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LONDON (Alliance News) - Lowland Investment Co PLC on Monday said it underperformed benchmark in the first financial half, as net asset value per share declined.
The company said its net asset value total return was negative 3.6% in the six months ended March. Meanwhile, its benchmark, FTSE All-Share Index Total Return, returned negative 2.3%.
"The UK economy is growing, with manufacturing exporters expanding, but there is some very marked weakness in certain consumer-facing areas," said Chairman Robert Robertson.
Lowland Investment upped its interim dividend by 8.3% to 26.00 pence from 24.00p paid the prior year.
Net asset value per share fell during the period to 1,553.00p from 1,628.00p as at the end of September. Share price stood at 1,485.00p as at March 31, representing a 4.4% discount to NAV.
The stock was trading 0.1% higher on Monday at 1,544.60p per share.
Looking ahead, the company said it expects the UK economy to continue to grow, albeit more slowly than Europe or the US, due to the Brexit doubts.