Caledonia Investments plc
Half-year results for the six months ended 30 September 2026
“NAVTR of 5.4% and special dividend of 20p per share providing an additional dividend return to all shareholders”
Financial highlights
| Six months | Year | |
| 30 Sept 2026 | 31 Mar 2026 | |
| Net asset value total return1 | 5.4% | 5.4% |
| Net asset value per share | 594p | 568p |
| Net asset value | £3,064m | £2,980m |
| Special dividend per share | 20.0p | – |
| Interim dividend per share | 3.84p | 3.68p |
- Net asset value total return (‘NAVTR’) and net asset value per share (‘NAVPS’) are Alternative Performance Measures
Highlights
NAV Total Return: 5.4% to £3.1bn (594p per share)
Portfolio performance: All three investment pools contributed to growth, with the investment portfolio delivering a return of 6.0% in the period: 12.3% from Public Companies, 0.6% from Private Capital and 4.7% from Funds
Capital recycling: Completed the sale of Stonehage Fleming for £290m, our largest private asset, returning 3.2x, 20% IRR and a 33% uplift versus the March 2025 carrying value. Invested approximately £110m across two new Private Capital investments: Blue Diamond garden centres and Conquip Engineering
Robust balance sheet with significant liquidity: £277m of cash and £325m of undrawn credit facilities available to capitalise on new opportunities
Special dividend: Special dividend of 20p per share, with a cash cost of c.£100m, providing an additional dividend return of 5% of market capitalisation to all shareholders, while retaining capacity to fund future investments
Progressive ordinary dividend: Interim dividend of 3.84p per share, equivalent to half the prior year total annual dividend and an increase of 4.3% on the previous year’s interim dividend
Share buybacks: £38m allocated to share buybacks at a weighted average discount of 37%, resulting in a 4.3p or 0.7% accretion to NAV per share. Since March 2024, £137m has been allocated to share buybacks, resulting in a 14.2p per share or 2.5% NAV per share accretion
Performance track record to 30 September 2026
| 6 months | 1 year | 3 years | 5 years | 10 years | |
| % | % | % | % | % | |
| NAV total return | 5.4 | 6.3 | 18.9 | 43.2 | 139.0 |
| Annualised | |||||
| NAV total return | 6.3 | 5.9 | 7.5 | 9.1 | |
| Total shareholder return1 | 3.1 | 6.6 | 5.3 | 7.6 | |
| CPIH2 | 3.6 | 3.4 | 5.1 | 3.6 | |
| FTSE All Share total return | 16.6 | 15.5 | 11.0 | 8.1 |
- Alternative Performance Measure
- Consumer Prices Index including owner occupiers’ housing costs (‘CPIH’)
Mat Masters, Chief Executive Officer, commented:
“Caledonia delivered another positive first half, generating a NAV total return of 5.4%, with all three investment pools contributing to growth.
The completion of Stonehage Fleming, our largest private asset, for £290m marked an important milestone, generating more than three times our original investment and a 33% uplift to the March 2025 carrying value. This demonstrates the value within our private assets and the strength of our long-term investment approach.
We reinvested approximately £110m of the proceeds in Blue Diamond and Conquip Engineering, two excellent businesses with attractive growth prospects where we believe our form of capital and support can make a meaningful contribution. We have a strong balance sheet and the financial capacity to pursue further investments.
As part of our capital allocation policy, we have periodically paid special dividends following significant realisations, balancing investment opportunities, liquidity requirements and returns to shareholders.
In keeping with this approach, we are declaring a special dividend of 20p per share. This provides an increased dividend return to all shareholders and complements our progressive ordinary dividend and continued share buybacks, reflecting our commitment to delivering long-term shareholder value.”