Law Debenture Corp plc announce a proposed 2024 dividend increase of 4.7% to 33.5 pence per Ordinary Share (2023: 32.0 pence per Ordinary Share) compared to Group revenue return per share of 33.48 pence.
Other financial highlights include:
· Share price total return outperformed the FTSE Actuaries All-Share Index with a total return of 15.9% for 2024, compared with 9.5%.
· NAV total return with debt and Independent Professional Services ("IPS") business at fair value for FY 2024 of 13.6% (13.2% with debt at par).
· A solid performance from IPS, with net revenue increasing by 6.2% and valuation up 5.1% to £194.5 million (excluding net assets).
· Underlying IPS profit before interest and tax up 6.4%. Statutory revenue profit before interest and tax of £15.0m down by 0.5%, owing to non-recurring costs of £1.0 million.
· The Company issued 1.4 million new Ordinary Shares at a premium to NAV during 2024, to existing and new investors, with net proceeds of £12.4 million.
