Schroder Income Growth Fund plc ("the Company") hereby submits its annual report and financial statements for the year ended 31 August 2024 as required by the Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.1.
Key highlights
- The NAV total return in the 12 months to 31 August 2024 was 19%. This compares to 17% from the FTSE All-Share Total Return Index. The share price return was 17.7%.
- Since the current investment team took the helm on 1 July 2011, share price total return has risen by 166.5% and the NAV total return by 174.1%. Both are well ahead of the FTSE All-Share Index Total Return of 138.1%.
- Dividends per share for the year of 14.20p represent a 2.9% increase on the previous year. This is the 29th year running that dividends have increased and the Company continues to enjoy AIC "Dividend Hero" status.
- Outperformance was the result of stock selection in the financials and consumer staples sectors, as well as favourable stock selection and positioning in the energy sector.
- Total income for the Company fell by 7.2% compared to the same period last year. Despite this, the Company has continued to fulfil its primary goal of "real growth of income" above the levels of inflation over the longer term.
- The Company's share price discount to NAV averaged 9.6% during the year and ended the financial year at 10.4%. As at the year end, and for the first time since 2008, the Company repurchased 38,000 ordinary shares to be held in treasury.
Ewen Cameron Watt, Chairman of the Company, commented:
"Schroder Income Growth has now raised its dividend for an unbroken 29 years, throughout multiple market cycles. It has been able to do this through stock selection and careful management of its reserves."
The Company's annual report and financial statements for the year ended 31 August 2024 is being published in hard copy format and an electronic copy will shortly be available to download from the Company's web pages www.schroders.com/incomegrowth
The Company's annual report and financial statements, including the Notice of Annual General Meeting, will shortly be uploaded to the Financial Conduct Authority's National Storage Mechanism and will be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. A separate announcement will be released once this has taken place.
Enquiries:
Schroder Investment Management Limited
Kirsty Preston (PR) | 020 7658 6000 |
Natalia de Sousa | 020 7658 6000 |
Pinakin Patel
| 020 7658 6000
|