(Alliance News) - Scottish American Investment Co PLC on Tuesday said it had underperformed its benchmark in its half year, but its net asset value per share increased in the six months.
The Edinburgh-based investment trust said NAV total return in its first half ended June 30 was positive 7.8%, underperforming its benchmark the FTSE All-World Index at positive 7.9%.
NAV per ordinary share increased 6.3% to 509.4 pence on June 30, from 479.0p on December 31.
Total assets increased to GBP1.00 billion on June 30, up 6.2% from GBP941.4 million at December 31.
Scottish American Investment declared a total dividend in the first half of 6.75 pence per share, up 1.5% from 6.65p the year before. The company declared a second interim dividend of 3.45 pence per share, a 1.5% rise from 3.40p the year before.
Scottish American Investment's board and management said they were optimistic about the long-term growth prospects of the company.
"This year, as every year, the gyrations of markets and economies creates a great deal of uncertainty and speculation. But for the long-term investor in great companies, faced with opportunities such as Coloplast or Eurofins or indeed any of the investments within Scottish American Investment's portfolio, we see the potential for many years of continued resilient income together with attractive growth in capital."
Shares in Scottish American Investment were marginally lower at 526.97 pence in London on Tuesday morning.
By Will Neill, Alliance News reporter
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