Strong NAV returns with further active management across the portfolio
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NAV total return 14.9% for the year ended 31 March 2014 driven by strong returns across the portfolio |
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Quoted pool return of 20.5% - strong performances from long term investments |
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Unquoted pool return of 17.7% - significant sales and NAV uplifts across the portfolio |
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Funds pool return of 11.8% - strong growth from private equity fund investments especially China |
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Income & Growth pool flat return of 0.1% for year - income increased by 40% from last year |
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Ten year NAV total return of 146.0% - outperforming the FTSE All-Share by 17.3% |
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Annual dividend up 4.0% to 49.1 pence per share, the 47th consecutive annual increase |
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Total investments of £332m during the year including two substantial unquoted acquisitions - Choice Care Group for £50m and Park Holidays for £88m |
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Total realisations of £252m included the successful sale of the Unquoted pool holding of Amber Chemicals for £23m, an uplift of over 60% on its holding value prior to sale |
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On 1 April 2014, the Unquoted pool holding of Oval, the regional insurance broker, was sold for £70m to Arthur J Gallagher |
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Will Wyatt, Chief Executive, commented:
"This is a strong performance in a year in which we undertook significant activity across our portfolio. We continued to take advantage of opportunities to reduce some of our larger holdings to maintain the right balance of risk across the portfolio, and reported a substantial uplift in NAV on the sale of two unquoted companies. Our investment activity included two significant acquisitions, the purchase of Choice Care Group and Park Holidays, both of which fit well with our investment criteria.
"This activity, together with the impact of improving markets over the year, has driven our NAV to its highest level in our history. Looking ahead, our portfolio is cautiously positioned, but we remain confident of delivering continued long term performance for our shareholders."
