This significantly outpaced the reference index’s total return of 10.0%.

The company’s share price also saw robust growth, delivering a total return of 21.0%. This positive performance was driven by a shift in market focus back to stock specifics and company reporting, as well as a more settled environment for style factors.

Investment managers Abby Glennie and Amanda Yeaman attributed the outperformance to consistent stock selection throughout the year. They also noted the strength of the company’s dividend outlook, supported by the resilience of earnings and robust balance sheets among the underlying holdings.

Looking ahead, the investment managers expressed optimism about the future of UK smaller companies, citing attractive valuations, positive economic data, and the potential for interest rate reductions. They also highlighted the company’s well-established investment process and its ability to adapt to changing market conditions.

The board declared a final dividend of 8.3p per share, bringing the full-year dividend to 12p per share, a 9.1% increase from 2023.