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LONDON - BlackRock (NYSE:BLK) Income and Growth Investment Trust PLC reported a 2.2% increase in net asset value (NAV) for the six months ended April 30, 2025, underperforming its benchmark FTSE All-Share Index which returned 5.6% during the same period.
The investment trust’s share price rose 4.7% as its discount to NAV narrowed from 12.9% to 11.0% over the period. Revenue earnings per share decreased to 3.76 pence, down from 3.94 pence in the same period last year.
The company maintained its interim dividend at 2.70 pence per share, payable on September 2, 2025, which is fully covered by revenue generated during the half-year period.
"The six-month period under review was marked by both macroeconomic upheavals and geopolitical tensions," said Graeme Proudfoot, Chairman of the trust. He cited the UK Government’s Autumn budget and U.S. trade tensions as significant factors affecting market performance.
The trust’s portfolio managers added exposure to defense companies during the period, reflecting increased European defense spending commitments. New investments included BAE Systems (LON:BAES), Melrose (LON:MRON) Industries, and Rolls-Royce (OTC:RYCEY) Holdings.
Total (EPA:TTEF) assets stood at £43.02 million as of April 30, 2025, down slightly from £43.76 million at the end of October 2024. The trust maintained a gearing level of 5.5%, with £6 million drawn from its £8 million credit facility.
Looking ahead, portfolio managers Adam Avigdori and David Goldman expressed cautious optimism, noting that UK equities remain attractively valued compared to other developed markets. They continue to focus on "cash generative businesses that offer durable, competitive advantages."
The information is based on a press release statement from BlackRock Investment Management.
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