Coronavirus Update

Caledonia Investments - Final Results

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Caledonia Investments plc

Final results for the year ended 31 March 2021

Financial highlights


31 Mar 2021

31 Mar 2020


Net asset value total return




Net asset value




Net assets




Annual dividend per share






25.9% NAV total return for the year.


2.9% increase in the dividend to 62.9p per share, 54th consecutive year of increase.


Strong investment returns across whole portfolio.


Negative impact from exchange rates on NAV total return of 6%.


Strong balance sheet with £249m of available resources (£14m cash and £235m undrawn facilities).

Quoted Equity


Strong performance from Quoted Equity portfolios, up by 30.3% in the year reflecting significant rebound in global public equity markets and considered stock selection within both the Capital and Income portfolios.


Performance of US public equities was particularly notable.


Private Capital


Private Capital portfolio performed well, generating total return of 23.2%, despite loss on sale of holding in Buzz Bingo.


Two substantial strategic bolt-on acquisitions made by portfolio businesses during the year.


Portfolio companies recovering well from Covid-19 related disruption.




Funds portfolio generated total return of 34.8% for the year.


Good underlying performance from PE fund investments


Reversion to fund valuations based on managers' NAV, without £86m Covid-19 valuation adjustment applied last year.

Will Wyatt, Chief Executive
 , commented:

"Through what has been a challenging and uncertain period, our diversified holdings have continued to perform, supporting our strategy of growing net assets and dividends over the long term.

"We remain confident that the strength of our portfolio, invested in high-quality businesses across a range of geographies and sectors, combined with our strong balance sheet and long-term approach, will ensure that we can continue to deliver for our shareholders."