26th Sep 2024 12:34
(Alliance News) - London Finance & Investment Group PLC reported it had more than doubled its annual profit after windfall from the sale of Western Selection Ltd.
The London-based investment finance and management company holds strategic investments in companies like Western Selection PLC.
Pretax profit surged to GBP4.4 million for the financial year that ended June 30, compared to GBP2.1 million a year earlier.
As at June 30, net assets per share rose 21% to 71.6 pence from 59.2p as June 30, 2023.
The restructuring of Western Selection, its only strategic investment, resulted in a return of capital of GBP6.3 million.
The value of the General Portfolio had decreased, including investment\ purchases and sales, 9.4% to GBP14.0 million from GBP15.5 million.
London Finance lifted its total dividend to 1.20 pence from 1.15p. Earnings per share and headline EPS multiplied to 13.6p from 5.7p.
The group said the cost of being a listed company continues to rise "inexorably", indicating it is reviewing methods of achieving a "step change" in size to bring costs to more proportionate level.
It said it continues to seek out investments that will generate growth in shareholder value.
Shares in London Finance were up 3.0% at 51.50p on Thursday in London. They were flat at ZAR14.80 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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