The company’s share price also rose by 18.4% over the period, this compares against its benchmark, the FTSE All-Share Index, which returned 13.0%. Revenue return per share also increased by 15.3% to 14.21p.

In accordance with the company’s objective to provide shareholders with a high level of income, total dividends for the year will amount to 13.80p per ordinary share, representing a dividend yield of 4.9% based on the share price of 279.0p at the end of the financial year.

According to the board of Shires Income plc, the company has delivered superior performance over the longer term, with NAV total returns 5.5% ahead of the benchmark over three years and 5.6% ahead over five years.

Commenting on the outlook, Robert Talbut, chairman of Shires Income plc, said: “The war in Ukraine is starting to crystallise in many commentators’ minds that there is a retreat from globalisation, and many of the benefits which had flowed from this, that had existed for the past few decades.

“Not only does this mean that geo-political risks to economies and financial markets have risen directly, but it is also leading businesses to re-evaluate their supply chains with a greater focus upon security rather than purely upon efficiency.

“Overall, the costs to business in conducting their operations are rising with as yet uncertain effects upon profitability. In addition, it now appears clear that inflation, at much higher levels than has been prevalent for decades, could well become embedded in economies for some time. The ability of companies to navigate rising cost inflation and pass this on to customers will be increasingly important to delivered profitability.”

He continued: “These changes, along with a shift in central bank policy towards a much tighter monetary stance, will likely lead to both greater head-winds to equity market advances and a change in market leadership: the pure ‘growth’ investment style that has worked best for the last ten years which relied partly on ultra-low interest rates, will not necessarily be as successful in the next cycle.

“Our expectation is that a more balanced approach encompassing growth and value names should be more successful. The company’s investment manager focuses on a bottom-up approach to investing, looking for undervalued companies with quality attributes and the ability to generate income. “

Mr Talbut concluded: “The commitment to detailed analysis and knowledge of the UK stock market supports the aim of the Company to deliver long-term capital growth and resilient income for our shareholders. Overall, while there are a number of uncertainties clouding the investment outlook the Board believes that the Investment Manager’s approach should provide shareholders with confidence in the future of the company.”