Brunner Investment Trust PLC on Wednesday upped its dividend as earnings per share rose and outperformed its benchmark.

In the six months ended May 31, the firm’s net asset value fell 1.4% to 1149.1 pence from 1165.4p on November 30.

The London-based investment firm swung to a half-year pretax loss of £9.2 million from a profit of £50.0 million a year ago. It did not conduct any share buybacks in the period.

The firm outperformed its benchmark as it posted a negative total return of 0.5%, with its benchmark reporting a negative total return of 1.3%. A year ago, Brunner had a positive total return of 12% while its benchmark reported 11%.

The company’s benchmark is to 70% FTSE World Index Ex UK and to 30% the FTSE All-Share Index.

Brunner declared an interim dividend of 10.30p, up 9.6% from 9.40p a year ago. Earnings per share rose 18% to 13.5 pence from 11.4p.

The improved dividend and earnings per share can be attributed to an 18% increase in interim revenue to £5.8 million from £4.9 million a year ago.

‘Energy has been by far and away the strongest performing sector during this period, as a confluence of supply side constraints and recovering demand led to much increased oil and gas prices. The two companies that we hold in this sector - TotalEnergies SE and Shell PLC - have both benefitted from these developments and were strong contributors to performance during the period,’ Brunner said.

Brunner explained that most companies have been able to pass on inflationary cost increases to customers, but cautioned that this might become more difficult if demand starts to weaken.

Looking ahead, the farm said its investment manager is ‘concentrating instead on the longer-term prospects for individual companies and the trends that will drive their growth’.

Brunner Investment shares fell 0.1% to 968.97 pence each in London on Wednesday morning.

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