Financial highlights
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6 months |
Year |
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30 Sep 2017 |
31 Mar 2017 |
Change |
|
Net asset value per share total return |
+1.1% |
+18.0% |
|
|
Net asset value per share |
3298p |
3395p |
-2.9% |
|
Net assets |
£1,848m |
£1,899m |
-2.7% |
|
Interim dividend per share |
15.5p |
14.9p |
+4.0% |
The decline in net assets of 2.7%, compared with the positive NAV total return of 1.1%, is principally due to the payment in August 2017 of a special dividend amounting to £55m.
Highlights
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NAV per share total return of +1.1% for the six months to 30 September 2017; +11.9% for the twelve months to 30 September 2017 |
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– |
Interim dividend up 4.0% to 15.5p |
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– |
Special dividend totalling £55m paid during the period |
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– |
The Sloane Club sold for £80m post-period end |
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– |
£84m invested, including £50m in fund drawdowns and subscriptions |
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– |
£104m realised, including £51m for the sale of part of the investment in Cobehold |
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– |
Net cash of £143m at 30 September 2017 |
Will Wyatt, Chief Executive, commented:
“Our investment portfolio has delivered a 1.1% NAV per share total return in the six months, with positive contributions from the Unquoted and Funds pools. During the period, the US dollar weakened against sterling, creating a drag on our performance. We have maintained a robust flow of income, totalling £19.8m for the six months, supporting a 4.0% increase in our interim dividend.
“Stock markets and asset prices remain at levels which, for a value orientated investor such as Caledonia, offer few opportunities to deploy capital. We retain a healthy level of cash on our balance sheet, which was increased to over 12% of net assets by the sale of The Sloane Club. However, both quoted and unquoted markets remain fully priced and these conditions, aided by accommodative monetary policy, may remain for a considerable time.”
23 November 2017