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London Finance & Investment Group PLC reported on Friday that its interim profit more than halved following ‘unrealised changes’ in the value of its general portfolio investments. The London-based investment finance and management company holds strategic investments in companies like Western Selection PLC. For the first six months that ended December 31, pretax profit fell 56% to £572,000 from £1.3 million a year earlier. The company saw ‘unrealised changes’ in the carrying value of general portfolio investments tumble 65% to £453,000 from £1.3 million. As at December 31, net assets per share rose 19% to 70.3 pence from 59.2p at June 30. Operating income was up 4.9% to £510,000 from £486,000. London Finance & Investment declared an interim dividend of 0.60p, up 9.1% from 0.55p, though earnings plummeted. Earnings per share slumped 52% to 1.5p from 3.1p. The company also announced that Chair David Marshall stepped down with effect from Thursday, and promptly named Warwick Marshall as its new chair. Marshall is currently the chief executive officer of Marshall Monteagle PLC. London Finance & Investment furthermore said it had received £6.3 million from Western Selection, which announced plans to return cash to its shareholders late in December. The company said it will use the proceeds to increase its general portfolio. Shares in London Finance & Investment were untraded at 50.00 pence in London on Friday, having last traded on Tuesday. In Johannesburg, they were also untraded at R 11.70, and last traded on February 19. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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