18th Jun 2018 09:21
LONDON (Alliance News) - The Scottish Investment Trust PLC said Monday it saw positive returns over the first half of its financial year, and hiked its dividend for the period despite a dip in net asset value.
For the six months to the end of April 30, the FTSE 250-listed investment trust reported a net asset value per share total return of 1.8%, outperforming the MSCI All Country World Index's negative return of 0.1%, but lower than the MSCI UK All Cap Index, which returned 2.2%.
Net asset value per share with borrowings at market value was down by 0.8% to 916.1 pence as at April 30, from 924.4p as at October 31, 2017. The share price at the end of April was 833.0 pence, reflecting a discount to NAV of 9.1%, widened from 8.8% at the end of October.
Shares in the Scottish Investment Trust remained flat at 880.00 pence on Monday.
The trust almost doubled its dividend to 10.00 pence per share for the period, up from 5.50p for the same period the year before.
"As ever, there are a number of potential flashpoints that could potentially destabilise markets, or indeed boost them if satisfactorily resolved. US relations with North Korea and Iran appear to have moved in opposite directions but US relations with China are probably most important to the global economy. Closer to home, the Brexit negotiations continue to make noisy but slow progress," said Chairman James Will.
"The board is pleased with the progress made to transform the investment approach, to increase the regular dividend and to improve the profile of the company. It believes that the company is differentiated, cost competitive and an attractive investment vehicle focused on delivering above-average returns and dividend growth over the longer term," Will added.
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