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LONDON - Utilico Emerging Markets Trust PLC (LSE:UEM) reported a 12.7% increase in revenue earnings per share to 9.95p for the year ended March 31, 2025, according to a press release statement issued Friday.
The UK-listed investment trust, which focuses on infrastructure and utilities in emerging markets, increased its total dividend by 6.1% to 9.125p per share, marking its tenth consecutive year of dividend growth. This achievement places UEM among the Association of Investment Companies’ next generation of "Dividend Heroes," as the only Global Emerging Markets fund to achieve this milestone.
Despite the dividend increase, UEM reported a net asset value (NAV) total return of -2.9% for the fiscal year, underperforming the MSCI Emerging Markets Index which rose 5.7% in Sterling terms during the same period. The company’s NAV per share decreased 6.1% to 257.28p.
Over longer timeframes, UEM has outperformed its benchmark, with three-year and five-year NAV total returns of 11.8% and 67.2% respectively, compared to the MSCI EM Index returns of 6.3% and 40.8% for the same periods.
The trust’s gross assets decreased 4.9% to £497.4 million. As of March 31, 2025, the company had drawn £17.6 million from its loan facility, resulting in net gearing of 2.8%, compared to a net cash position of 1.1% a year earlier.
During the fiscal year, UEM repurchased 4.3 million shares at an average price of 221.36p per share, representing 2.3% of its share capital as of March 31, 2024. The company’s discount to NAV narrowed to 16.0% from 19.3% a year earlier.
The trust’s ongoing charges remained unchanged at 1.5% for the fiscal year.
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