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LONDON - Schroder UK Mid Cap Fund PLC (SCP) delivered a 10.8% net asset value (NAV) total return for the financial year ending September 30, 2025, outperforming its benchmark FTSE 250 ex-Investment Trusts Index, which returned 6.7%, according to results released Friday.
The trust’s share price total return was 18% during the same period, while its discount narrowed from 12.3% to 7.0%. The board repurchased 269,000 shares during the financial year, representing approximately 0.8% of shares in issue at the start of the period.
Industrial sector allocations were the largest contributor to performance, particularly the aerospace and defense sub-sector. Key stock contributors included Chemring, Babcock International, and QinetiQ.
The proposed final dividend of 16.1p, combined with the interim dividend of 6.3p, brings the full-year dividend to 22.4p, representing a 4.2% increase year-on-year. This marks the fifth consecutive year of dividend growth and results in a prospective yield of approximately 3.3%. The dividend is fully covered by revenue return per share of 25.03p, which increased 22% year-on-year.
Harry Morley, the new chair of the board, stated in the press release: "Looking ahead, the board remains confident in the long-term opportunity presented by UK mid-caps. This part of the market continues to offer a compelling blend of structural growth potential, corporate resilience and valuation support."
Since the end of the financial year, the board has repurchased approximately 1.2% of shares in issue, with the discount standing at 7.6% as of November 26, 2025.
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