They have today issued full year results to 30th June 2014(link via Investegate)
Building on the previous years 7.4% uplift, the Company's net asset value has again seen an increase of 3.1% to 62.4p; when this capital measure is adjusted for the payment of dividends of 4.21p (4.1 p - 2013), the NAV total return was 10.3% ( 2013 - 14.9%). The share price total return was 13.7%.
Dividends have been increased by 2.6% to 4.21p giving a yield of around 6.4% based on the current share price of 65.5p. The dividend is more than covered by earnings of 4.76p per share and revenue reserves are 136% - the equivalent of 16 months current dividends.
As in previous years, the trust continues to trade at a premium to net assets and the management have placed new shares earlier in the year raising £30m. This has helped to increase the trusts market cap. to around £190m and also reduce the percentage of ongoing charges for the year from 1.18% to 1.12%. This reduction is, of course, as a percentage of net assets and in real terms, total expenses increased from £1.74m to £2.04m.