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Murray Income Trust PLC on Wednesday said its net asset value increased in its latest financial year, with a total return surpassing that of its benchmark, and increased its annual dividend.
The FTSE 250-listed investment trust focused on risk-averse income seekers said its NAV at June 30 was 911.7 pence per share, up 4.7% from 871.0p at the same time a year prior.
Shares in the Edinburgh, Scotland-based firm were up 1.3% at 841.44p in London on Wednesday.
Murray Income also reported a positive 8.8% NAV total return for the year ended June 30, up from negative 3.5% the year before. Its benchmark, the FTSE All-Share Index, delivered a positive 7.9% return.
Murray said its total dividend for financial 2023 was 37.5p per share, up 4.2% from 36.0p and marking its 50th consecutive year of dividend growth.
Earnings per share however decreased 4.4% to 38.7p from 40.5p.
Chair Neil Rogan said various factors - ‘take your pick from politics, Covid, Brexit, productivity, austerity, banks, quantitative easing and inflation’ - have depressed UK valuations in recent months, but that these ‘are not necessarily permanent’.
Rogan added that some companies were ‘insulated from these factors and have, in certain cases, been going from strength to strength’, saying: ‘If these quality companies in the portfolio can keep on achieving revenue growth, the outlook for capital growth is much improved.’
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