(Alliance News) - Caledonia Investments PLC on Friday reported an increase in its net asset value by nearly a quarter in the 2021 financial year, as it benefited from the rally in US stocks.
Shares were up 7.0% to 2,895.00 pence in London.
The FTSE 250-listed investment trust reported a net asset value of GBP2.19 billion on March 31, the end of its financial year, equivalent to 3,940p per share, up from the GBP1.79 billion it started the year with and posting a NAV total return of 24% for the period.
Caledonia said it benefited from the rebound in stocks since March 2020, with a 30% return from its pool of quoted equities, which is focused on the US.
But it wrote off GBP68 million from its investment in Buzz Bingo, a UK bingo hall chain, after selling the business last month for a nominal amount. The London-based company was also hit by the stronger pound as nearly half of its assets are denominated in US dollars.
Caledonia will announce its 2021 results on 27 May.
By Ivan Edwards; ivanedwards@alliancenews.com
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Caledonia (CLDN)