Coronavirus Update

Caledonia Investments Plc - Half-year Report 2020

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Caledonia Investments plc

Half-year results for the six months ended 30 September 2020

Financial highlights

 

6 months 

Year 

 

 

30 Sep 2020 

31 Mar 2020 

Change 

Net asset value per share total return

+10.4% 

?8.1% 

 

Net asset value per share

3527p 

3236p 

+9.0% 

Net assets

£1,960m 

£1,787m 

+9.6% 

Interim dividend per share

17.0p 

16.6p 

+2.4% 


Highlights

-

+10.4% NAV total return for the six months.

 

 

-

Caledonia Quoted Equity returned 22.2%, benefitting from a notable rebound in global equity markets and careful stock selection.

 

 

-

Caledonia Private Capital returned 1.0%, with most investee businesses adapting well to the new Covid?19 environment and trading strongly. However, the resulting positive returns were largely offset by the adverse valuation impact resulting from the restructuring required for Buzz Bingo.

 

 

-

Caledonia Funds returned 15.7%, with good underlying performance from the Asian funds. The valuations have reverted to manager NAVs, which now incorporate the impact of Covid?19, removing the need for adjustment that existed at the end of March.

 

 

-

Progressive dividend maintained, with the interim increased by 2.4% to 17.0p per share.

 

 

-

Portfolio investments totalling £125m: £58m into our Funds pool's private equity funds programme and £49m into Private Capital investments, including £27m of new equity in Buzz Bingo and £15m in Seven Investment Management to finance its acquisition of Partners Wealth Management.

 

 

-

Portfolio realisations totalling £27m included £14m from fund distributions and redemptions.

 

 

-

Good liquidity position, with £8m of cash plus undrawn facilities of £235m at 30 September 2020.


Will Wyatt, Chief Executive, commented:

"A diverse portfolio of high-quality investments is central to our long-term approach. The pressures of 2020 have shown the benefits of this strategy, which has helped to mitigate the worst effects of the Covid-19 pandemic and largely protected shareholders' capital from much of the volatility seen elsewhere. We remain active managers and over the last six months we have continued to make portfolio investments and to invest in our Private Capital companies.

"The environment clearly remains uncertain. However, our strong balance sheet and liquidity position will enable us to take advantage of the opportunities we see and support our strategy of growing net assets and dividends over the long-term."