1st Oct 2019 06:52
(Alliance News) - London Finance & Investment Group on Tuesday reported a decline in net asset value in its most recently ended financial year due to poor performance of Finsbury Food Group PLC.
The investment company reported NAV per share as at June 30 of 59.0 pence, down 9.8% from 65.4p a year earlier.
London Finance explained that its strategic investments have reduced in value by GBP3.1 million to GBP7.6 million due to the fluctuation in the share price of Finsbury Food, a London-listed bakery firm.
The decrease in fair value of strategic investments that occurred during the year ended June 30 led to a loss of GBP1.8 million, compared to profit of GBP256,000 the previous year, London Finance said.
The London and Johannesburg dual-listed company declared a final dividend of 0.60p per share, taking the total payout for the year to 1.15p, unchanged year-on-year.
"Whilst the last 12 months have been challenging for the company's investments, particularly its strategic investments, and we can expect further challenges ahead, the board is confident that the company has a solid base of investments which can lead to further capital growth in the medium to long term," London Finance & Investment said in its statement Tuesday.
By Evelina Grecenko; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Lon.fin&inv.grpFIF.L