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(Alliance News) - Investment Co PLC on Tuesday cut its interim payout despite reporting an improved performance in the first half of its current financial year.
The company, which is invested in a portfolio of equities, loan stocks, debentures and convertibles, said NAV per share as at the end of 2019 stood at 374.79 pence, a 7.6% increase from 348.28p reported at the end of June 2019. In comparison, the FTSE All-Share Index increased by 3.4%.
The company declared a 7.50p per share interim dividend, having paid 10.70p a year earlier.
Investment Co's share price as at December 31 was 346p, representing a discount of 7.7% to NAV.
The stock was 3.3% higher in London in morning trade on Tuesday at 343p a share.
Invetsment Co said it has increased its exposure to housebuilders - Bellway, Persimmon and Vistry - during the period due to the "increasingly favourable" operating environment which was further enhanced by the well-received general election result and Brexit resolution.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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