The dividend will be paid to shareholders on 14 September 2023.

As a result, the total dividend for the year is 37.50p per Ordinary share, representing a 4.2% increase on the previous year’s total dividend of 36.00p per Ordinary share (2022: 4.3% increase). As Murray Income celebrates its centenary, this marks the 50th consecutive year of dividend increases for its shareholders.

Charles Luke, manager of Murray Income, commenting on the outlook for the UK market and its potential for income, said: “The UK has a long-established and well-developed dividend culture. While other countries may have improved their payouts to shareholders in recent years, few can match the track record of UK companies. The yield for the FTSE All-Share Index is currently 4.0%, which puts it significantly ahead of most major markets. The S&P 500, for example, yields just 1.5%.

“The UK market is often seen as old-fashioned, beholden to yesterday’s companies in mature, low-growth industries. This may be true of a good number of the UK’s largest companies but, taking a look lower down the market capitalisation scale, there is an increasing range of companies exposed to unstoppable global trends such as digitalisation, ageing populations, the energy transition and emerging global wealth.

“Given that 20% of its portfolio can be invested in overseas-listed companies, Murray Income ensures that it does not miss out on the attractive industries that are not normally available to UK-only investors. Overall, the portfolio is jam-packed with high quality, predominantly global businesses capable of delivering appealing long term earnings and dividend growth at a modest aggregate valuation.”

He concluded: “In more difficult times it is those companies which can demonstrate pricing power and resilience, benefit from their robust balance sheets and are led by experienced management teams, that are able to emerge stronger - ultimately this will be recognised in their valuations. That these companies are predominantly listed in the UK, a market with a valuation that remains attractive on a relative, absolute and cyclically-adjusted basis, is doubly appealing.

“Therefore, we feel very comfortable maintaining our focus on excellent quality highly profitable businesses capable of delivering sustainable earnings and dividend growth over the long term.”