22nd Nov 2022 09:45
(Alliance News) - Caledonia Investments PLC on Tuesday said its portfolio delivered a "good return" compared to the broader market, despite seeing substantial profit losses over the first half.
On September 30, the firm's net asset value per share was 5,039 pence, down from 5,041p on March 31.
In the six months ended September 30, Caledonia Investment's net asset value return was positive 4.5%, compared to a return of positive 28% on March 31.
Caledonia Investments is a FTSE-250 listed, London-based investment company.
The firm reported pretax profit of GBP199.6 million, down 42% from GBP346.4 million a year prior. It recorded income on investments of GBP25.4 million, down 35% from GBP39.2 million the previous year.
Chief Executive Officer Mat Masters said: "The portfolio delivered a good return in the first half of the year, particularly compared to the broader market, demonstrating the benefits of our diversified investment approach. Our significant exposure to private assets and a weighting towards US dollar denominated assets were the key drivers of performance and more than offset the adverse impact of falling global public equity markets."
Masters added that while increasingly volatile markets were likely to impact the short-term performance of the portfolio, the company's "long-term outlook and ethos of investment in high quality, well-financed and managed companies" left it "well-placed to withstand pressures and deliver long-term returns".
Caledonia Investments declared an interim dividend of 18.2p per share, up from 17.5p on March 31.
Caledonia also said that Chief Financial Officer Tim Livett had advised the board of his retirement, in order to develop a portfolio of non-executive roles.
The search process for a new CFO has begun, with the market to be updated in due course
Caledonia Investment shares were trading 1.4% lower at 4,000.00p per share on Tuesday morning in London.
By Holly Beveridge; [email protected]
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