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(Alliance News) - Aberforth Smaller Cos Trust PLC on Wednesday said it outperformed its benchmark in 2019, posting a rise in net asset value, though including special dividends it reduced its full-year payout.
The trust, which invests in small UK-quoted companies, had a net asset value return of 27% in the year ended December 31. Its benchmark, Numis Smaller Companies Index, had a total net asset value return of 25%.
Net asset value per share was 23% higher year-on-year at 1,570.15 pence from 1,273.72p.
The stock was trading 0.3% lower at 1,472.00p in London on Wednesday afternoon.
Aberforth Smaller said: "The year ended in an encouraging fashion, with apparent progress towards a trade deal between China and the US, alongside a decisive general election result in the UK promising to bring clarity at least to the first stage of the Brexit process."
Aberforth Smaller upped its regular dividend by 5.8% to 32.00p per share from 30.25p in 2018. The company also declared a special dividend of 4.0p, though this was a 48% reduction from 2018's special payout of 7.75p.
Including the special payouts, the company's dividend was 5.3% lower at 36.00p from 38.00p.
Chair Richard Davidson said: "I would stress that the base level for the company's progressive dividend policy is the ordinary dividend, ie 32.0p per share which excludes the special dividend."
The trust's March annual general will see shareholders vote on its continuation, as per company policy of having one every three years. Aberforth Smaller's board recommend the company's continuation.
By Eric Cunha; ericcunha@alliancenews.com
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