Caledonia Investments plc
Half-year results for the six months ended 30 September 2021
Financial highlights
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6 months |
Year |
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30 Sep 2021 |
31 Mar 2021 |
Change |
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Net asset value per share total return* |
+16.1% |
25.9% |
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Net asset value per share |
4592p |
4000p |
+14.8% |
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Net assets |
£2,540m |
£2,225m |
+14.2% |
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Interim dividend per share |
17.5p |
17.0p |
+2.9% |
*Alternative Performance Measure.
Highlights
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+16.1% NAV total return for the six months. |
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Caledonia Quoted Equity returned 13.5%, reflecting positive movement in global equity markets and careful stock selection. |
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Caledonia Private Capital returned 20.1%, driven by healthy returns from all investee businesses and the positive impact from the sale of Deep Sea Electronics for cash proceeds of £242m. On 17 November 2021, Caledonia announced it had agreed terms to sell its interest in BioAgilytix to Cinven, with gross proceeds estimated to be US$183m (£136m). |
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Caledonia Funds returned 24.2%, a strong performance based on significant valuation growth in line with broader private equity markets, and supported by increased realisations across the portfolio. |
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Progressive dividend maintained, with the interim increased by 2.9% to 17.5p per share. |
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Portfolio investments totalling £63m included £53m into our Funds pool's private equity funds programme. |
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Portfolio realisations totalling £349m included £234m from Private Capital, principally from the sale of Deep Sea Electronics, and £86m from the Funds pool due to enhanced levels of distributions, particularly from US based funds. |
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Total liquidity position remains healthy, with £268m of cash plus undrawn facilities of £250m as at 30 September 2021. |
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CEO succession plans announced with Will Wyatt retiring as Chief Executive in July 2022 and being replaced by Mat Masters, who is currently Head of Caledonia Quoted Equity. |
Will Wyatt, Chief Executive, commented:
“The portfolio has continued to perform well during the first half of the year, delivering against our aims and extending our healthy long-term performance track record. All three investment pools have generated strong positive returns with the underlying companies and funds showing good levels of growth as the world economy continues to recover from the Covid-19 pandemic.
Caledonia's diverse portfolio of listed, fund and privately owned assets are well positioned to manage inflationary and other pressures that will doubtless come to bear in the future. Our long-term outlook and ethos of investment in high quality, well-financed and managed companies, leaves us well-placed to withstand unforeseen events that may arise.”
23 November 2021