8th Aug 2019 17:46
(Alliance News) - Temple Bar Investment Trust PLC on Thursday said it was behind its benchmark in the first half of 2019 following a decline in net asset value.
In addition, the trust said it appointed Sonita Alleyne and Shefaly Yogendra as additional non-executive directors with effect from October.
"Alleyne and Yogendra have many years of diverse business experience and the board is confident that they will make a valuable contribution to the company in the coming years," Temple Bar said in its statement Thursday.
Turning back to results, the FTSE 250-listed investment company said its NAV per share as at June 30 was 1,312.99 pence, down from 1,416.79p reported on the same date a year earlier.
During the six months the end of June, Temple Bar generated a total return on net assets of 12%, slightly underperforming the benchmark FTSE All-Share Index total return of 13%, as the value investment style that managers pursue, remained "out of fashion", the company explained.
The stock closed 1.5% higher on Thursday in London ta 1,210.00p a share.
Temple Bar declared a second interim dividend of 11.0p per share, an increase of 26% on the prior year.
"Future movement of UK share prices remain linked to the outcome of the Brexit discussions and global instability. We have no special insight into their likely resolution," said Chair Arthur Copple.
He added: "However, over many years Temple Bar has demonstrated resilience in even the most difficult of markets. We will endeavour to continue to do so."
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Temple Bar Investment Trust