- Witan Investment Trust said its net asset value grew by 15.1% in 2017, outperforming a 12.2% benchmark return.

Dividends for the full year were increased by 10.5% to 21.0p.

The company, however, warned that rising inflation could hurt corporate profits in 2018.

'2018 seems set to be another year of broadly-based, steady but not especially rapid, global economic growth,' the company said.

'Whilst this should be supportive of growth in profits, bond and equity markets may be vulnerable if currently benign inflation assumptions are disappointed. There are several potential risks.'

'The enactment of a significant programme of tax cuts in the US at the end of 2017 will potentially boost growth at a time when there is limited spare capacity in the US economy.'

'The success of oil producers in restraining output has pushed oil prices up which, unless the move is reversed, will increase energy costs for oil users.'

'Increased cost pressures may reduce corporate profits, given the widespread lack of pricing power as a result of globalisation and the disruptive effect of technological change. Central banks might react to higher than expected inflation with faster than expected rate rises.'

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