26th Jul 2024 11:24
(Alliance News) - Law Debenture Corp PLC on Friday announced it expects to maintain or increase its total dividend for 2024.
Law Debenture is a London-based investment trust that also provides independent governance and transactional support services. The trust invests for long-term capital growth in London-listed companies.
Law Debenture reported a 9.7% net asset value total return for the six months ended June 30, above the 7.4% of the FTSE All-Share index, its benchmark.
Law Debenture said NAV per share was 857.88 pence per share on June 30, up 11% from 775.92p a year before and up 6.9% from 802.67p on December 31.
Law Debenture shares were up 1.0% to 894.15p per share in London on Friday morning.
Additionally, the firm reported an 8.8% increase in revenue from its professional services arm.
Looking forward, Chief Executive Officer Denis Jackson commented: "We believe that the combination of IPS with the investment portfolio is a unique and well-diversified model, and I am cautiously optimistic about the group's progress in the second half of 2024 and beyond, though the near-term economic outlook is not without its challenges."
Law Debenture paid a first 8.00p interim dividend, up 4.9% from 7.63p a year ago. It plans to pay three interim dividends, each a quarter of 2023's total payout of 32.0p. "Continued good performance and growth of the [Independent Professional Services] business supports the board's intention to maintain or increase the total dividend in 2024, " the company said.
By Lydia Doye, Alliance News reporter
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