London Finance & Investment Group PLC, a leading investment company with assets primarily consisting of strategic investments in smaller UK quoted companies, has announced its unaudited interim results for the six months ended 31 December 2023 alongside the declaration of an interim dividend.
Financial Performance: London Finance & Investment Group PLC’s financial results for the period ended December 31, 2023, show a mixed performance. While revenue increased by 4.86% to £510,000, profit before income tax saw a significant decrease of 56.44% to £572,000 compared to the same period in 2022. Headline earnings for the period also experienced a decline of 53.47% to £456,000. However, the company reported an increase in net assets per share by 19.1% to 70.3p.
| Financial Metric | December 2023 | December 2022 | Change |
|---|---|---|---|
| Revenue (GBP £’000) | £510 | £486 | +4.86% |
| Profit before tax (GBP £’000) | £572 | £1,313 | -56.44% |
| Headline earnings (GBP £’000) | £456 | £980 | -53.47% |
| Headline earnings per share | 1.5p | 3.1p | -51.61% |
| Dividends per share | 0.60p | 0.55p | +9.09% |
Interim Dividend Declaration: Despite the challenging financial performance, the board of directors has recommended an interim gross dividend of 0.60p per share (14.39034 SA cents), marking a 9.09% increase from the previous period. The dividend will be paid on Thursday, 4 April 2024, to shareholders registered at the close of business on Friday, 22 March 2024, both in South Africa and the UK.
| Dividend Details | Amount |
|---|---|
| Interim Gross Dividend per share | 0.60p |
| Interim Net Dividend per share (SA) | 11.51227 SA cents |
| Record Date (SA and UK) | 22 March 2024 |
| Dividend Payment Date | 4 April 2024 |
Dividend Tax Implications: Shareholders registered on the South African register may be subject to dividend withholding tax at a rate of 20%. Those who do not qualify for an exemption will receive a net dividend of 11.51227 SA cents per share. Share certificates may not be de-materialized or re-materialized between 19 March 2024 and 22 March 2024.
Conclusion
London Finance & Investment Group PLC’s interim results highlight a mixed financial performance, with revenue growth contrasting with a decline in profit before income tax and headline earnings. However, the declaration of an interim dividend indicates confidence in the company’s long-term prospects and commitment to delivering value to shareholders.
