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LONDON (Alliance News) - Lowland Investment Co PLC Tuesday said it outperformed its benchmark in the first half of its financial year, seeing a total return on net asset value of 3.8%.
This outperformed a 3.5% return for its benchmark, the FTSE All Share Index, in the half year to end-March.
Lowland proposed a second interim dividend of 11.0 pence per share, taking its total paid for the first half to 22.0p, up 10% from the previous year, it said. Barring "unforeseen circumstances", it expects to pay a total dividend for the full year of 45.0p, up from 41.0p previously.
It said that during the half year it made a number of investments in a diverse selection of companies, including Legal & General Group PLC, Headlam Group PLC and Ibstock PLC. It also bought shares in some companies that do not currently pay dividends, such as Standard Chartered PLC, but said it believes "radical management action" by these companies will result in profits recovery and, in time, a resumption of dividends.
"The economy is growing at reasonable pace. The US economy is expected to maintain its growth rate and Europe appears to be returning to modest growth after stimulation by the European Central Bank. This is a decent background for equity investment. Growth is good, but subdued enough to delay interest rate rises," said Chairman Peter Troughton in a statement.
"The benefits of the fall in the oil price to the headline annual inflation rate will soon diminish. At the time of writing, the uncertainties surrounding the Brexit vote are also a concern. We are conscious that much of British industry is experiencing challenging conditions, but overall we remain comfortable with our overweight positions in the Industrials sector," Troughton added.
Shares in Lowland Investment were up 0.4% at 1,259.43 pence Tuesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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