Capital Gearing Trust PLC on Monday posted a higher annual net asset value per share than a year ago as it warned against uncertainties due to inflation and the war in Ukraine.
The firm compared the year ended March 31, 2022 to the year ended April 5, 2021 after changing its financial year-end to March 31. Net asset value per share rose to 5,025.1 pence at March 31 from 4,590.2p at April 5, 2021.
For the year, net asset value total return was 11%, lagging behind the MSCI UK Index, which returned 19%.
Annual pretax profit climbed to £68.7 million from £64.1 million a year ago. Meanwhile, the Belfast-based trust issued a slightly higher final dividend of 46 pence per share, up from 45p a year ago.
Regarding its outlook, the firm warned of uncertainties. ‘Apart from the ongoing impact of the Covid-19 pandemic, the company also faces heightened risks of rising inflation and more recently the geopolitical risks of events such as the invasion of Ukraine,’ it explained.
‘It may not be possible to counteract the current levels of inflation through equity returns in the near term,’ Chair Jean Matterson added.
Capital Gearing Trust shares were 0.6% higher at 5,179.60 pence each in London on Monday morning.
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