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LONDON (Alliance News) - Athelney Trust PLC Friday increased its 2013 dividend as it reported higher revenues after "a wonderful year" for small companies.
Its net asset value rose to 219.3 pence a share at the end of 2013, from 149.1 pence at the end of 2012, its revenue return rose to 6.1 pence, from 5.4 pence a share, and the trust duly upped its dividend to 5.5 pence, from 5.0 pence.
Revenue for the year increased to GBP121,884, from GBP107,956 in 2012.
Chairman Hugo Deschampsneuf was philosophical.
"Naturally, there are legitimate concerns about the strength of the recovery but most are not about consumption but, for example, Britain's enduring trade deficit says less about spending than about the ability of the economy to supply the goods that Britishers want," he said.
"The only alternative to increased household spending would have been worse: stagnation, higher unemployment, lower incomes and deteriorating public finances - just have a look at France if you are not convinced," Deschampsneuf added.
His statement for the year touched upon a number of topics, from the question of the banking sector's credibility to forward guidance.
"Rarely has an ugliness competition between banks been so fierce. In November, we were all treated (if that is the right word) to tales of alleged rent-boys and drugs about Paul Flowers, the former chairman of the Co-operative Bank," he said in the statement.
He also revealed himself to have been impressed by forward guidance, as well as Ben Bernanke, the former Chairman of the US Federal Reserve.
"More recently, he has been an advocate of forward guidance alongside our own Mark Carney - this is quite a controversial area but my own belief is that it has helped to ease monetary conditions. So what was his unique contribution? Some would say that he saved the world (probably Gordon Brown would not agree) by flooding markets with liquidity in the autumn of 2008. I would prefer to say that he fixed the US banking system in 2009 and designed innovative monetary policies thereafter. A really tough act to follow," Deschampsneuf said.
The trust's shares were Friday quoted at 219.00 pence, up 4.3%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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