F&C Global Smaller Companies reports rise in half yearly results

F&C Global Smaller Companies reported a hike in the value of its investment portfolio in its half yearly statement Monday - despite a tough macroeconomic environment holding back share prices.

The investor of small businesses revealed revenue per share was at 3.76p for the six months ended October 31st, a 10.3% rise to the comparative period the year before.

The interim dividend per share climbed 22.7% to 2.00p from 1.63p, buoyed by the efforts of the world's central banks to boost the global economy.

During the period 1,105,326 new shares, 2.7% of the initial share capital, were issued to meet demand in the market.

"It is pleasing that the company's shares have for some time now been trading close to net asset value and the board is keen to use issuance and potentially buyback powers in the future to ensure that this continues to be the case," the company said in a statement.

The company flew in the face of the challenges of a wailing global economy. The problems in Europe, the UK and the US continued to put a damper on the market during the period.

The geographical distribution of the company's investment portfolio rose 39.7% in North America, 29.4% in the UK, 11.6% in Continental Europe, 7.4% in Japan and 11.9% in the rest of the world.

"Despite the macro issues besetting Continental Europe, we were again able to record some good gains as individual companies prospered," the firm said.

RD