30th Sep 2014 13:58
LONDON (Alliance News) - London Finance & Investment Group PLC Tuesday said net assets decreased to 44.7 pence per share from 45.7p in the financial year ended June 30.
In a statement, the group said its strategic investments decreased in value by 4%, due to the decline in value of its holding in Finsbury Food Group PLC. It said its strategic investments are yielding 2.5%. Its general portfolio increased over the year by 15% and is yielding 2.8%, a decrease from the 3.0% last year.
The group said net borrowings increased to GBP886,000 from GBP534,000.
It swung to a GBP43,000 loss from a GBP4.6 million profit. It said operating costs rose to GBP651,000 from GBP610,000, mainly due to the first increase in director's fees since 2000.
"We believe our mix of strategic investments and a general portfolio gives us every chance of outperforming the broader market in the medium to long term. The political tensions in Europe and the Middle East may well create substantial volatility in markets and currencies," the group said in a statement.
London Finance & Investment Group is an investment company with an objective of generating growth in shareholder value in real terms over the medium to long term while maintaining a progressive dividend policy. Its strategic investments are "significant investments" in smaller UK quoted companies. These are balanced by a general portfolio, which consists of a broad range of investments in major US, UK, and other European companies, which provides a diversified exposure to international equity markets.
London Finance & Investment shares were Tuesday quoted up 4.6% at 34.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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