded: "In conclusion, it is hard to be optimistic about the UK domestic market but I am confident that your chief executive understands the headwinds that the trust faces and can continue to grow our asset value over the coming year despite the difficult environment."
Shares in NASCIT were down 0.5% to 3,680.00 pence each in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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