Recent articles for private investors with a focus on dividend announcements
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United Utilities end-2012 Interim Management Statement
Trading updateCurrent trading is in line with the group's expectations.Revenue has continued to increase at a rate slightly below the allowed regulated price rise for 2012/13, as expected, reflecting the on-going impact of a tough economic climate on commercial volumes. Depreciation, power and other costs have also increased as expected, largely offsetting the increase in revenue. The company continues to make good progress on its regulatory capital investment programme and remains on track to invest around £750 million in its asset base in 2012/13.Improving operational performance and customer service continue to be top priorities for United Utilities Water (UUW).The business met its regulatory leakage target for the sixth consecutive year in 2011/12 and remains on course to meet its target for 2012/13. Water resources in the region are robust, with reservoirs currently around 90% full.UUW's significant progress on Ofwat's customer service measure, the service incentive mechanism (SIM), in 2011/12 has continued into 2012/13.Encouragingly, our qualitative SIM results for quarter three 2012/13 have helped improve our ranking. Building on the performance achieved in the first half of 2012/13, UUW has now moved up to 12th position out of 21 water companies on this qualitative measure for the financial year to date. UUW was 16th in 2011/12. Overall SIM performance for 2012/13, including our quantitative SIM score, will be published, along with the industry's results,after the financial year end.In addition, the number of customer complaints UUW received via the Consumer Council for Water (CCW) has reduced further in the three months to December 2012 and, importantly, there have been no customer complaints requiring investigation by the CCW in the first nine months of the 2012/13 financial year. This improved performance will positively contribute to Ofwat's quantitative SIM assessment.
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Aberforth Smaller companies Trust 2012 Final Results
Aberforth Smaller Companies Trust plc Audited Final Results for the year to 31 December 2012The following is an extract from the Company's Annual Report and Accounts for the year to 31 December 2012. The Annual Report is expected to be posted to shareholders on 2 February 2013. Members of the public may obtain copies from Aberforth Partners LLP, 14 Melville Street, Edinburgh EH3 7NS or from its website at www.aberforth.co.uk. A copy will also shortly be available for inspection at the National Storage Mechanism at: www.morningstar.co.uk/uk/NSM facility.FEATURESNet Asset Value Total Return +31.9%Benchmark Index Total Return +29.9%Ordinary Share Price Total Return +43.9%Second Interim Dividend increased by 6.6% to 15.25p per Ordinary ShareThe objective of Aberforth Smaller Companies Trust plc (ASCoT) is to achieve a net asset value total return (with dividends reinvested) greater than on the Numis Smaller Companies Index (excluding Investment Companies) over the long term. ASCoT is managed by Aberforth Partners LLP.CHAIRMAN'S STATEMENT TO SHAREHOLDERSReview of 2012 PerformanceThe history books will record 2012 as an excellent year for UK smaller companies. Larger companies, as represented by the FTSE 100, gave a total return (including reinvested dividends) of 10.0%, while the FTSE All-Share,which is also heavily weighted towards large companies, gave a return of 12.3%. Meanwhile, the Numis Smaller Companies Index (excluding Investment Companies) (NSCI (XIC)), your Company's benchmark, gave a return of 29.9%.Over the same period, your Company's net asset value total return was 31.9%,while the share price return (including reinvested dividends) was 43.9%.Returns of this magnitude require a health warning. They are unlikely to be matched in 2013.Importantly for your Company, the year witnessed a stirring in the fortunes of value investing within the NSCI (XIC), your Company's investment universe.Over the five calendar years from 2007-11 inclusive, value stocks within the NSCI (XIC) underperformed growth stocks by 9.4% p.a.. In 2012, there was a reversal of this trend. The year also saw exceptionally strong relative performance from the FTSE SmallCap Index, which beat the FTSE 250 Index for only the second year out of the last nine. This, too, is important since your Company's portfolio is positioned towards the lower end of the capitalisation range. The Managers' report expands in more detail on these themes and the interconnected influences of style and size.While 2012 witnessed a "rebranding" of your Company's investment benchmark which is now known as the Numis Smaller Companies Index (excluding Investment Companies), Shareholders should be aware the underlying data series and index methodology remains unaltered. Since your Company's formation in 1990, the NSCI (XIC) has risen by 10.8% p.a. By comparison, your Company's net asset value total return has increased by 13.3% p.a..DividendsIn 2012, the dividend experience from investee companies in general, continued to be positive. Your Company's investment objective is total return orientated rather than income orientated. However, as value investors, your Board and the Managers are acutely aware of the importance of the role that income plays in generating long term returns for both UK equities in general and your Company specifically. In this context, your Board is pleased to declare a second interim dividend, in lieu of a final dividend, of 15.25p. This results in total dividends for the year of 22.25p, representing an increase of 7.2% on 2011. Based on the year end share price of 695.5p, your Company's shares deliver a 3.2% yield.
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