29th Aug 2019 10:42
(Alliance News) - Standard Life UK Smaller Companies Trust PLC on Thursday said its annual performance was mixed, with net asset value falling by 2.4%.
The investment company reported NAV per share as at June 30 of 539.54 pence, down from 552.93p on the same day a year prior.
The trust's share price at June-end stood at 491.50 pence, representing a 8.9% discount to NAV. Share price total return over the period was negative 1.7%.
Standard Life UK's shares were trading 0.4% higher in London on Thursday at 464.00p each.
The company increased its annual payout by 10% to 7.70p from 7.0p paid the year before.
"One of the encouraging things for investors in the company was how quickly the portfolio recovered the lost ground once the sentiment in the market changed," said Chair Allister Langlands.
"In the six months to the end of 2018, the trust recorded net asset value total return of negative 19.5%, which was "the worst" first half to a financial year for the company since December 2008. However, the NAV total return over the six months to the end of June was positive 22.9%, which was the strongest second half to a financial year that the company has delivered since the Manager was appointed in 2003."
"While the net asset value per share declined marginally this year, the portfolio is positioned to deliver capital growth supported by annual increases in the dividend and we expect this to be the case over the longer term," added Langlands.
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