(Alliance News) - abrdn UK Smaller Companies Growth Trust PLC on Friday reported "disappointing" annual results, but increased its total dividend.
The Aberdeen-Scotland based investment fund said net asset value on June 30 was 482.95 pence per share, down 8.9% from 530.37p per share the year before.
abrdn reported a NAV total return of negative 7.4%, showing an improvement from the negative 27% recorded in financial 2022.
However, the firm underperformed its benchmark, the Numis Smaller Companies plus AIM Index of negative 2.8%. The investment fund cited "unprecedented low interest rates and loose monetary conditions."
Pretax loss narrowed to GBP38.6 million from GBP192.4 million the year before. This was partly driven by higher administrative expenses of GBP1.1 million, as well as finance costs, which rose by 18% to GBP1.3 million.
abrdn raised its dividend for the financial year by 36% to 11.00p from 8.10p a year ago.
Looking ahead, abrdn said despite a weaker economy, it expects to generate strong returns from smaller firms.
Shares in abrdn were down 0.1% at 409.50 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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Abrdn Uk Small (AUSC)