|
Law Debenture Corp PLC on Friday announced it expects to maintain or increase its total dividend for 2024. Law Debenture is a London-based investment trust that also provides independent governance and transactional support services. The trust invests for long-term capital growth in London-listed companies. Law Debenture reported a 9.7% net asset value total return for the six months ended June 30, above the 7.4% of the FTSE All-Share index, its benchmark. Law Debenture said NAV per share was 857.88 pence per share on June 30, up 11% from 775.92p a year before and up 6.9% from 802.67p on December 31. Law Debenture shares were up 1.0% to 894.15p per share in London on Friday morning. Additionally, the firm reported an 8.8% increase in revenue from its professional services arm. Looking forward, Chief Executive Officer Denis Jackson commented: ‘We believe that the combination of IPS with the investment portfolio is a unique and well-diversified model, and I am cautiously optimistic about the group’s progress in the second half of 2024 and beyond, though the near-term economic outlook is not without its challenges.’ Law Debenture paid a first 8.00p interim dividend, up 4.9% from 7.63p a year ago. It plans to pay three interim dividends, each a quarter of 2023’s total payout of 32.0p. ‘Continued good performance and growth of the [Independent Professional Services] business supports the board’s intention to maintain or increase the total dividend in 2024, ’ the company said. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
