Caledonia Investments plc
Half-year results for the six months ended 30 September 2019
Highlights
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+4.9% NAV total return for the six months (including +2.8% of currency gains) |
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Quoted pool returned 10.3%, benefiting from the strong performance of US holdings and strengthening of the US dollar |
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Income pool returned 3.4%, benefiting from a slight rebound in UK markets |
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Caledonia Private Capital rebranded and deployed significant amounts of new capital in the period, whilst its portfolio companies traded in line with expectations |
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Funds pool returned 10.8% with gains from US and Asian private equity funds and strengthening of the US dollar |
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Continued growth in dividends to shareholders, with the interim increased by 3.1% to 16.6p per share |
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Portfolio investments of £189m, included £89m in Stonehage Fleming, a market leading provider of family office services, and £72m in the Funds pool private equity programme |
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£106m realised, including £55m in fund distributions and redemptions |
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£6m of net cash available plus unutilised facilities of £245m at 30 September 2019 |
Will Wyatt, Chief Executive, commented:
“We remain focused on our mission of protecting and generating value over the long term. Our approach continues to be one of balancing patience with actively seeking opportunities, supported by our strong balance sheet.
“We are pleased with the performance of our Quoted and Funds pools and are encouraged by how the companies in the relatively young portfolio in our Private Capital business are trading. Markets remain volatile, but we are confident that we have invested in resilient businesses that will continue to add value for our shareholders.”