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F&C Investment Trust (FCIT) investor relations material

F&C Investment Trust H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary1 Aug, 2025

Executive summary

  • Net Asset Value (NAV) total return was 0.0% for the half year, trailing the FTSE All-World Index benchmark return of +0.8%; share price total return matched the benchmark at +0.8%.

  • NAV per share decreased to 1,210.8p from 1,219.6p at 31 December 2024; share price remained at 1,108p.

  • Revenue reserve remains strong, supporting a 55th consecutive annual dividend increase.

  • 1.35 million shares were repurchased, modestly accretive to NAV total return.

  • Board remains focused on long-term growth, resilience, and sustainability amid global uncertainty.

Financial highlights

  • Net revenue return per share rose 8.6% to 10.47p compared to 9.64p in the same period last year.

  • Full year dividend for 2024 was 15.60p, up 6.1% year-over-year and fully covered by earnings of 17.01p per share.

  • Special dividends received totaled £1.1m, down from £1.2m in the first half of 2024.

  • Gearing increased slightly from 5.0% to 5.2% during the period.

  • Discount to NAV narrowed from 9.2% to 8.5% over the six months.

Outlook and guidance

  • Board expects another rise in total dividend for 2025, maintaining a record of annual increases.

  • Constructive backdrop for global equities anticipated, with expected interest rate cuts and signs of improving growth in 2026.

  • US exposure being reduced at the margin due to risk of underperformance, but attractive stock opportunities remain.

  • Diversified approach expected to provide resilience amid ongoing geopolitical and economic uncertainty.

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