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19 Nov 2018 | 08:34

Perpetual Income and Growth undershoots benchmark with 7.7% return

Perpetual Income and Growth Investment Trust grew its net asset value per share, including dividends, by 7.7% in the first half.

The performance for the six months through September was a little below an 8.3% return posted by the benchmark FTSE All-Share index.

For the first half, the company declared total dividend of 6.50p per share, up 3.2% on-year.

'It is rather less pleasing that the share price total return was only 4.6% for the period, reflecting a widening of the discount at which the shares traded relative to the NAV, from 9.5% to 12.3% over the six months,' chairman Richard Laing said.

'The board is concerned at the level of this discount and shareholders will have seen that we have instituted a share buyback programme to signal that concern, as well as enhancing the NAV per share.'

'However, improved portfolio performance and consequent demand for the shares will be the main driver to reduce the discount level in the medium term.'

'The board recognises that every fund manager has their ups and downs.'

'We fully support the consistent investment approach of the portfolio manager, Mark Barnett.'

At 8:34am: (LON:PLI) Perpetual Income And Growth Investment Trust Plc share price was +1p at 329p

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