Perpetual Income and Growth lifts interim dividend

25th Nov 2013 13:52

- Dividend raised 5.9 per cent- NAV rises 7.7 per cent- Basic revenue per share climbs 9.8 per centPerpetual Income and Growth Investment Trust raised its first half dividend by 5.9 per cent to 5.40p on the back of an increase in revenue return and net assets. Net asset value rose by 7.7% in the six months to the end of September, compared to a 3.8% climb in the FTSE All-Share index, as the portfolio benefited from a broad range of investments.Thomas Cook was a big contributor to growth as the travel company worked to turn around the previously ailing business under new management. "The company announced a fund raising via a rights issue during the period, which was well received by the market and puts the company on a sounder financial footing," Perpetual Income and Growth said.The portfolio's holding in BT also continued to deliver a strongly positive impact - despite the company announcing that Ian Livingston was stepping down from his role as Chief Executive to take up the role of Minister of State for Trade for the UK Government.BAE Systems and Brown were also accounted for the firm's strong performance during the period. Basic revenue per share rose to 7.14p from the prior year's 6.50p.Looking ahead, the firm predicts the market will remain volatile in light of adjustments to expected tapering US Federal Reserve monetary stimulus. "It is the investment manager's view that this process may be longer and more protracted than previously believed," the group said.The Fed's last minute revealed that policymakers looked at scaling back quantitative easing some time in coming months. Economists expect tapering between December and March.RD