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(Alliance News) - UIL Ltd on Friday said its performance improved in the first half of its current financial year.
The Bermuda-based investment company said its net asset value per share as at the end of 2020 stood at 352.55 pence, up from 350.00p reported a year ago, and up from 292.79p at the end of June 2020.
UIL sad its share price as at the end of 2020 stood at 191.50p, representing a 46% discount to NAV. The discount widened from 28% at the end of 2019 and from 39% as at the end of June 2020.
The company increased its dividend payout for the first half to 4.00p, having paid 3.875p distribution a year earlier.
Less positively, UIL said its income for the six months to the end of 2020 declined slightly to GBP5.7 million from GBP5.9 million reported for the six months to the end of 2019. Financial costs, meanwhile, were also lower, at GBP500,000 versus GBP700,000.
"We expect inflation to be benign for much of 2021, assets valuations to increase, technology to continue to gain market share and commodities to rise in value. Above all, we expect volatility to remain high as differentiated recoveries become clearer. Most of our portfolio companies are doing very well in this environment and we expect this to continue," said Chair Peter Burrows .
UIL shares were trading 2.2% lower in London on Friday at 242.60p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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