- The dividend for this half-year of 5.30p represents an increase of 1% in comparison to the six-months ended 31 March 2021 and provides Shareholders with an annual yield(2) of 3.6%. The Company is recognised as a “Dividend Hero” by the Association of Investment Companies having increased its dividend every year since launch in 1992. The Company will strive to extend its dividend record further.
- Share price total return(3) was 2.1%. The share price ended the period at 325p.
- The Company’s Net Asset Value (“NAV”) total return(3) was -1.3%, underperforming the FTSE All-Share Index (the “Benchmark”) which returned 4.7% over the same period.
The Chairman, Jonathan Cartwright, said:
“Just as the outlook was starting to appear relatively benign, a combination of increasing macro-economic and geopolitical uncertainty was unleashed during the first quarter of calendar 2022. The set-back in our relative performance is clearly unwelcome, but the overall performance of the majority of our investments is encouraging and it is our Investment Manager’s belief that the share prices of those investments will recover over the medium term to reflect better their long-term prospects.
There is a great deal of uncertainty at present and the current environment makes it very complex for companies to plan and operate. But it does appear that there are still interesting opportunities to invest for the longer term in high quality companies with robust balance sheets at attractive valuations.”