Scottish Mortgage has announced results for the 12 months ended 31 March 2025. Over the period, it generated a NAV return of 11.2% and a share price return of 6.0%, which despite the implied discount widening, are both ahead of the 5.5% return delivered by the All-World Index.
The statement stresses the importance of looking to long term returns – over five years the NAV is 12 percentage points behind the index, but over 10 years it is 138 percentage points ahead.
Revenue earnings per share fell by 40% to 1.39p, mainly due to the write-off of income accrued from the Northvolt promissory note. Nevertheless, the company is dipping into revenue reserves to increase its full-year dividend by 3.3% to 4.38p, maintaining its dividend hero status.
The revenue reserve is now pretty much exhausted – the balance at end March 2025 was £3m.
The discount widened from 4.5% to 9.0% and is currently 11.6%. 210m shares or 15.2% of the company were repurchased at a total cost of £1.9bn.
There is no performance attribution data in the results statement.
SMT : Scottish Mortgage performance picks up but discount stubbornly wide
