London Finance & Investment Group PLC said on Friday it had a ‘solid base’ of investments to fuel growth after swinging to an annual profit.

The London-based investment finance and management company holds strategic investments in companies like Western Selection PLC.

The group swung to a pretax profit of £1.7 million for the financial year that ended June 30 from a loss of £334,000 a year before.

London Finance & Investment kept its final dividend at 0.60 pence and left the total payout unchanged at 1.15p.

As at June 30, its net asset value per share rose to 59.2p, up 8.0% from 54.8p at the same time at year prior.

The sale of all 1.8 million shares in Finsbury Food Group PLC for £1.3 million had led to a decrease in the value of its strategic investments to £3.1 million from £3.9 million.

The value of the general portfolio had increased, including investment purchases and sales, by 10% to £15.5 million from £14.1 million. As at June 30, the company held 37 investments in the general portfolio.

Looking ahead, London Finance & Investment said it was confident that it had a solid base of investments, which can lead to further capital growth in the medium to long term.

It warned that further volatility and turbulence in the markets, as interest rates continue to increase, can be expected.

Shares in London Finance & Investment were flat at 36.50 pence in London on Friday morning. In Johannesburg, they were also unchanged at R 7.60.

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