LMS Capital Swings To Profit In 2017 As Total Return Beats Benchmark

15th Mar 2018 13:49

LONDON (Alliance News) - LMS Capital PLC said Thursday its net asset value total return beat its benchmark for 2017, as it continues to make planned cost savings.

LMS' net asset value total return was 12.7% for 2017, beating the 9% return of the FTSE All-Share Index. Net asset value per share increased to 80.00 pence per share at the end of the year from 71.00p at the end of 2016.

Net gains on its investment portfolio totaled GBP9.9 million, after a loss of GBP16.2 million in 2016, and LMS swung to a pretax profit of GBP7.6 million from a GBP20.8 million loss a year earlier.

The gain on LMS's quoted portfolio in 2017 was GBP1.0 million after a GBP1.3 million loss in 2016, and on the unquoted portfolio its loss was GBP600,00 after a GBP15.90 million loss the year prior.

Overhead costs fell to GBP2.7 million from GBP3.3 million due to planned savings, and further savings are planned for 2018.

Chairman Martin Knight said: "I am pleased to report that 2017 was a year of progress for the company - the previous realisation strategy, with its related commitment to make further returns of capital to shareholders, was successfully concluded and good progress was made in implementing the revised investment strategy under the leadership of the new investment manager, Gresham House Asset Management Limited."

LMS shares were up 4.2% on Thursday at 51.05p each.

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