Brunner sees benefit of debt repayment – over the year to the end of November 2019, Brunner outperformed its benchmark, returning 13.2% against 12.6%. Revenue earnings rose 10.1% to 21.7p and the dividend was increased by the same percentage, hitting 19.98p. A big contributor to the earnings and capital performance was the much lower costs of debt that the trust is working with following last year’s decision to repay its debentures early. The discount has narrowed too.
Unfortunately, the manager’s report didn’t make it into the results announcement – although pages and pages of risk assessment did. It would be great if this was reversed next year.
BUT : Brunner sees benefit of debt repayment