**Summary of BlackRock Income and Growth Investment Trust plcs Final Results for the Year Ended 31 October 2025**
**Financial Performance**
**Net Assets and NAV** Net assets increased to £46.715 million from £43.760 million in 2024. Net Asset Value (NAV) per ordinary share rose to 245.97 pence from 222.22 pence.
**Share Price and Discount** The ordinary share price increased to 219.00 pence from 193.50 pence. The discount to NAV narrowed to 11.0% from 12.9%.
**Performance** NAV per share returned 14.3%, and the ordinary share price returned 17.3%, underperforming the FTSE All-Share Index which returned 22.5%.
**Dividends** Total dividends payable increased to 7.70 pence per share from 7.60 pence, with a final dividend of 5.00 pence proposed.
**Operational Highlights**
**Portfolio Adjustments** Increased exposure to Aerospace & Defence and repositioned domestic exposure to adapt to market changes.
**Share Buybacks** Purchased and cancelled 700,818 ordinary shares at an average discount of 14.2%, reducing the discount to NAV.
**Gearing** Net gearing stood at 6.1% at the year-end, with a borrowing facility of up to £8 million.
**Market Context**
**Volatile Markets** 2025 was marked by significant global market volatility due to geopolitical tensions, inflationary pressures, and diverging central bank policies.
**Equity Performance** Despite volatility, equity markets performed strongly, with the FTSE 100 reaching record highs, driven by strong earnings, low valuations, M&A activity, and a weaker US dollar.
**Strategic Initiatives**
**Board Composition** Appointed Marcus Hine as a new Non-executive Director, enhancing board expertise and succession planning.
**Corporate Governance** Maintained compliance with the UK Code of Corporate Governance and the Association of Investment Companies Code.
**Sustainability** Integrated ESG factors into investment processes, with a focus on long-term value creation.
**Outlook**
**Market Volatility** Anticipated continued volatility in 2026, with potential risks from geopolitical events and monetary policy shifts.
**UK Economy** Positive signs in the UK consumer sector, with high savings rates and real wage growth, supporting investment opportunities.
**Portfolio Strategy** Focus on cash-generative businesses with durable competitive advantages, aiming to capitalize on market opportunities and create long-term value.
**Conclusion**
BlackRock Income and Growth Investment Trust plc demonstrated resilience in a challenging market environment, achieving solid absolute returns despite underperforming its benchmark. The trust continues to focus on long-term growth and income, with strategic adjustments to navigate market uncertainties and enhance shareholder value.