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Law Debenture Corp PLC on Friday increased its final shareholder payout for 2021 following an outperformance of its benchmark in the year on growth in its Independent Professional Services business.
The London-based investment trust said its net asset value total return for 2021 was 23.1%, higher than the FTSE Actuaries All-Share Index, which returned 18.3%.
NAV per share as at December 31 stood at 787.83 pence, up 18% from 666.15p on the same date the year before.
Law Debenture's share price at the end of December was 799p, reflecting a 16% increase from 690p the year before. Shares were up 2.6% at 768.99 pence each on Friday morning in London.
Law Debenture credited this performance to growth in its Independent Professional Services business.
Over the course of 2021, IPS grew its revenue by 21%, the company said. Pretax profit was up 9.1% and earnings per share rose 7% compared to 2020.
The company declared a final dividend of 8.375p, up 4.7% from a final shareholder payout of 8p, year-on-year.
Law Debenture's total dividends for 2021 grew 5.5% to 29.00p from 27.50p.
"2021 marked another strong year of all-round progress for Law Debenture. I am particularly encouraged that IPS has now built a proven record with four consecutive years of at least mid to high single-digit growth," Chief Executive Denis Jackson said.
"I remain optimistic in Law Debenture's longer-term outlook. We are committed to growing and developing the IPS business and continuing our unbroken 43-year record of maintaining or raising the dividend."
Law Debenture shares were up 3.1% to 773.00p each in London on Friday.
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