18th Sep 2025 12:00
(Alliance News) - Castelnau Group Ltd on Thursday said it will focus on implementing the outcome of a review after it underperformed the benchmark in the first half of the year.
The Guernsey-based closed-ended investment company said its net asset value per share on June 30 was 101.4 pence, up 3.2% from 98.3p at the end of 2024.
Pretax profit for the period amounted to GBP10.4 million, down 88% from GBP85.8 million a year ago.
It underperformed the benchmark FTSE All-Share Total Return Index of 9.1% for the period.
Castelnau said the main contributor to the increase in NAV was Dignity PLC or Valderrama Ltd, with a smaller contribution from Cambium International Ltd.
Dignity/Valderrama represents 84% of the portfolio and had a 9% increase in the period.
"Using our learnings from the first three years of managing the portfolio of companies, the first half of 2025 has seen a review of each portfolio company to ensure that not only are they going to be self-sustaining, profitable and cash generative, but that we are the best home for them to grow," said Chair Joanne Peacegood.
The firm said it has started exploring options for other companies which "should result in a more simplified, cash generative group".
Chair Peacegood added: "Looking ahead to the second half of 2025, our focus will be on executing the outcome of the review to leave us with a stable and cash generative portfolio in 2026, as well as ensuring we support the growth agenda being executed at Dignity."
Shares in Castelnau Group were up 0.1% at 79.10p in London on Thursday at midday.
By Michael Hennessey, Alliance News reporter
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