London Finance & Investment working to return capital "expeditiously"

(Alliance News) - London Finance & Investment Group PLC said on Tuesday it is working to return capital to its shareholders "as expeditiously as possible".

The London-based investment finance and management company holds strategic investments in companies like Western Selection PLC.

The company said in December it planned to delist from the London Stock Exchange and Johannesburg Stock Exchange and return cash to its shareholders.

Releasing its interim financial results, London Finance & Investment said it had sold all the general portfolio investments, realising a loss of GBP397,000 and remaining strategic investments, realising a loss of GBP111,000.

Cash balances arising from these sales have been held in short term, interest bearing, deposits in sterling and dollars, it said. Interest income of GBP355,000 and exchange gains of GBP482,000 were booked on those deposits in the first half.

Pretax profit for the first six months that ended December 31 plunged to GBP230,000 from GBP3.8 million a year earlier.

For the first half, revenue rose 19% to GBP605,000 from GBP510,000. Earnings per share and headline EPS tumbled to 0.5 pence from 11.7p.

As at December 31, net assets per share was 71.4p, almost flat from 71.6p at June 30, 2024. Compared to December 31, 2023, NAV per share was down 11% from 80.5p.

Shares in London Finance & Investment were 7.0% lower at 65.10p on Tuesday afternoon in London.

By Artwell Dlamini, Alliance News reporter

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