Abrdn Smaller Income Trust : Annual Report to 31 December 2022
March 28, 2023
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abrdn Smaller Companies Income Trust plc
Annual Report 31 December 2022
Hunting smaller companies for a stronger income
abrdnsmallercompaniesincome.co.uk
The Company invests in Telecom Plus, a British multi-utility supplier of gas, electricity, home insurance and landline, broadband and mobile services to residences and businesses.
"With the year end share price at 240.5p, this represents a dividend yield of 4.1%. Over three and five years, the dividend has increased by 18.8% and 39.0% respectively."
Dagmar Kent Kershaw,
Chair
"The FTSE 100, with its large exposure to oil and gas, banks and mining companies was neutral for the year while the more domestically focused FTSE 250 and Numis Smaller Companies indices declined -19.7% and -17.9% respectively."
Amanda Yeaman, abrdn Investments Limited
abrdn Smaller Companies Income Trust plc
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Performance Highlights
Net asset value total returnA
Numis Smaller Companies ex Inv Trust Index
2022:
-33.2%
2022:
-17.9%
2021: +30.4%
Share price total returnA
2021: +21.9%
Earnings per Ordinary share (revenue)
2022:
-33.7%
2022:
11.24p
2021: +22.9%
Dividend per share
2021: 9.69p
Discount to net asset valueA
2022:
9.80p
2022:
16.3%
2021: 8.85p
2021: 15.3%
Considered to be an Alternative Performance Measure. Further details can be found on pages 91 and 93.
Net asset value per share
Dividends per share
Mid-market price per share
At 31 December - pence
Year ended 31 December - pence
At 31 December - pence
442.5
9.80
375.0
8.85
343.0
8.25
373.9
8.24
313.0
348.9
7.35
285.2
287.3
224.0
240.5
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abrdn Smaller Companies Income Trust plc
Contents
"Your Company's dividend for the year has increased to 9.80p per share, versus 8.85p for 2021, an increase of 10.7%."
Dagmar Kent Kershaw, Chair
Overview
Financial Calendar, Dividends and Highlights
4
Strategic Report
Chair's Statement
8
Investment Manager's Review
11
ESG Engagement by the Manager
19
Overview of Strategy
22
Performance
29
Portfolio
Ten Largest Investments
34
Equity Investments
35
Other Investments
37
Distribution of Assets and Liabilities
37
Investment Case Studies
38
Governance
Board of Directors
42
Directors' Report
43
Corporate Governance Report
46
Report of the Audit Committee
49
Directors' Remuneration Report
52
Statement of Directors' Responsibilities
56
Independent Auditor's Report to the Members of abrdn
Smaller Companies Income Trust plc only
57
Financial Statements
Statement of Comprehensive Income
68
Balance Sheet
69
Statement of Changes in Equity
70
Statement of Cash Flows
71
Notes to the Financial Statements
72
Alternative Performance Measures
91
Corporate Information
Information about the Investment Manager
95
Investor Information
97
Glossary of Terms
100
General
Alternative Investment Fund Managers Directive
Disclosures (unaudited)
103
Notice of Annual General Meeting
104
Contact Addresses
109
abrdn Smaller Companies Income Trust plc
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Attachments
Original Link
Original Document
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Disclaimer
Aberdeen Smaller Companies Income Trust plc published this content on 29 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2023 13:40:09 UTC.
abrdn Smaller Companies Income Trust plc is a United Kingdom-based investment company. The investment objective of the Company is to provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of the United Kingdom smaller companies and the United Kingdom fixed income securities. The Company invests in equities, corporate bonds and preference shares. The Company aims to invest in the equity shares of smaller companies listed on a regulated United Kingdom stock market in order to gain growth in dividends and capital. Its portfolio of investments across various sectors include industrials, financials, consumer discretionary, real estate, technology, consumer staples, telecommunications and energy. Its alternative investment fund manager is abrdn Fund Managers Limited.