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Caledonia Investments reports higher net assets; interim profit falls

21st Nov 2023 10:54

(Alliance News) - Caledonia Investments PLC on Tuesday reported a rise in its net asset value and lifted its interim dividend, but said its half-year profit fell.

On September 30, the FTSE-250 listed, London-based investment trust's NAV was 5203 pence per share, up 2.7% from 5068p on March 31.

NAV total return in the six months ended September 30 was positive 3.7%, compared to positive 5.5% on March 31.

The firm reported pretax profit of GBP105.6 million, down 12% from GBP119.6 million in the corresponding period a year ago, partly due to finance costs tripling to GBP7.2 million from GBP1.2 million the previous year.

Caledonia Investments upped its interim dividend by 4.0% to 18.93p from 18.2p a year ago.

Looking ahead, Chief Executive Officer Mat Masters said: "The global economic outlook remains challenging, with ongoing volatility influencing short-term performance. However, we believe our long-term outlook and focus on investing in high-quality, well-financed and managed companies, underpinned by our strong balance sheet, leaves us well-placed to continue delivering strong long-term returns in line with our aims."

Shares in Caledonia Investments were down 0.8% at 3,600.00 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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