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

Recommended

Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022
Melrose Industries: a British manufacturer that is well-placed for recovery
Share tips

Melrose Industries: a British manufacturer that is well-placed for recovery

Melrose, the aerospace and automotive manufacturer, has been hit by the pandemic, but the shares are unduly cheap says David J Stevenson.
17 May 2022
Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022