City of London Investment Trust shares up on annual results

City of London Investment Trust posted its annual report for the year to 30 June on Tuesday, with net asset value total return performance of 3.1%, less than half the 6.1% rate seen in 2015, and share price performance of 0.4%, down from 7.2%.

The FTSE 250 firm reported total net asset value return per share of 382.2p, down from 386.3p, with share price total return of 378.1p down from 392.5p.

Its gearing at year-end was 8%, up from 6%, and revenue earnings per share grew to 17.4p from 16.8p.

City of London IT paid dividends of 15.9p per share, up from 15.3p a year earlier, and reported revenue reserve per share of 13.5p, an increase from 12.5p.

Its share price discount for the period was 1.1%, compared to a premium of 1.6% in 2015.

“In a flat year for equity returns our NAV total return was 3.1%, ahead of our sector and market benchmarks,” said chairman Philip Remnant.

“We passed a major milestone in becoming the first investment trust to increase its dividend for the 50th consecutive year.”

At 0900 BST, shares in the City of London Investment Trust were up 0.4% to 404.2p.