**Summary of Invesco Global Equity Income Trust PLC Half-Yearly Financial Report (Six Months Ended 30 November 2025)**
**Overview**
Invesco Global Equity Income Trust PLC (IGET) reported its half-yearly financial results for the six months ended 30 November 2025, highlighting key developments, financial performance, and strategic initiatives. The period was marked by a proposed merger with Franklin Global Trust plc (FRGT), strong share sales, and continued focus on delivering income and capital appreciation.
**Key Highlights**
1. **Proposed Merger with FRGT**A merger with FRGT was announced, with 96% of FRGT shareholders electing to rollover into IGET. This is expected to increase IGET’s net assets to approximately £460 million, enhance liquidity, and reduce ongoing charges.
2. **Share Sales and Premium**£35.2 million was raised through sales of treasury shares, with an average share price premium to NAV of 1.9%.
3. **Yield and Performance**The yield at period end was 3.7%, compared to the benchmark index yield of 1.6%. NAV total return was 8.6%, and share price total return was 9.3%, though both lagged the benchmark index return of 16.5% due to momentum-driven markets.
4. **Awards and Recognition**IGET won the Best International Trust at the Citywire Investment Trust Awards for the third consecutive year and the Global Income category at the Investment Week Investment Company of the Year Awards.
**Financial Performance**
**Net Asset Value (NAV)**Increased by 22.9% to £260.9 million.
**NAV per Share**Rose by 6.6% to 359.77p.
**Share Price**Increased by 7.3% to 367.00p.
**Gearing**: Net gearing was nilwith net cash at 1.6%.
**Investment Strategy**
IGET’s valuation-focused strategy faced challenges in momentum-driven markets but maintained strong long-term performance. The portfolio managers emphasized disciplined, bottom-up valuation, positioning the portfolio for diverse outcomes. Key contributors included ASML, Standard Chartered, and Rolls-Royce, while detractors included 3i and Novo-Nordisk.
**Dividends and Revenue**
Net revenue return per share was 2.02p.
Two interim dividends of 3.375p each were paid, with a projected annualised dividend of 13.50p per share for the year ending 31 May 2026.
**Post-Period Updates**
Net assets increased to £301 million post-period end.
NAV and share price total returns were +7.0% and +7.5%, respectively, outperforming the benchmark’s +1.8%.
Additional £25.5 million was raised through treasury share sales.
**Governance and Outlook**
Johnston Carmichael LLP was appointed as the new external auditor following a competitive tender process.
The global economic outlook for 2026 includes modest growth, lower interest rates, and fiscal stimulus, creating a balanced opportunity set for IGET’s global mandate.
**Conclusion**
IGET demonstrated resilience in a challenging market environment, with strategic initiatives like the FRGT merger poised to enhance scale and efficiency. The trust remains committed to its valuation-driven approach, aiming to deliver long-term income and capital growth for shareholders.
| Metric | 30 November 2025 | 31 May 2025 | Change |
|---|---|---|---|
| Net Assets (£’000) | 260,921 | 212,283 | 22.9% |
| NAV per Share (pence) | 359.77 | 337.36 | 6.6% |
| Share Price (pence) | 367.00 | 342.00 | 7.3% |
| Premium per Ordinary Share (%) | 2.0% | 1.4% | 0.6% |
| Gross Gearing (%) | nil | 1.2% | -1.2% |
| Net Gearing (%) | nil | 0.0% | 0.0% |
| Net Cash (%) | 1.6% | nil | 1.6% |
| Net Return Before Finance Costs and Taxation (£’000) | 18,294 | 21,106 | -13.3% |
| Return After Taxation (£’000) | 18,056 | 20,904 | -13.6% |
| Basic Return per Ordinary Share (pence) | 26.62 | 33.17 | -19.7% |
| Cash and Cash Equivalents (£’000) | 4,047 | 2,618 | 54.6% |
| Bank Facility (£’000) | 0 | 2,650 | -100% |