Over the year to 31st January 2013, the Company delivered a positive share price return of 29.0%. Although the Managers marginally underperformed the Company's benchmark with a return of 26.6%, against 27.2% for the benchmark, this was more than made up for by a narrowing of the discount.
Returns and Dividends
Earnings per share increased by 0.6 % for the year, from 31.9 p to 32.1p.
The Company has paid three interim dividends of 6.0p per ordinary share, and the Directors have declared a fourth quarterly interim dividend of 18.0p, giving a total dividend of 36.0p for the year, maintaining last year's dividend of 36.0p.
In order to even out the flow of dividends paid during the year, the Board intends to increase the level of the three interim dividends from 6.0p to 8.0p per ordinary share throughout the current year ending 31 January 2014. This is a rebalancing exercise and will not necessarily result in an increased total amount for the year. The level of the final interim dividend will be determined by the Board towards the end of the financial year and will depend on the level of dividends received and anticipated by the Company and take account of the Company's revenue reserve.
