- Small company investor Miton UK MicroCap Trust posted a positive first-half performance but said it was unlikely to pay a dividend for the full year.

The company's net asset value total return for the six months through October was 21.6%.

Miton UK MicroCap said the costs of the trust were slightly greater than the dividend revenue it had received.

A process of portfolio refreshment as holdings matured had led to significant changes in the portfolio, it explained.

'This, together with some takeovers and some companies choosing to defer or cancel dividends as a consequence of the pandemic, has resulted in the trust's dividend income falling compared with the same period last year,' the company said.

'This has resulted in the trust's revenue per share being below its ongoing costs.'

'Historically, the trust has been able to distribute a small annual dividend but, for the reasons above, this is seen as unlikely in the current year.'

At 9:50am: [LON:MINI] Miton UK Microcap Trust Plc share price was 0p at 59.5p

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