Temple Bar Investment Trust Plc - Half-year Report
This Announcement is not the Company’s Half-Year Report. It is an abridged version of the Company’s full Half-Year Report for the six months ended
The Company's Half Year Report for the six months ended
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Summary of Results
Six months Year to Six months
to 30 June 31 December to 30 June
2025 2024 2024
£000 £000 £000
NAV total return, with debt at fair value1,2 14.2% 19.9% 13.1%
Share price total return1,2 19.9% 19.1% 11.0%
FTSE All-Share Index3 9.1% 9.5% 7.4%
Net asset value per share with debt at book 320.6p 286.2p 275.4p
value
Net asset value per share with debt at fair 325.4p 291.1p 280.1p
value1
Share price 319.0p 272.0p 259.0p
Discount of share price to NAV per share with 2.0% 6.6% 7.5%
debt at fair value1
Dividends per share paid in the period 6.75p 10.75p 5.00p
Historical dividend yield1 3.9% 4.1% 3.8%
Net gearing with debt at book value 6.6% 8.4% 8.4%
Ongoing charges1 0.59% 0.61% 0.62%
1 Alternative Performance Measure. See glossary of terms for definition and more information.
2 Source: Morningstar.
3 Source: Redwheel.
The Trust offers a competitive income yield and the Board and Portfolio Manager, Redwheel, support a progressive dividend policy.
Recent returns have been strong as the undervaluation of many
Despite the strong returns that the Trust has enjoyed over the last eighteen months, Redwheel believes that the portfolio of stocks continues to look very undervalued, and this bodes well for future returns.
Think value investing, think
Chairman’s Statement
Performance
The total return of the FTSE All-Share Index was +9.1% in the half-year. I am pleased to report that the Trust’s Net Asset Value (“NAV”) per share total return with debt at fair value was +14.2%, and that the share price total return was +19.9%. This reflects strong stock selection by your Portfolio Manager in market conditions that have been supportive of their value investing approach and a material reduction in the discount to NAV at which the Company’s shares trade.
Performance over one and three years has also been strong, both on a relative and absolute basis, with a NAV per share total return with debt at fair value over the periods of +21.5% and +61.7% and a share price total return of +29.1% and +66.1% compared to a total return from the FTSE All-Share Index of +11.6% and +35.5%. It is also pleasing to note that the Trust ranks first in terms of NAV total return performance in its
Discount
As at the half-year end the Trust’s share price stood at a 2.0% discount to the NAV per share with debt at fair value compared to a discount of 6.6% at the beginning of the period. We were again active buyers of our own shares early in the period under review, purchasing 2,160,900 shares into
Since the period end, due in part to the Trust’s strong performance and also its enhanced dividend yield, no shares have been repurchased and the Trust’s share price has moved to a 0.4% premium to its NAV per share with debt at fair value as at
Dividend
The Trust’s strong revenue performance was again in evidence, with an increase in revenue earnings per share of c.12.3% compared to the first half of the previous financial year. This has enabled your Board to declare an increased second interim dividend of
As explained in the Company’s most recent Annual Report and supported by shareholders at this year’s Annual General Meeting, the Company’s dividend has recently been altered to see the Company’s progressive revenue-covered dividend enhanced by the payment of an additional
The Board
I am delighted to report that
Both Nick and Wendy have deep knowledge and understanding of the investment trust sector and have already begun to contribute significantly to the Board’s deliberations.
Outlook
The new government has been in place in the
Despite global macroeconomic uncertainty, including uneven global growth and differing monetary policy paths, the
The timing and pace of interest rate cuts also remains unclear, despite continued weakness in the
On behalf of the Board, I thank shareholders for their continued support.
Chairman
Ten Largest Investments
As at
Primary
place of Valuation % of
Company Industry Listing £’000 portfolio
Johnson Matthey Materials UK 50,016 5.2%
Aviva Financials UK 49,969 5.1%
Royal Dutch Shell Energy UK 48,286 5.0%
NN Group Financials Netherlands 46,713 4.8%
ITV Communications UK 44,728 4.6%
BT Group Communications UK 43,059 4.4%
NatWest Group Financials UK 39,379 4.1%
BP Energy UK 37,927 3.9%
Smith & Nephew Healthcare UK 34,918 3.6%
Marks & Spencer Group Consumer Staples UK 33,623 3.5%
Total Top Ten 428,618 44.2%
Portfolio Manager’s Report
“In an uncertain world, our approach is and has always been to think long term and invest in what we believe to be fundamentally sound businesses that for one reason or another are valued at a significant discount to their true economic worth. This is on the basis that eventually that true economic worth will be reflected in a higher share price.”
The start of 2025 was tumultuous in many respects, but nevertheless stock markets were able to finish the first half of the year solidly in positive territory. April, in particular, was marked by extreme volatility, as
In June, longer-term fears around the US government deficit were further exaggerated as the Trump administration sought to pass its tax bill through
Despite the earlier fears that tariff induced uncertainty would undermine confidence and result in a deterioration in the global economy, so far there is little evidence that this is the case. Activity and employment indicators in both the US and
In the
The Trust’s portfolio performed well in the six months, delivering strong absolute and relative returns. Performance was helped by large rises in Johnson Matthey, the banks Barclays, NatWest, Standard Chartered and ABN Amro, insurance companies
At the time of its results in May, Johnson Matthey announced the sale of one of its divisions and an intention to return 90% of the proceeds to shareholders. This division accounts for just one quarter of the company’s profits and yet the sales proceeds accounted for around two thirds of its market value at the time of the announcement. It is perhaps unsurprising therefore that the shares responded very favourably on the day, rising by more than 30%. Despite this strong performance, we continue to believe that the shares are significantly undervalued.
Barclays, Standard Chartered, NatWest Group and the Dutch bank, ABN Amro continued to benefit from strong net interest margins and a benign loan loss cycle. Although the shares have performed well, they continue to trade at or around book value and a price to earnings ratio of around 10 times. Likewise, insurers
At its year end trading update, Currys said that trading conditions remained good and that the company continued to surpass prior expectations, prompting further upgrades to profit estimates for its new financial year. Today, the shares are priced at roughly double the level of the bid by
BT Group continues to roll out its fibre to the home network at an aggressive pace, with the intention of maximising take up rates and market share at a time when several of its competitors are struggling financially. The company has a target to generate £3 billion of free cash flow in 2030 and so far, the company is on track to achieve this goal. £3 billion of free cash flow would equate to around a 15% free cash flow yield at today’s share price.
The media group, WPP warned that macroeconomic conditions have weighed on client spending and there had been less new business than expected. Whilst it is usual for a struggling company to place the blame on an economic downturn for downgrades to profit expectations, there is no doubt that secular changes brought about by the increasing use of AI are partly to blame. Given the changing backdrop, the advertising agencies are unlikely to deliver the rates of growth that they have done in the past, but that does not mean that the companies cannot continue to generate a steady stream of profits. Without wishing to downplay the challenges that the industry faces, we therefore believe that a significant portion of WPP’s problems are self-made and therefore can ultimately be resolved. The Trust therefore continues to hold shares in WPP pending the arrival of a new chief executive later in the year.
The Trust established new positions in Smith & Nephew, Carrefour, Hana Financial, Woori and added to its position in Valterra Platinum. These purchases were funded by the sale of shares in Barrick Gold, Newmont Corp,
The medical devices business, Smith & Nephew, has struggled for some time, losing market share in its key orthopaedics business and suffering from poor levels of productivity. Consequently, the share price had been weak. The company has recognised its failings and has put in place a plan to drive financial improvement. If successful this will lead to higher sales growth, productivity improvements, margin expansion and higher cash flow and shareholder returns. In the last 18 months, there have been clear signs that the turnaround is working, as the company has delivered strong revenue growth and an expansion in margins. Smith & Nephew is a high-quality business with strong market positions in relatively stable but growing end markets and yet is modestly valued today.
The food retailer, Carrefour, has seen weakness in its share price as profit margins in
Hana Financial and Woori are both Korean banks which enjoy steady loan growth in a growing economy, are efficiently run and have strong capital ratios. Both undertake prudent lending policies and offer attractive shareholder returns and yet they also are valued at historical price earnings ratios of around seven times and large discounts to net asset value.
The Trust received shares in Valterra Platinum as a result of the Anglo American spin out of the majority of its shares in Anglo Platinum. The demerger of Anglo Platinum was one of the undertakings given at the time of BHP’s failed bid for Anglo American in the spring of 2024. We subsequently added to the position in the recognition that platinum prices have been weak for some time, new investment in the industry has been low and metal stockpiles have been run down. Although this is a volatile business and it therefore accounts for a small percentage of the Trust’s assets, the platinum demand supply dynamic looks attractive at the current time, and this could lead to stronger platinum prices and improved profits over time. Interestingly, platinum prices have already risen by more than 30% since the time of the demerger at the beginning of June.
As always, the economic outlook is uncertain. We do not know the effect that the Trump tariffs will have on economic growth and corporate profitability. In addition, the recently passed tax bill may or may not result in a significantly higher level of US borrowing and this may or may not, in turn, result in higher interest rates in the coming years. In
In an uncertain world, our approach is and has always been to think long term and invest in what we believe to be fundamentally sound businesses that for one reason or another are valued at a significant discount to their true economic worth. This is on the basis that eventually that true economic worth will be reflected in a higher share price. In essence, this approach attempts to take advantage of the short termism and behavioural inconsistencies of other investors and has successfully resulted in significant excess returns for our clients over a long period of time. One must never forget of course that there is no investment approach that will outperform the stock market in each and every year, and that there will inevitably be bumps in the road. However, with this at the forefront of our minds, we feel confident that through the disciplined application of a proven value investing strategy, the Trust can continue to create long-term value for its shareholders.
Interim Management Report
The important events that have occurred during the period under review, the key factors influencing the financial statements and the principal risks and uncertainties for the remaining six months of the financial year are set out in the Chairman’s Statement and the Portfolio Manager’s Report.
The principal risks facing the Company are unchanged, and are not expected to change materially in the remaining six
months of the financial year, since the date of the Annual Report and Financial Statements for the year ended 31
Risks faced by the Company include, but are not limited to: investment strategy risk, loss of investment team or portfolio manager, income risk – dividend, share price risk, reliance on the Portfolio Manager and other service providers, compliance with laws and regulations, cyber security, and global risks (e.g. climate risk, geopolitical and macro risks), market price risk, interest rate risk, liquidity risk, credit risk and currency risk.
The Board has in place a robust process to identify, assess and monitor the principal risks and uncertainties and also to identify and evaluate newly emerging risks. The Board, through the
Related Party Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company’s investment objective, risk management policies, capital management policies and procedures, and the nature of the portfolio and the expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future, and more specifically, that there are no material uncertainties relating to the Company that would prevent its ability to continue in such operational existence for at least 12 months from the date of the approval of this half-year financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.
The Directors confirm to the best of their knowledge that:
·
the condensed set of financial statements contained within this Half-Year Report has been prepared in accordance with Accounting Standard (“IAS”) 34, ‘Interim Financial Reporting’, as adopted in the
·
the Half-Year Report includes a fair review of the information required by 4.2.7R and 4.2.8R of the
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
· select suitable accounting policies and then apply them consistently;
· make judgements and accounting estimates that are reasonable and prudent;
· state whether applicable IFRS have been followed, subject to any material departures disclosed and explained in the financial statements; and
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and the Directors confirm that they have done so.
The Half-Year Report was approved by the Board on
Chairman
Statement of Comprehensive Income
For the six months ended
30 June 2025 30 June 2024 Year ended 31 December
(unaudited) (unaudited) 2024 (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Total 6 26,410 – 26,410 23,886 – 23,886 38,981 – 38,981
Income
Profit on 5 – 96,651 96,651 – 73,724 73,724 – 110,111 110,111
investments
Currency
exchange – (354) (354) – (120) (120) – (128) (128)
losses
Total 26,410 96,297 122,707 23,886 73,604 97,490 38,981 109,983 148,964
income
Expenses
Portfolio
Management (618) (927) (1,545) (548) (822) (1,370) (1,128) (1,691) (2,819)
fees
Other (743) (912) (1,655) (708) (365) (1,073) (1,419) (885) (2,304)
expenses
Profit
before
finance 25,049 94,458 119,507 22,630 72,417 95,047 36,434 107,407 143,841
costs and
tax
Finance (559) (838) (1,397) (562) (843) (1,405) (1,123) (1,684) (2,807)
costs
Profit 24,490 93,620 118,110 22,068 71,574 93,642 35,311 105,723 141,034
before tax
Tax (1,059) – (1,059) (1,061) – (1,061) (1,488) – (1,488)
Profit for 23,431 93,620 117,051 21,007 71,574 92,581 33,823 105,723 139,546
the period
Earnings 8.2p 32.9p 41.1p 7.3p 24.9p 32.2p 11.8p 36.8p 48.6p
per share
The total column of this statement represents the Statement of Comprehensive Income, prepared in accordance with IFRS. The supplementary revenue and capital columns are both prepared under guidance published by the AIC.
All items in the above statement derive from continuing operations.
Statement of Changes in Equity
For the six months ended
Ordinary Share
share premium Capital Retained Total
capital account reserves earnings equity
Notes £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2025 16,719 96,040 688,309 15,657 816,725
Profit for the period – – 93,620 23,431 117,051
Cost of shares bought back for – – (2,170) – (2,170)
treasury
Dividends paid to equity 7 – – – (19,211) (19,211)
shareholders
Balance at 30 June 2025 16,719 96,040 779,759 19,877 912,395
Balance at 1 January 2024 16,719 96,040 595,294 12,651 720,704
Profit for the period – – 71,574 21,007 92,581
Cost of shares bought back for – – (9,707) – (9,707)
treasury
Dividends paid to equity 7 – – – (14,375) (14,375)
shareholders
Balance at 30 June 2024 16,719 96,040 657,161 19,283 789,203
Statement of Financial Position
As at
30 June 2025 31 December 30 June 2024
(unaudited) 2024 (audited) (unaudited)
Notes £’000 £’000 £’000
Non-current assets
Investments 5 969,154 880,603 848,880
Current assets
Investments 5 – 4,202 4,202
Cash and cash equivalents 14,218 6,354 8,508
Receivables 6,943 2,059 5,989
Total assets 990,315 893,218 867,579
Current liabilities
Payables (3,121) (1,712) (3,614)
Total assets less current 987,194 891,506 894,965
liabilities
Non-current liabilities
Interest bearing borrowings 8 (74,799) (74,781) (74,762)
Net assets 912,395 816,725 789,203
Equity attributable to equity
holders
Ordinary share capital 9 16,719 16,719 16,719
Share premium 96,040 96,040 96,040
Capital reserves 779,759 688,309 657,161
Revenue reserves 19,877 15,657 19,283
Total equity attributable to 912,395 816,725 789,203
equity holders
NAV per share 10 320.6p 286.2p 275.4p
NAV per share with debt at fair 10 325.4p 291.1p 280.1p
value1
1 Alternative Performance Measure – See glossary of terms for definition and more information.
Statement of Cash Flows
For the six months ended
Year ended
31 December
30 June 2025 30 June 2024 2024
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Cash flows from operating activities
Profit before tax 118,110 93,642 141,034
Adjustments for:
Gains on investments (96,651) (73,724) (110,111)
Finance costs 1,397 1,405 2,807
Dividend income (26,366) (23,663) (38,635)
Interest income (44) (223) (346)
Dividends received 22,602 22,005 38,999
Interest received 113 387 516
(Increase)/decrease in receivables (206) 293 407
Increase/(decrease) in payables 142 (658) (652)
Overseas withholding tax suffered (1,059) (1,061) (1,488)
Net cash flows from operating activities 18,038 18,403 32,531
Cash flows from investing activities
Purchases of investments (218,316) (47,238) (108,442)
Sales of investments 230,909 58,567 124,317
Net cash flows from investing activities 12,593 11,329 15,875
Cash flows from financing activities
Equity dividends paid (19,211) (14,375) (30,817)
Interest paid on borrowings (1,386) (1,386) (2,772)
Shares bought back for treasury (2,170) (9,738) (12,738)
Net cash flows used in financing (22,767) (25,499) (46,321)
activities
Net increase/(decrease) in cash and cash 7,864 4,233 (2,079)
equivalents
Cash and cash equivalents at the start of 6,354 4,275 4,275
the period
Cash and cash equivalents at the end of 14,218 8,508 6,354
the period
Notes to the Financial Statements
1. Significant Accounting Policies
1.a General information
These condensed interim financial statements were approved for issue on
These financial statements have not been audited.
1.b Basis of Preparation
This condensed consolidated interim financial report for the half-year reporting period ended
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.
2. Going Concern
The Directors have made an assessment of the Company’s ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for 12 months from the date when these financial statements were approved.
In making this assessment, the Directors have considered a wide variety of emerging and current risks to the Company, as well as mitigation strategies that are in place. The Directors are not aware of any material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern, having taken into account the liquidity of the Company’s investment portfolio and the Company’s financial position in respect of its cash flows and borrowing facilities. Therefore, the financial statements have been prepared on a going concern basis.
3. Significant Accounting Judgements, Estimates and Assumptions
The preparation of the Company’s financial statements requires the Directors to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements and disclosure of contingent liabilities. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods. The area requiring the most significant judgment is recognition and classification of unusual or special dividends received as either revenue or capital in nature. The estimates and underlying assumptions are reviewed on an ongoing basis.
4. Segmental Reporting
The Directors are of the opinion that the Company is engaged in a single segment of business being investment business.
5. Investment at Fair Value Through Profit and Loss:
(a) Investment portfolio summary
Six months ended 30 June 2025
(unaudited)
Quoted Debt
equities securities Total
£’000 £’000 £’000
Opening cost at the beginning of the period 764,961 4,203 769,164
Opening unrealised appreciation/(depreciation) at 115,642 (1) 115,641
the beginning of the period
Opening fair value at the beginning of the period 880,603 4,202 884,805
Purchases at cost 219,590 – 219,590
Sales - proceeds (227,689) (4,203) (231,892)
Realised gain/(loss) on sale of investments 47,992 – 47,992
Change in unrealised appreciation 48,658 1 48,659
Closing fair value at the end of the period 969,154 – 969,154
Closing cost at end of the period 804,854 – 804,854
Closing unrealised appreciation at the end of the 164,300 – 164,300
period
Closing fair value at the end of the period 969,154 – 969,154
(b) Fair value of financial instruments
IFRS 13 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following classifications:
Level 1 – valued using quoted prices in active markets for identical investments.
Level 2 – valued using other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc). There are no level 2 financial assets.
Level 3 – valued using significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments). There are no level 3 financial assets.
All of the Company’s investments are in quoted securities actively traded on recognised stock exchanges, with their fair value being determined by reference to their quoted bid prices at the reporting date and have therefore been determined as Level 1.
There were no transfers between levels in the period and as such no reconciliation between levels has been presented.
30 June 31 December 30 June
2025 2024 2024
Level 1 Level 1 Level 1
As at £’000 £’000 £’000
Financial assets
Quoted equities 969,154 880,603 848,880
Debt securities – 4,203 4,202
Total investments 969,154 884,805 853,082
6. Income
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Investment
Income
UK 16,189 – 16,189 14,051 – 14,051 24,718 – 24,718
dividends
Overseas 10,177 – 10,177 9,612 – 9,612 13,917 – 13,917
dividends
Interest on
fixed 36 – 36 133 – 133 297 – 297
income
securities
26,402 – 26,402 23,796 – 23,796 36,932 – 38,932
Other
Income
Deposit 8 – 8 90 – 90 49 – 49
interest
Total 26,410 – 26,410 23,886 – 23,886 38,981 – 38,981
Income
7. Dividends
The fourth interim dividend relating to the year ended
A first interim dividend relating to the year ending
A second interim dividend of
8. Interest-bearing borrowings
The Company’s financial instruments, are included in the Statement of Financial Position at fair value or amortised cost, which is an approximation of fair value, with the exception of interest-bearing borrowings which are shown at book value.
The interest-bearing borrowings do not have prices quoted on an active market but their fair values, as shown in the below table, are based on observable inputs. As such they have been classified as Level 2 instruments in line with prior periods.
30 June 2025 31 December 30 June 2024
2024
Carrying Fair Carrying Fair Carrying Fair
value value value value value value
£’000 £’000 £’000 £’000 £’000 £’000
Interest-bearing borrowings
4.05%
03/09/2028
Private Placement Loan 49,898 47,692 49,882 46,830 49,865 46,800
2.99%
24/10/2047
Private Placement Loan 24,901 13,529 24,899 13,912 24,897 14,722
Total 74,799 61,221 74,781 60,742 74,762 61,522
9. Share Capital
30 June 31 December 30 June
2025 2024 2024
Number Number Number
As at 1 January 285,395,624 290,612,881 290,612,881
Purchase of shares into treasury (791,246) (5,217,257) (4,096,723)
As at period end:
– In circulation 284,604,378 285,395,624 286,516,158
– In Treasury 49,759,447 48,968,201 47,847,667
– Listed 334,363,825 334,363,825 334,363,825
Nominal Value of 5p ordinary shares 16,719 16,719 16,719
During the period, the Company bought back ordinary shares at a cost of £2,170,000 (Year ended
10. Net asset value (“NAV”) per share
The NAV per share is based on the net assets attributable to the equity shareholders of £912,395,000 (
The NAV per share with debt at fair value is based on the net assets attributable to the equity shareholders, adjusted for the difference between the debt at carrying value and fair value as shown in note 8, and the number of shares in issue at the period end. Adjusting for debt at fair value resulted in an increase in net assets of £13,578,000 or
Glossary of Terms
AIC
Benchmark
A comparative performance index.
Discount or Premium of Share Price to NAV per Share*
A description of the difference between the share price and the net asset value per share. The size of the discount or premium is calculated by subtracting the share price from the net asset value per share and is usually expressed as a percentage (%) of the net asset value per share. If the share price is higher than the net asset value per share the result is a premium. If the share price is lower than the net asset value per share, the shares are trading at a discount.
Fixed Interest
Fixed-interest securities, also known as bonds, are loans usually taken out by a government or company which normally pay a fixed rate of interest over a given time period, at the end of which the loan is repaid.
FTSE All-Share Index
A comparative index that tracks the market price of the UK’s leading companies listed on the
A comparative index that tracks the market price of the UK’s 350 largest companies, by market value, listed on the
Liquidity
The ease with which an asset can be purchased or sold at a reasonable price for cash.
Market Capitalisation
The total value of a company’s equity, calculated by the number of shares multiplied by their market price.
NAV (‘Net Asset Value’) per Share
The value of total assets less liabilities, with debenture and loan stocks at book value. Book value is the amount borrowed less the current loan arrangement fee debtor. The net asset value per share is calculated by dividing this amount by the number of ordinary shares outstanding.
NAV per Share with Debt at Fair Value
The value of total assets less liabilities, with debentures and loan stocks at fair value. The net asset value per share is calculated by dividing this amount by the number of ordinary shares outstanding.
Ongoing Charges*
Ongoing charges are calculated on an annualised basis. This figure excludes any portfolio transaction costs and financing costs. It may vary from period to period. The calculation below is in line with AIC guidelines.
Six months to
30 June 2025
£000
Investment management fee 1,545
Administrative expenses 1,027
Less: non-recurring expenses (23)
Total 2,549
Average total net asset value throughout the period 861,344
Ongoing charges 0.59%
* Alternative Performance Measure.
Net asset value (NAV) per Share Total Return with Debt at Fair Value*
The theoretical total return on shareholders’ funds per share, reflecting the change in NAV with debt at fair value assuming that dividends paid to shareholders were reinvested at NAV with debt at fair value at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/ premiums.
Six months to
30 June 2025
(p)
Opening NAV with debt at fair value 291.1
Increase in NAV 41.2
Less dividends paid (6.75)
Adjustment for movement in fair value of debt (0.2)
Closing NAV with debt at fair value 325.4
% increase in NAV with debt at fair value 11.8%
% Impact of reinvesting dividends 2.4%
NAV per share % total return with debt at fair value 14.2%
Share Price Total Return*
Return to the investor on mid-market prices assuming that all dividends paid were reinvested at the share price at the time the shares were quoted ex-dividend.
Six months to
30 June 2025
(p)
Opening share price 272.0
Increase in share price 53.8
Less: dividends paid (6.75)
Closing share price 319.0
% increase in share price 17.3%
% Impact of reinvesting dividends 2.6%
Share price total return 19.9%
Value Investing
An investment strategy that aims to identify under-valued yet good quality companies with strong cash flows and robust balance sheets, putting an emphasis on financial strength.
Historical Dividend Yield*
A measure of the income return earned on an investment. In the case of a share the yield expresses the annual dividend payment as the percentage of the market price of the share.
Prospective Dividend Yield*
The expected annual dividend expressed as a percentage of the current share price. It is calculated using the forecast dividends for the current financial year and the latest share price.
* Alternative Performance Measure.
For and on behalf of
- ENDS -
Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.
