Dividend Policy

IBT offers investors the unusual and attractive combination of growth and yield.


In September 2016, IBT announced its intention to pay a dividend equivalent to 4% of NAV at the end of the preceding financial year, paid in two instalments on 31 January and 31 August following that year-end. On 11 July 2018, the Board announced that a dividend of 13.5p per ordinary share would be paid on 31 August 2017, to all shareholders on the register at close of business on 3 August 2018.


Dividend payment dateDividend amount
31 August 201813.5p per share
31 January 201813.5p per share
31 August 201711.5 p per share
31 January 201711.5 p per share

In the current environment of generally low and contracting income in the equity and debt markets, yield is attractive to investors, yet most yields are found in sectors where growth prospects are limited.  By paying a dividend from capital reserves, IBT is able to offer investors a dividend, while still investing in the biotech sector where the prospects for high growth remain for the foreseeable future.