Diverse Income Trust plc (LON:DIVI) has announced its annual results for the year ended 31 May 2024 and the publication of its annual report and accounts for the same period, which includes the notice of Annual General Meeting.
THE KEY PERFORMANCE INDICATORS
The Board uses the following Key Performance Indicators (KPIs) to assess the success of the Company’s strategy and its outcome for shareholders. Throughout the Annual Report we refer to Adjusted Net Assets which is the calculated NAV prior to recognising a movement attributable to the redemption pool as detailed in the Glossary in the full Annual Report. The NAV including the movement is shown below and is also detailed in the Glossary.
Adjusted NAV total return*^ – Over the year, the Adjusted NAV total return of the Trust was 15.4% and the NAV total return was 16.5% (2023: -16.2%), which compares to 15.6% for the Peer Group** and 15.6% for the Deutsche Numis All-Share Index (Comparator Index). Since launch to 31 May 2024, the Adjusted NAV total return was 219.9% which compares to 185.2% for the Peer Group** and 119.0% for the Deutsche Numis All-Share Index.
Dividend Growth – Over the year, the four dividends to shareholders have increased from 4.05p to 4.25p. The Trust has maintained an unbroken good and growing dividend record.
Average Discount* – Over the year to 31 May 2024, the share price discount averaged at 7.1% (2023: 5.0%). Over the thirteen years since listing, the Company’s share price has largely matched its NAV. The Trust’s discount over the year reflects how unloved UK equities remain.
Ongoing charges* – The ongoing charges for the year to 31 May 2024 are 1.14% of NAV (2023: 1.09%). The Trust employs a multicap** strategy that requires intensive, frequent direct engagement with company management. The Board has negotiated a reduction in the management fee effective from 1 June 2024, the details of which are set out in the full Annual Report.
* Alternative performance measure. Defined in the Glossary in the full Annual Report.
** Defined in the Glossary in the full Annual Report.
^ Based on return before redemption pool adjustment.
Diverse Income Trust plc invests primarily in quoted or traded UK companies with a wide range of market capitalisations, but a long-term bias toward small and medium sized companies.
