Highlights
Successful listing on the London Stock Exchange in February 2015, raising net proceeds of £121.3 million
15.4% increase in Net Asset Value (NAV), from £771.1 million at 31 December 2014 to £889.6 million
NAV per share at 31 December 2015 of 242p (2014 - 210p pro forma)
New investment commitments of £180.5 million versus an annual average of £135 million over the previous four years
Realisations of £86.3 million from the sale of investments
Profit before tax (pro forma) of £106.6 million compared to £120.4 million in 2014
11% increase in external Assets under Management (AuM) to £1,136 million
Cash yield from investment portfolio of £38.9 million (2014 - £24.3 million)
Continuing international growth with investment commitments in seven different countries: Australia, France, Germany, Ireland, Sweden, the UK and the US
Final dividend of 5.3p per share in line with policy (including a special dividend of 2.1p per share)
In our IPO prospectus, the Board set out its policy to pay a base dividend of £20 million. For 2015, this is reduced pro-rata for the period from the date of listing. Consistent with this, we are recommending a final base dividend for 2015 of 3.2p per share.
In the policy, the Board also said that it intended to distribute special dividends of approximately 5% - 10% of gross proceeds from the sale of investments on an annual basis, subject to specific investment requirements in any one year. Accordingly, I am pleased to say the Board is also recommending a special dividend for 2015 of 2.1p per share. This is equivalent to applying the mid-point of the 5% - 10% range to our realisations guidance for 2015 of approximately £100 million.
The total final dividend therefore amounts to 5.3p per share, which, together with the interim dividend of 1.6p paid in October 2015, makes a total dividend for 2015 of 6.9p per share. The final dividend will be put to shareholders for their approval at the Company's Annual General Meeting (AGM) which will be held on 12 May 2016.
