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(Alliance News) - Caledonia Investments PLC on Tuesday said its diverse portfolio of investments helped mitigate the negative effects of Covid-19, allowing an increased dividend in the first half of its financial year.
Caledonia Investments is a London-based self-managed investment trust with a diverse range of investments, including in pubs & restaurants, software, tobacco and scientific analysis support.
At September 30, Caledonia Investments' net asset value per share stood at 3,527 pence, up 9.0% from 3,236 pence per share a year prior.
Pretax profit nearly doubled year-on-year in the half ended September 30 to GBP195.8 from GBP100.7 million.
Net assets were up 9.6% to GBP1.96 billion from GBP1.79 billion a year prior.
Chief Executive Will Wyatt said: "A diverse portfolio of high-quality investments is central to our long-term approach. The pressures of 2020 have shown the benefits of this strategy, which has helped to mitigate the worst effects of the Covid-19 pandemic and largely protected shareholders' capital from much of the volatility seen elsewhere. We remain active managers and over the last six months we have continued to make portfolio investments and to invest in our private capital companies."
Caledonia Investments increased its interim dividend by 2.4% to 17.0 pence per share from 16.6 pence per share a year prior.
Going forward, Wyatt said: "The environment clearly remains uncertain. However, our strong balance sheet and liquidity position will enable us to take advantage of the opportunities we see and support our strategy of growing net assets and dividends over the long-term."
Caledonia Investments shares were up 1.1% at 2,921.50 pence each in London on Tuesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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