5th Mar 2020 12:39
(Alliance News) - Premier Global Infrastructure Trust PLC on Thursday reported a net asset value rise but saw its total return lag behind its benchmark.
In 2019, Premier Global Infrastructure's total assets returned 19%, beaten by the FTSE Global Core Infrastructure 50/50 Total Return Index return of 21%. However, Premier Global's performance in 2019 compares favourably to 2018, when its total return was negative 11%, compared to the benchmark's positive 2.7%.
The trust's net asset value per share was 29% higher year-on-year at 144.94 pence each from 112.55p.
Its discount to net asset value at December 31 widened year-on-year to 10% from 9.4%. It is currently trading at a 12% discount.
Shares in the company were 3.0% lower at 127.56 pence each in London on Thursday afternoon.
Premier Global Infrastructure maintained its full-year dividend at 10.20p per share.
Chair Gillian Nott said: "I am pleased to report that 2019 was a much improved year.
"The portfolio performed broadly in line with market indices, although under-performed in the first half before out-performing in the second."
So far in 2020, the trust said it has been forced to "contend with a flare up in tensions between the US and Iran, and also the Coronavirus outbreak in China".
Premier Global Infrastructure added: "The virus has now spread beyond China, but at the time of writing the extent of its spread, and its consequent impact on the global economy, remains to be seen.
"2020 will see many challenges, not least the progress of trade discussions between the UK and the EU, the US/China trade dispute, and the US presidential election."
By Eric Cunha; [email protected]
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