Montanaro European Smaller Cos Trust PLC - London-based investment firm - Outperforms benchmark vastly in the financial year that ended March 31. Net asset value return at 8.4% versus benchmark at 3.8%. Firm’s benchmark is the MSCI Europe ex-UK SmallCap Index. Net asset value per share climbs 7.9% to 171.5 pence from 158.9p. Revenue return per share triples to 0.96p from 0.31p.
Says the first nine months of its financial year were ‘exceptionally strong,’ however ‘these trends sharply reversed as inflationary pressures caused bond yields to rise, stock markets to fall and high quality and growth companies to be shunned.’
Dividend for financial year at 0.925p, unchanged from a year ago. While noting inflation, Chair Curling says on outlook: ‘We can say with some confidence that if we invest in companies that can deliver structural growth and high returns on capital employed at reasonable valuations, then investors should enjoy attractive long-term returns.’
Current stock price: 123.18 pence, up 2.0% on Friday
12-month change: down 28%
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