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Unaudited Condensed Interim Financial Statements for the six months ended 31 December 2023 and Dividend Declaration
London Finance & Investment Group PLC
(Incorporated in England with registered number
201151)
LSE code: LFI
JSE code: LNF
ISIN: GB0002994001
("London Finance" or "the Company") London Finance & Investment Group PLC
Unaudited Interim Results for the six months ended 31 December 2023 and Interim Dividend
Declaration
Introduction to the Company
London Finance & Investment Group PLC. (LSE: LFI, JSE: LNF), the investment company whose
assets primarily consist of Strategic Investments, being significant investments in smaller United
Kingdom ("UK") quoted companies with expected above average growth over the medium to longer
term and a General Portfolio, being investments in major United States, UK and European equities,
today announces its unaudited Interim Results for the 6 months ended 31 December 2023 and the
Interim Dividend Declaration by the Company's board of directors ("Board").
% December December
2023 2022
Change
Revenue (GBP £'000) + 4.86 510 486
Profit before income tax (GBP £'000) - 56.44 572 1,313
Headline earnings for the period (GBP £'000) - 53.47 456 980
Headline earnings per ordinary share (GBP
pence) - 51.61 1.5 3.1
Earnings per ordinary share (BGP pence) - 51.61 1.5 3.1
Dividends per ordinary share (GBP pence) + 9.09 0.60 0.55
Results
Lonfin's net assets per share increased by 19.1% to 70.3p at 31 December 2023 from 59.2p at 30 June
2023. We have made some changes to our General Portfolio Investments, investing additional net cash
of £723,000 and realising profit of £509,000. The fair value of our General Portfolio increased by 8%
compared with increases of 3% in both the FTSE 100 index and the FTSEurofirst 300 Index
respectively, over the half year. At the close of business on 23 February 2024, our net asset value was
70.6p per share.
The profit before tax for the Company and its subsidiaries (the "Group") for the half year was £572,000
including revaluation of General Portfolio investments only (2022 - £1,313,000), resulting in earnings
per share of 1.5p (2022: earnings per share 3.1p).
The Group's total comprehensive profit after tax and minority interest, including revaluation of all
investments, was £ 3,639,000 (2022: £943,000)
Interim Dividend
The Board recommends an interim gross dividend of 0.60p per share (14.39034 SA cents) (2022: 0.55p)
which will be paid on Thursday 4 April 2024 to those members registered at the close of business on
Friday 22 March 2024 (SA and UK). Shareholders on the South African register will receive their
dividend in SA Rand converted from Sterling at the closing rate of exchange on Thursday 22 February
2024, being GBP 1 = SA Rand 23.98390.
JSE Disclosure Requirements
In respect of the normal gross cash dividend, and in terms of the South African Tax Act, the dividend
tax ruling set out below only applies to those shareholders who are registered on the South African
register on Friday 22 March 2024. All other shareholders are exempt.
• The number of shares in issue now and as at the interim dividend declaration date is 31,207,479;
• The interim gross dividend is 14.39034 SA cents;
• The interim net dividend is 11.51227 SA cents;
• The dividend has been declared from income reserves, which funds are sourced from the
Company's main bank account in Switzerland and is regarded as a foreign dividend by South
African shareholders; and
• The Company's UK Income Tax reference number is 948/L32120.
Dividend dates:
Last day to trade (SA) Monday 18 March 2024
Shares trade ex-dividend (SA) Tuesday, 19 March 2024
Shares trade ex-dividend (UK) Thursday 21 March 2024
Record date (SA and UK) Friday 22 March 2024
Dividend Payment date Thursday 4 April 2024
Share certificates may not be de-materialised or re-materialised between Tuesday, 19 March 2024 and
Friday, 22 March 2024, both dates inclusive. Shares may not be transferred between the registers in
London and South Africa during this period either.
The JSE Listing Requirements require disclosure of the following additional information in relation to
any dividend payments.
Dividend tax ruling
Shareholders registered on the South African register are advised that the dividend withholding tax will
be withheld from the gross final dividend amount of 14.39034 SA cents per share at a rate of 20%
unless a shareholder qualifies for an exemption; shareholders registered on the South African register
who do not qualify for an exemption will therefore receive a net dividend of 11.51227 SA cents per
share. The dividend withholding tax and the information contained in this paragraph is only of direct
application to shareholders registered on the South African register, who should direct any questions
about the application of the dividend withholding tax to Computershare Investor Services (Pty) Limited
in South Africa. Tel: +27 11 370 5000.
Full Announcement
This short-form announcement is the responsibility of the Directors of the Company, is a summary of the
information in the full announcement and as such does not contain full or complete details.
Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement, which is available for viewing on the following websites:
JSE website: https://senspdf.jse.co.za/documents/2024/jse/isse/lojm/lnf2024.pdf
Company's website: www.city-group.com/london-finance-investment-group-plc/
Copies of the full announcement are also available for inspection at the offices of the Company and its
sponsor on business days during business hours, at no charge or can be requested by writing to City Group
PLC, the Company Secretary, at Suite 1.01, Central Court, 25 Southampton Buildings, London, WC2A 1AL.
On behalf of the Board
United Kingdom
1 March 2024
Enquiries to:
London Finance & Investment
Group PLC
020 3709 8740
JSE Sponsor to London Finance
Questco Corporate Advisory Proprietary Limited
Date: 01-03-2024 09:00:00
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