Law Debenture Swings To Profit In H1

Law Debenture Corp. Plc (LWDB.L), a British investment trust, on Friday posted a pre-tax profit for the first-half particularly helped by total income and capital gains

For the six-month period to June 30, the company registered a pre-tax income of 17.169 million pounds, compared with a pre-tax loss of 101.084 million pounds of last year.

Profit stood at 16.544 million pounds or 12.82 pence per share, compared with a loss of 101.753 million pounds or 82.37 pence per share of previous year.

Net Asset Value or NAV per share at fair value improved to 775.92 pence from previous year’s 726.74 pence per share.

Operating income was at 20.441 million pounds as against last year’s loss of 97.812 million pounds.

Total income and capital gains were at 44.018 million pounds, versus a loss of 76.467 million pounds a year ago. However, the total income moved down to 47.303 million pounds from 47.771 million pounds of 2022.

Total dividend income was at 19.296 million pounds, compared with 21.850 million pounds a year ago.

The company said that it intends for each of the first three interim dividends for 2023 to be equivalent to a quarter of Law Debenture’s total 2022 dividend of 30.5 pence per share. It further noted that the performance and growth of the IPS business continues to support the Board’s intention to maintain or increase the total dividend in 2023.

Denis Jackson, Chief Executive, said : “…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 2023 and beyond, in spite of the ongoing macroeconomic uncertainties. I believe that IPS’ investment in talent and technology leaves it well positioned to continue to win new business, increase market share and deliver medium-term growth in line with our mid-to-high single percentage target.”

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