They have just issued final results for the past year to 31st January 2014( link via Investegate).
The headline is that NAV per share on a total return basis has increased 8.7% - compared to its benchmark the FTSE all-share index which increased by 10.1%. Although the trust has underperformed the benchmark index, it has improved on the income front with revenues rising 10%. Underlying income per share also rose 7.6% to 11.59p.
The Board is recommending a final dividend of 3.375p, which will make for a total of 11.10p for the full year (2013 - 10.75p) - an increase of 3.25%. At the current price of 269p the trust yields a handy 4.1%.
Following last years results, I was a little concerned to see a dip in the revenue reserves of -7.8% to £19.9m, however, this year I am pleased to see reserves have increased to £21.4m and now represents 130% of dividends paid out over the past 12 months.
Portfolio turnover is again minimal - £30m less than the previous year and is only 0.04% of NAV (these costs for the average fund are over 1%).
I said in my post last year "I am content to continue holding for the time being but will be looking for some progress on income growth above inflation combined with a boost to reserves at this point next year" - seems both boxes are ticked so happy to continue holding for the time being.
As ever, please DYOR.