TwentyFour Income says asset value up, on track for target dividend

(Alliance News) - Twentyfour Income Fund Ltd on Friday said net asset value increased in its ...

Alliance News 24 November, 2023 | 12:03PM
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(Alliance News) - Twentyfour Income Fund Ltd on Friday said net asset value increased in its latest half year, with accounts showing that it "continues to deliver an excellent income story".

The Guernsey-headquartered closed-ended company, which invests for income in UK and European asset-backed securities, said NAV at September 30 was 102.71 pence per share, up from 100.97p per share on March 31.

Shares in TwentyFour Income were up 0.2% at 100.38p each on Friday around midday in London.

NAV total return for the six months that ended on September 30 was positive 8.50%, up from negative 14.76% for the same period in 2022 which TwentyFour said at the time was "a particularly volatile period for all assets".

The investor also declared an interim dividend of 4p per share for the half year, up from 3.25p per share for the same period in 2022.

"We are very pleased to present the interim financial statements for the company," said Chair Bronwyn Curtis, "which demonstrate how TwentyFour Income Fund Ltd continues to deliver an excellent income story.

"The company’s strong NAV performance sits alongside its stand-out share activity for the period, having traded at or around NAV, while the bulk of the investment company market saw significant discounts."

TwentyFour said it "continues to perform strongly, with no defaults or credit concerns within the portfolio", and that it remains on track to deliver its target dividend for the year ending on March 31, 2024, although it did not specify the amount.

The fund also said central banks may keep interest rates higher for longer, with the market appearing set for a soft landing next year.

By Emma Curzon, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
TwentyFour Income Ord 106.20 GBX 0.00 -

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