Law Debenture Share News (LWDB)

(Alliance News) - Law Debenture Corp PLC on Friday said its net asset value increased in its half year, and that it outperformed its benchmark.

Law Debenture, a London-based investment trust and professional services business, said its net asset value per share on June 30 was up 6.8% at 775.92 pence, from 726.74p the year before.

NAV total return was positive 4.0%, above its benchmark, the FTSE All-Share Index, of positive 2.6%.

Pretax profit in the half year was GBP17.2 million, from a loss of GBP101.1 million the year before.

Chief Executive Officer Denis Jackson said: "Against a backdrop of continued macroeconomic uncertainty with high global inflation and interest rates, Law Debenture has delivered a solid performance in the first half of 2023.

"Though the near-term economic outlook is not without its challenges, we feel our ongoing investment in IPS leaves it well positioned for medium-term growth in-line with our mid to high single percentage target."

Law Debenture declared an interim dividend per share of 7.625 pence, up 5.2% from 7.25p the year before.

The company said it was cautiously optimistic with progress in the second half "in spite of the ongoing macroeconomic uncertainties".

Law Debenture shares were down 0.6% at 813.21 pence in London on Friday morning.

By Will Neill, Alliance News reporter

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