Utilico warns environment remains challenging

Utilico Emerging Markets, which invests predominantly in infrastructure, utility and related sectors, said Thursday that the investment environment remains challenging and is likely to remain so, but declared a third quarterly dividend of 1.525p per share, up from 1.375p the previous quarter.

Utilico Emerging Markets, which invests predominantly in infrastructure, utility and related sectors, said Thursday that the investment environment remains challenging and is likely to remain so, but declared a third quarterly dividend of 1.525p per share, up from 1.375p the previous quarter.

In the final quarter of 2012 market confidence remained weak, with attention fixed on the US, as the "Fiscal Cliff" deadline approached.

During the period, the group's net asset value cum income total return was up 4.3%, which it described as a solid performance broadly inline with the MSCI Emerging Markets Total Return Index (Sterling adjusted), which was up 4.9%.

UEM's gross assets less current liabilities (excluding debt) at the beginning of the period were £387.0m and increased by £4.9m to £391.9m at the end of December. Ordinary shareholders' funds increased by £12.7m to £382.8m.

During the quarter the company reduced its bank debt from £12.2m to £9.1m. The bank debt was drawn £5.0m in sterling and £4.1m in euros.

In its interim management statement it said: "The investment environment remains challenging and is likely to remain so. A great deal of uncertainty still surrounds the US and the Eurozone. However, UEM and emerging markets generally continue to outpace the major developed markets in terms of growth and we are positive on the portfolio's long term prospects."

NR

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021
The future belongs to emerging markets – three EM stocks to buy now
Share tips

The future belongs to emerging markets – three EM stocks to buy now

Professional investor Carlos von Hardenberg of Mobius Capital Partners picks three of his favourite emerging-market stocks.
5 Jul 2021