Company Announcements

1st Quarter Results

Source: RNS
RNS Number : 5950N
LMS Capital PLC
08 May 2024
 

 

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8 May 2024

 

 

LMS CAPITAL PLC

First Quarter 2024 Update

 

 

LMS Capital plc (the "Company"), the listed Investment Company, provides the following update covering the period from 1 January 2024 to date and including the NAV at 31 March 2024.

 

Financial Highlights

·    Unaudited Net Asset Value ("NAV") at 31 March 2024 was £41.5 million (51.4p per share). This compares to £42.1 million (52.2p per share) at 31 December 2023;

·    Overall portfolio net losses were £0.3 million.  These comprise net underlying losses of £0.8 million offset by accrued interest on Dacian of £0.4 million and by unrealised foreign exchange gains of £0.1 million reflecting the strengthening of the US Dollar compared to sterling in Q1; and

·    Cash at 31 March 2024 was £14.6 million compared to £15.5 million at 31 December 2023.

 

Unaudited Net Asset Value at 31 March 2024

The unaudited 31 March 2024 NAV is summarised below:

 


Unaudited

Audited


31 March

2024

31 December

 2023


£ 000s

Mature Investment Portfolio



Quoted Investments

153

145

Unquoted Investments

1,731

1,717

Funds

8,314

9,469


10,198

11,331

Other Investments



Castle View, Windsor

6,130

6,130

Dacian

11,451

10,989


17,581

17,119




Total Investments

27,779

28,450

Cash

14,451

15,480

Other Net Assets/Liabilities 

(734)

(1,789)

Net Asset Value

41,496

42,141

 

The NAV at the end of March is based on the valuation of the Company's investments as at 31 December 2023, adjusted for transactions in the three months ended 31 March 2024, price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds, and the latest information available from third-party fund managers, generally the 31 December 2023 fund valuation reports, except for Weber Capital Partners which is based on 31 March 2024 valuations.

 

The overall £0.6 million decrease in NAV during the first quarter is comprised of the following:

·    Net underlying losses of £0.8 million on the investment portfolio;

·    Accrued interest on Dacian investment of £0.4 million;

·    £0.1 million of portfolio unrealised foreign exchange gains from the weakening of sterling against the U.S. Dollar;

·    £0.1 million of non-portfolio foreign exchange gains;

·    £0.4 million of running costs and £0.2 million of investment related costs; and

·    £0.2 million on bank interest and other income receivable.

 

Portfolio Net Underlying Losses

 

Portfolio unrealised net losses were £0.8 million. The principal movements were:

·    Opus Capital Venture Partners - Unrealised loss of £0.8 million, driven by a reduction in the fund manager's valuation of the Fund's two principal remaining investments, primarily reflecting movements in comparable market prices;

·    Weber Capital Partners - Unrealised loss of £0.2 million reflecting market performance of the U.S. microcap equities held in the fund; and

·    Other unrealised gains on funds of £0.2 million.

 

Liquidity and Outlook

Portfolio realisations were £0.4 million during the period, consisting of a distribution from the Simmons Parallel Energy fund.

 

Cash balances were £14.5 million at 31 March 2024.

 

As laid out in our Annual Report, we see our real estate activities, particularly in retirement living as being a key area of focus over the next period in establishing a portfolio which can deliver our long-term goal. In particular, we will be focussed on identifying additional investment opportunities and funding partners with whom to develop our investment platform in the retirement living sector.

 

 

For further information please contact:

LMS Capital plc

Nick Friedlos, Managing Director

0207 935 3555

 

 

 



 

Appendix 1

Portfolio Breakdown - 31 March 2024


£m

% NAV

Portfolio total

27.7

66.7%




Mature Investment Portfolio



UK Private

1.8

4.3%

Elateral

1.7

4.1%

Other

0.1

0.2%




UK Listed

0.1

0.2%

Tialis

0.1

0.2%




UK Funds

2.8

6.7%

Brockton Capital

2.5

6.0%

EMAC ILF

0.3

0.7%




US Funds

5.4

13.0%

Weber

2.0

4.8%

Opus Capital

3.4

8.2%

Total Mature Portfolio

10.1

24.3%




Other investments



EU Private



Dacian Petroleum

11.5

27.7%




UK Private



Castle View

6.1

14.7%




Total Other Investment Portfolio

17.6

42.4%




Cash

14.5

34.9%

Other Net Assets/Liabilities

(0.7)

-1.7%




Net Asset Value

41.5


 

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