Interim Management Statement

RNS Number : 6511B
Caledonia Investments PLC
08 January 2015
 



 

 

 

Caledonia Investments plc

Interim Management Statement for the quarter ended 31 December 2014

 

Caledonia is a self-managed investment trust company with net assets of £1.5bn. It aims to deliver growth in shareholder capital, measured over the long term, and in annual dividends. It invests in well-managed businesses with good long term prospects and via funds, both listed and private, across a range of sectors and regions.

 

Caledonia presents its interim management statement for the quarter ended 31 December 2014 and up to the date of publication.

 

Material events

o

Over the quarter, NAV increased by 2.2%, from £1,493m to £1,526m, and the NAV per share total return was 2.6%. Unquoted investments are revalued in March and September. Consequently, the NAV at 31 December 2014 did not include any valuation adjustments to unquoted investments in the past three months.



o

Significant contributors to the performance in the quarter were Avanti Communications, the satellite communications provider, and Latshaw Group, the group of US manufacturing businesses, resulting from the sale of one of its subsidiaries.



o

Investments during the period totalled £61.3m, including £19.1m in the Macquarie Asia New Stars public equity fund.



o

Realisations during the period totalled £76.5m, including £29.0m for our holding in Dewan Housing Finance, the Indian housing finance provider, a £15.1m distribution from the unquoted Latshaw Group, relating to the sale of one of its subsidiaries, and £9.6m from the sale of our ordinary share holding in the Polar Capital Global Financials Trust.



o

An interim dividend of 13.8p per share was declared on 25 November 2014, an increase in interim dividend of 3.0% over the previous year. The dividend, totalling £7.6m, will be paid on 8 January 2015 to holders of ordinary shares on the register on 12 December 2014. The ex-dividend date was 11 December 2014.

 

Financial position and performance summary


At 31 Dec 2014 

At 30 Sep 2014 

Net asset value

£1,526m 

£1,493m 

NAV per share

2725p 

2675p 

Discount

14.9% 

19.3% 

1.

NAVs per share are calculated on a diluted, cum-income basis.

2.

31 December 2014 was the latest date on which an NAV per share was prepared.

3.

Caledonia reviews the valuation of its unquoted investments biannually, in March and September.

 

At 31 December 2014, the company held net cash of £75.5m, compared with £49.1m at 30 September 2014.

 



Investment portfolio

Ten largest holdings as at 31 December 2014



31 Dec 2014 

30 Sep 2014 

Name

Business

£m 

£m 

Cobehold

Investment company

95.8 

96.2 

Capital Today China

Private equity fund

89.1 

92.3 

Park Holidays

Caravan parks operator

81.1 

81.1 

Bristow Group

Helicopter services

69.6 

68.3 

Close Brothers

Financial services

65.4 

65.5 

AG Barr

Soft drinks

55.3 

58.4 

Choice Care Group

Care homes provider

51.2 

50.2 

The Sloane Club

Residential club

45.7 

45.7 

TGE Maine

LNG engineering

45.1 

45.3 

Sterling Industries

Engineering

39.2 

39.2 



637.5 

642.2 

Other investments


802.0 

785.7 

Cash and other items


86.3 

65.5 

Net assets


1,525.8 

1,493.4 

 

Pool distribution


31 Dec 2014 

30 Sep 2014 

Quoted pool

31% 

32% 

Unquoted pool

31% 

32% 

Funds pool

19% 

19% 

Income & Growth pool

13% 

13% 

Cash and other

6% 

4% 

 

 

Enquiries

Caledonia Investments plc

Will Wyatt (Chief Executive)

Stephen King (Finance Director)

Tel: +44 20 7802 8080

 

Tulchan Communications

Peter Hewer

Tel: +44 20 7353 4200

 

8 January 2015

 

END

 

Caledonia publishes monthly fact sheets, which give further details of the investment and other activities during each month. These fact sheets and other information are available on the Company's website at www.caledonia.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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