The trust’s share price total return also stood at 578%, this compares with a total return of 17.7% for the company’s former benchmark.

This also marks a +25.2% increase from the company’s new benchmark.

The result also revealed that the company’s total dividend for the year rose to 8.25p from 7.35p the year before, marking an increase of 12.2%.

Over three and five years, the dividend has increased by 20.4% and 27.9% respectively compared to rises in CPI of 6.5% and 8.4%

The results have also highlighted that over three and five years the company has significantly outperformed.

Robert Lister, chairman of Aberdeen Smaller Companies Income Trust PLC, said: “Markets were resilient during 2019, despite many uncertainties, few of which have yet resolved themselves. We remain positive that the Manager’s investment process is robust and capable of producing sustained dividend growth through the investment cycle.

“The outbreak of the recent global COVID-19 virus has resulted in business disruption and stockmarket volatility. The extent of the effect of the virus, including its long term impact, remains uncertain. The Manager has implemented extensive business continuity procedures and contingency arrangements to ensure that they are able to continue to service their clients, including investment trusts.“

Abby Glennie, manager of Aberdeen Smaller Companies Income Trust PLC, commented: “We have enjoyed many years of strong economic growth and bull markets, and investors globally are aware that can’t last forever. We believe we are certainly nearer the next economic slowdown than the last one. Within the UK specifically, it is difficult to tell at this stage whether some of the areas of slowdown we saw in Q4 will continue throughout 2020, or were short term driven by the general election uncertainty.

“Our investment process is focused on fundamental, bottom up, research. We are not taking portfolio decisions based on macroeconomic views. Stock analysis remains the key driver of our decision making process. Recent periods have given us confidence that this remains a long term driver of outperformance.

“Looking back to the 2016 Brexit vote, small caps were heavily de-rated in the aftermath panic. In hindsight this was an excellent buying opportunity as they have rallied strongly since. Companies have been resilient despite these external factors. We believe in our investment process.

“This process guides us to invest in companies which have strong management teams leading their strategies, which have a number of growth levers to pull, which can drive growth independent of external conditions and which are resilient and have strong financial positions.

“A critical part of our research is also analysing the environment, social and governance characteristics of businesses and looking for both risks and opportunities. We believe companies who can exhibit strong ESG credentials are higher quality, and lower risk investments.”