3rd Oct 2019 10:31
(Alliance News) - TR European Growth Trust PLC on Thursday raised its full-year dividend despite lagging behind its benchmark as its net assets fell amid trade tensions and Brexit uncertainty.
On June 30, net asset were 9.3% lower, at GBP521.0 million, compared to GBP574.6 million a year ago, and on per share basis were at 1,039.79 pence and 1,146.70p, respectively.
The stock was trading 0.6% higher at 838.65p apiece in London on Thursday morning.
TR European had a net asset value total return of negative 7.3%, which was behind the benchmark's, Euromoney Smaller Cos Index (ex UK), return of positive 0.6%.
The company proposed a final dividend of 14.50p per share, taking its total payout for the year to 22.00p, up 16% year-on-year from 19.00p.
The trust said it is operating in an environment "with low economic growth globally", compounded by Chinese and American trade disputes. TR European also said that Brexit uncertainty has undermined confidence.
Looking ahead however, the company said its investment in European smaller companies will deliver returns in the medium term.
By Eric Cunha; [email protected]
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