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Ben Ritchie takes on manager role at Dunedin Income & Growth

Following disappointing performance in the previous financial year, the Board of Dunedin Income & Growth were pleased to report an improvement during the six month period ended 31 July 2016, with strong absolute and relative returns. The Company’s net asset value increased by 15.6% on a total return basis, comparing favourably with a total return of 11.9% from the FTSE All-Share Index. The share price total return was 14.5% and the discount at which the Company’s shares trade to the NAV widened slightly from 4.6% at the beginning of the period to 5.8% at 31 July 2016. The net revenue per share for the period was 7.67p, 0.8% lower than in the equivalent period last year.

A first interim dividend in respect of the year ending 31 January 2017, of 2.575p per share, was paid on 26 August 2016 and the Board has declared a second interim dividend of 2.575p per share, which will be paid on 25 November 2016 to shareholders on the register on 4 November 2016. It is their intention to make a further distribution of 2.575p per share in February and to pay a final balancing dividend in May 2017. It remains their aim to continue to grow the dividend in real terms.

Ben Ritchie is now assuming the role of lead manager to the Company. Alongside Jeremy Whitley, Ben has been co-manager for the past six years so this is a natural evolution of the investment management team. Ben will be assisted by Louise Kernohan, who is a Senior Investment Manager in Aberdeen’s UK and European Equities Team and joined Aberdeen in 2005.

DIG : Ben Ritchie takes on manager role at Dunedin Income & Growth

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