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JPMorgan European Discovery Trust, part of JPMorgan European smaller companies trust, has announced a £3.8million drop in revenue in its annual financial reports for the year ending 31st March 2021.
Net revenue for the year totalled £7.1 million, compared to £10.9 million the year before. The company says the reduction is due to companies in the trusts portfolio lowering their payouts because of the pandemic.
But, the company also reports that the companys total return on net assets was 66.2% and this outperformed its benchmarch 8.3% as the MSCI Europe Small Cap Index rose by 57.9%.
The company also adds that an interim dividend of 1.2p per share was paid on January 2021 and subject to shareholder approval at the next annual general meeting, a final dividend on 5.5p per share will be paid on 30th July 2021.
This years annual general meeting will be held on Wednesday, 21st July 2021 at Victoria Embankment London.