Worldwide Healthcare Trust PLC reduced its annual dividend despite beating its benchmark, as net revenue fell.

The London-based investor in the global healthcare sector on Friday said net asset value per share climbed to 381.1 pence each as at March 31 from 343.5p a year prior.

NAV total return in the financial year that ended March 31 was 12%, outperforming its benchmark the MSCI World Health Care index, which had a total return of 11%.

Worldwide Healthcare Trust proposed a final dividend of 2.1p for financial 2024, down from 2.4p, bringing the total payout to 2.8p, reduced by 9.7% from 3.1p.

Worldwide Healthcare said it lowered its payout because net revenue fell 18% to £16.1 million in financial 2024 from £19.7 million in financial 2023.

Looking ahead, Worldwide Healthcare said: ‘While stock market volatility is to be expected, and in the coming year may be influenced by elections in the US and UK, our portfolio manager, OrbiMed, continues to remain positive on the outlook for the healthcare sector and our company’s strategy for maximizing shareholder value over time. They believe that the overall future of the healthcare industry remains strong due to increasing demand globally, driven by a combination of the world‘s ageing population and improving access to healthcare products and services worldwide. At the same time, the rapid pace of innovation continues unabated, leading to the availability of new products and treatments.’

Worldwide Healthcare shares fell 0.6% to 352.53 pence each on Friday morning in London.

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