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Unaudited Interim Results for the Six Months Ended 31 December 2024
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")
Unaudited Interim Results for the six months ended 31 December 2024
Introduction
Shareholders were advised in December of the board of directors of London Finance's (the "Board")
intention to send out a circular in January 2025 setting out the process for returning cash to
shareholders. This process is taking longer than expected due to having to obtain clearance for the
circular from both the Financial Conduct Authority in the United Kingdom and the Johannesburg Stock
Exchange in South Africa, and South African exchange control approval. We do not now expect to be
able to send out the circular before the middle of February 2025.
The process will have two stages: first a general meeting to approve the delisting of the Company's
shares and the return of capital and then a High Court hearing to approve the capital reduction.
Factoring in the notice period required for general meetings, and court timetables, the payout to
shareholders will not happen before May 2025.
The exact amount of the return of capital can only be finalised at the time of the High Court hearing,
and is dependent on exchange rates when US Dollar denominated deposits mature, but is expected to
be approximately 71p per share.
Results
Lonfin's net assets per share decreased by 0.3% to 71.4p at 31 December 2024 from 71.6p at 30 June
2024 as profits for the period were marginally less than the dividend paid to shareholders in the period.
We have sold all the General Portfolio Investments, realising a loss of £397,000 (compared to their
market value at 30 June 2024), and remaining Strategic Investments, realising a loss of £111,000. As
a consequence, dividend income has reduced to £165,000 from £241,000 last year. Cash balances
arising from these sales have been held in short term, interest bearing, deposits in £ Sterling and US
Dollars. Interest income of £355,000 and exchange gains of £482,000 were booked on those deposits
in the period.
The profit before tax for the Company and its subsidiaries (the "Group") for the half year was £230,000
(2023: profit of £3,755,000), resulting in earnings per share after tax of 0.5p (2023: earnings per share
11.7p).
% December December
2024 2023
Change
Revenue (GBP £'000) 18.63 605 510
Profit before income tax (GBP £'000) -93.87 230 3,755
Headline earnings for the period (GBP £'000) -95.63 159 3,639
Headline earnings per ordinary share (GBP pence) - 97.73 0.5 11.7
Earnings per ordinary share (GBP pence) - 97.73 0.5 11.7
Dividends per ordinary share (GBP pence) - 100 0.00 0.60
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/2025/jse/isse/lojm/lnf2025.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
28 January 2025
Enquiries to:
London Finance & Investment
Group PLC
020 3709 8740
JSE Sponsor to London Finance
Questco Corporate Advisory Proprietary Limited
Date: 28-01-2025 12:15:00
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