Source - LSE Regulatory
RNS Number : 1882T
Caledonia Investments PLC
23 November 2021
 

 

 

Caledonia Investments plc

Half-year results for the six months ended 30 September 2021

 

Financial highlights

 

6 months 

Year 

 

 

30 Sep 2021 

31 Mar 2021 

Change 

Net asset value per share total return*

+16.1% 

25.9% 

 

Net asset value per share

4592p 

4000p 

+14.8% 

Net assets

£2,540m 

£2,225m 

+14.2% 

Interim dividend per share

17.5p 

17.0p 

+2.9% 

 

*Alternative Performance Measure.

 

Highlights

 

-

+16.1% NAV total return for the six months.

 

 

-

Caledonia Quoted Equity returned 13.5%, reflecting positive movement in global equity markets and careful stock selection.

 

 

-

Caledonia Private Capital returned 20.1%, driven by healthy returns from all investee businesses and the positive impact from the sale of Deep Sea Electronics for cash proceeds of £242m. On 17 November 2021, Caledonia announced it had agreed terms to sell its interest in BioAgilytix to Cinven, with gross proceeds estimated to be US$183m (£136m).

 

 

-

Caledonia Funds returned 24.2%, a strong performance based on significant valuation growth in line with broader private equity markets, and supported by increased realisations across the portfolio.

 

 

-

Progressive dividend maintained, with the interim increased by 2.9% to 17.5p per share.

 

 

-

Portfolio investments totalling £63m included £53m into our Funds pool's private equity funds programme.

 

 

-

Portfolio realisations totalling £349m included £234m from Private Capital, principally from the sale of Deep Sea Electronics, and £86m from the Funds pool due to enhanced levels of distributions, particularly from US based funds.

 

 

-

Total liquidity position remains healthy, with £268m of cash plus undrawn facilities of £250m as at 30 September 2021.

 

 

-

CEO succession plans announced with Will Wyatt retiring as Chief Executive in July 2022 and being replaced by Mat Masters, who is currently Head of Caledonia Quoted Equity.

 

Will Wyatt, Chief Executive, commented:

 

"The portfolio has continued to perform well during the first half of the year, delivering against our aims and extending our healthy long-term performance track record. All three investment pools have generated strong positive returns with the underlying companies and funds showing good levels of growth as the world economy continues to recover from the Covid-19 pandemic.

 

Caledonia's diverse portfolio of listed, fund and privately owned assets are well positioned to manage inflationary and other pressures that will doubtless come to bear in the future. Our long-term outlook and ethos of investment in high quality, well-financed and managed companies, leaves us well-placed to withstand unforeseen events that may arise."

 

23 November 2021

 

Enquiries

Caledonia Investments plc

Tulchan Communications

Will Wyatt (Chief Executive), Tim Livett (Chief Financial Officer)

Tom Murray, Lisa Jarrett Kerr

+44 20 7802 8080

+44 20 7353 4200

 

Management report

 

Results

Caledonia's NAV total return ("NAVTR") for the six months to 30 September 2021 was 16.1% with net assets at the period end totalling £2,539.8m. The NAV total return for the last year was 32.2%. Revenue income for the half year increased 119% to £34.4m underpinned by dividend receipts from portfolio companies in the Private Capital pool. Total liquidity remains healthy with cash at the period end of £268m (31 March 2021 - £14m) plus undrawn bank facilities of £250m (31 March 2021 - £235m) following repayment of a £15m bank loan in the period. Deferred tax assets increased 130% to £19.3m in the period, principally reflecting an increase in anticipated loss surrenders to one of the group's investment entities to offset gains on US private equity funds.

 

The directors have declared an interim dividend of 17.5p per share, an increase of 2.9% compared with the previous year.

 

The tables below show Caledonia's performance track record and asset allocation to 30 September 2021:

 

Performance record

 

6 months 

1 year 

3 years 

5 years 

10 years 

 

NAVTR

16.1 

32.2 

35.5 

66.9 

203.2 

Annualised

 

 

 

 

 

NAVTR

 

32.2 

10.6 

10.8 

11.7 

Retail Prices Index

 

4.7 

2.7 

3.1 

2.6 

NAVTR vs RPI

 

+27.5 

+7.9 

+7.7 

+9.1 

FTSE All-Share Total Return

 

 

 

5.4 

8.2 

NAVTR vs FTSE All-Share Total Return

 

 

 

+5.4 

+3.5 

 

The portfolio has continued to produce good returns during the first half of the year, delivering against our aims and extending our healthy long-term performance track record. All three investment pools have generated strong positive returns, with the underlying companies and funds showing good levels of growth as the world economy continues to recover from the Covid-19 pandemic. The Quoted Equity portfolio has benefited from the strength of public equity markets which continue to take confidence from the support provided by Central Banks, producing a return of 13.5%. The Private Capital portfolio produced a return of 20.1% following the biannual revaluation of our holdings. All principal investee companies are progressing well and, together with the sale of Deep Sea Electronics ("DSE") in early June for net proceeds of £242m, delivered healthy returns in the first half of the year. The Funds portfolio returned 24.2%. This strong performance was based on the significant valuation growth witnessed in private equity markets and, encouragingly, from portfolio company sales which saw the Funds pool turning net cash positive for the first time since the strategy was formally introduced in 2012.

 

Asset allocation

 

Net assets allocation

Return 

 

Strategic 

Sep 2021 

Mar 2021 

target 

 

Quoted Equity

35-50 

31 

32 

9.0 

Private Capital

35-45 

28 

37 

14.0 

Funds

20-30 

30 

29 

12.5 

Cash and other

+/-10 

11 

 

 

Active portfolio management has resulted in a net cash inflow of £269m in the first half of the year. As noted above, DSE was sold in June generating cash proceeds of £242m including a pre-disposal dividend. The Quoted Equity portfolio reduced its holdings in three companies and refined positions in a number of others, generating net investment proceeds of £21m. The Funds portfolio benefited from elevated levels of fund distributions, particularly from US based funds. There was a net cash inflow of £33m, including £9m from the sale of an existing fund position in the period.

 

Performance for the first half of the year is summarised in the table below.

 

Pool performance

 

31 Mar 

Invest- 

Realis- 

Gains/ 

Accrued 

30 Sep 

 

 

 

2021 

ments 

ations 

losses 

income 

2021 

Income 

Return 

 

£m 

£m 

£m 

£m 

£m 

£m 

£m 

Quoted Equity

716.1 

7.7 

(28.4)

82.3 

777.7 

14.7 

13.5 

Private Capital

826.8 

1.7 

(234.3)

112.2 

1.9

708.3 

21.4 

20.1 

Funds

637.1 

53.2 

(86.0)

146.8 

751.1 

3.1 

24.2 

Portfolio investments

2,180.0 

62.6 

(348.7)

341.3 

1.9

2,237.1 

39.2 

 

Other investments

14.0 

-

(18.6) 

-

(4.6) 

 

Total investments

2,194.0 

62.6 

(348.7)

322.7 

1.9

2,232.5 

39.2 

 

Cash and other

31.3 

 

 

 

 

307.3 

 

 

Net assets

2,225.3 

 

 

 

 

2,539.8 

NAVTR

16.1 

 

1.

Other investments comprised legacy investments and cash and receivables in subsidiary investment entities.

2.

Returns for investments are calculated using the Modified Dietz methodology and the overall return is Caledonia's NAVTR.

3.

The Private Capital valuation at 30 September 2021 includes £2.8m of accrued income (31 March 2021 - £0.9m).

4.

Income includes £4.8m classified as capital.

 

Caledonia Quoted Equity - Capital and Income portfolios (31% of NAV)

The total return on the Quoted Equity pool was 13.5% over the first half of the year. This strong performance reflected the positive movement in global public equity markets and our stock selection within both the Capital and Income portfolios, delivering total returns of 17.0% and 5.6% respectively. Performance was driven by good returns from a broad range of sectors and across both UK and US holdings with five holdings - Oracle, Thermo Fisher, Spirax Sarco, Croda and Big Yellow - delivering returns of over 25% during the period.

 

Trading activity was relatively limited, in line with our long-term investment approach. The main activity was in the Capital portfolio, with an increase in our holding in Philip Morris International and a reduction in our holdings in A G Barr, Spirax Sarco and Polar Capital. Other activity was restricted to refining positions in existing investments.

 

Caledonia Private Capital (28% of NAV)

Caledonia's Private Capital portfolio is dominated by significant positions in four UK centric businesses, one US co-investment and one private European investment company. These six investments represent over 95% of the portfolio value. Investee companies are revalued in March and September each year. The portfolio generated a total return of 20.1% in the first half of the year.

 

On 1 June 2021, Caledonia announced that portfolio company DSE, a leading provider of backup power control systems, had been acquired by Generac Holdings Inc. ("Generac"). Generac is listed on the New York Stock Exchange (NYSE: GNRC) and is a leading global designer and manufacturer of energy technology solutions and other power products. DSE was acquired by Caledonia in October 2018 and had grown strongly. Caledonia received net proceeds of £242m in cash, net of fees, for the sale of its 84.2% fully diluted stake. This included a pre-disposal dividend of £12.6m. DSE was valued at £193m in Caledonia's accounts as at 31 March 2021.

 

Seven Investment Management ("7IM"), a vertically integrated multi-asset class investment manager continued to perform well. The successful integration of the Partners Wealth Management business has been a major contributor to performance, alongside growth in the Funds & Models business. 7IM's assets under management exceeded £20bn at the end of August 2021, up from £18bn as at 1 January 2021, reflecting a mix of positive investment performance and net fund inflows. The valuation at 30 September was £138.8m, a return of 8.7% for the first half of the year.

 

Liberation Group, a pub, restaurant and drinks business with operations in the Channel Islands and the South West of the UK has traded well as Covid-19 restrictions have been gradually relaxed. Its portfolio, with a focus on destination pubs, a strong food offering, large outdoor spaces and, in some cases, quality accommodation, has been well positioned as demand has grown strongly through the late spring and summer, supported by the popularity of UK-based holidays. The pubs recently acquired from Wadworth are performing well following a programme of investment. Overall, the business is trading well ahead of internal plans and performance in July and August was particularly strong, with a return to pre Covid-19 trading levels. The valuation at 30 September was £135.1m, a return of 5.9% for the first half of the year.

 

Cobepa, the Belgian based investment company, owns a diverse portfolio of private global investments. The businesses within the Cobepa portfolio continue to develop well, with many delivering strong performance and valuation progression. This is reflected in the valuation of Cobehold (the holding company of Cobepa); the valuation of Caledonia's holding at 30 September was £127.4m, a return of 15.3% for the first half of its year.

 

Stonehage Fleming, the international multi-family office, continues to deliver good organic growth. This growth has been supplemented by the successful integration of Cavendish Asset Management, acquired in summer 2020. The valuation at 30 September was £121.8m, a return of 9.0% for the first half of the year.

 

Cooke Optics, a leading manufacturer of cinematography lenses, has traded well having maintained production despite the challenges created by Covid-19 constraints. The market is strong as global demand for both streaming and cinema content remains elevated. The business has invested in capacity to fulfil this demand and has plans to bring several innovative new products to the market. The valuation at 30 September was £104.0m, an equity return of 13.3% for the first half of the year.

 

BioAgilytix, a co-investment with Cobepa, specialises in bioanalytical testing solutions for large molecule research and development. The business is a market leader in its sector and has grown strongly through a mix of acquisition and organic growth, and currently has further acquisitions in progress. The valuation is determined by Cobepa, as majority shareholder. At the end of September this was £51.0m, a return of 94.7% for the first half of the year. On 17 November 2021, Caledonia announced agreement of terms to sell its interest in BioAgilytix to Cinven as part of a collective sale by BioAgilytix shareholders. Caledonia's estimated gross proceeds are US$183m (£136m) net of fees and will be confirmed upon completion.  Details are contained in note 11 to the condensed financial statements.

 

Caledonia Funds (30% of NAV)

Caledonia Funds' investments are principally in third party managed private equity funds operating in the USA and in Asia. The total return of the Funds portfolio was 24.2% for the first half of the year. This reflects very strong valuation growth across the maturing portfolio of US and Asia based funds. Our investments with fund of funds managers - Aberdeen US private equity funds, Axiom Asia funds and Asia Alternatives funds - have shown particularly healthy returns. 100% of funds, by value, are valued as at 30 June 2021.

 

During the first half of the year, £53m was invested and £86m was received, comprising distributions of £77m and £9m from the sale of a fund position in the secondary market. The level of distributions remains positive, particularly from US funds, reflecting merger, acquisition and IPO activity in broader

private equity markets.

 

Fund investments

Geography

 

 

 

Category

 

 

North America

 

49% 

 

Private equity

 

61% 

Asia

 

50% 

 

Funds of private equity funds

 

38% 

United Kingdom

 

1% 

 

Quoted market

 

1% 

 

Dividend and share buybacks

The board has declared an interim dividend of 17.5p per share, an increase of 2.9% on last year's interim, at a total value of £9.5m. This will be paid to shareholders on 6 January 2022.

 

The Company has undertaken share buybacks since early June. In the period to the end of September, 0.5m shares were purchased at a cost of £16.9m at attractive levels of discount to NAV.

 

Management and Board

Will Wyatt, as part of long term succession planning, has informed the board of his intention to retire as Chief Executive at the Company's annual general meeting in July 2022. Will is to be succeeded by Mathew Masters, who is currently Head of Caledonia Quoted Equity and will join the board as Chief Executive designate on 1 April 2022. Mat joined Caledonia from Grant Thornton in 2005, initially as an investment executive. He was appointed as Head of the Capital portfolio in 2010, before taking on broader responsibility for the Income strategy in 2019 when he was promoted to Head of Quoted Equity.

 

In addition, Caledonia is pleased to announce the appointment of Lynn Fordham as an independent non-executive director with effect from 1 January 2022. Lynn will also join the Company's Nomination, Governance and Audit Committees, succeeding Stuart Bridges as Chair of the Audit Committee in July 2022.  Lynn, a chartered accountant, spent much of her career in senior finance roles before serving as CEO of  SVG Capital plc until 2017. She is currently a non-executive director of Dominos Pizza Group plc, having previously served as a non-executive director and Chair of the Audit Committee at Fuller Smith & Turner plc.

 

Outlook

Capital markets have recovered strongly following the shock of the Covid-19 pandemic, supported by renewed injections of liquidity by Central Banks. This action has steadied the nerve of market participants whilst much of the world has implemented its response through restrictions followed by vaccination to enable a recognisable quality of life to return to many nations. The response of businesses has been swift and impressive, though the return of strong economic demand has left supply chains struggling to deliver. This basic economic imbalance is resulting in inflation, notably the cost of labour, and is in danger of gaining an upper hand over the deflationary pressures of the past decade or more.

 

Caledonia's diverse portfolio of listed, fund and privately owned assets are well positioned to manage inflationary and other pressures that will doubtless come to bear in the future. Our long-term outlook and ethos of investment in high quality, well-financed and managed companies, leaves us well placed to withstand unforeseen events that may arise as has been the case during the Covid-19 crisis. At the core of this approach is the strong balance sheet and reserves of retained earnings which gives confidence that Caledonia is well placed to continue to achieve its aims.

 

Change in pool investments value

 

Net Assets Pool distribution

 

 

 

 

 

 

Sep 

Mar 

 

£m 

 

 

2021 

2021 

Opening balance

2,180.0 

 

Quoted Equity

31% 

32% 

Investments

62.6 

 

Private Capital

28% 

37% 

Realisations

(353.5)

 

Funds

30% 

29% 

Gains/losses

346.1 

 

Cash and other

11% 

2% 

Accrued income

1.9 

 

 

 

 

Closing balance

2,237.1 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets geographic distribution

 

 

 

Net Assets currency distribution

 

 

 

Sep 

Mar 

 

 

Sep 

Mar 

 

2021 

2021 

 

 

2021 

2021 

United Kingdom

18% 

29% 

 

Pound sterling

44% 

47% 

Channel Islands

16% 

17% 

 

US dollar

48% 

45% 

Europe

6% 

6% 

 

Euro

6% 

6% 

North America

36% 

34% 

 

Other currencies

2% 

2% 

Asia

13% 

12% 

 

 

 

 

Cash and other

11% 

2% 

 

 

 

 

 

 

 

 

 

 

 

 

1.

The geographic distribution is based on the country of listing, country of domicile for unlisted investments and underlying regional analysis for funds.

 

2.

Currency distribution is based on the denomination of the securities held. This does not look through to the underlying exposures, which may be different.

 

Portfolio summary

 

Holdings of 1% or more of net assets at 30 September 2021 were as follows:

 

 

 

 

 

 

Net 

 

 

 

 

Value 

assets 

Name

Pool

Geography

Business

£m 

Seven Investment Management

Private Capital

Jersey

Investment management

 138.8

5.5%

Liberation Group

Private Capital

Jersey

Pubs & restaurants

 135.1

5.3%

Cobehold

Private Capital

Belgium

Investment company

 127.4

5.0%

Stonehage Fleming

Private Capital

Guernsey

Family office services

 121.8

4.8%

Aberdeen US PE funds

Funds

US

Funds of funds

 118.2

4.7%

Cooke Optics

Private Capital

UK

Cine lens manufacturer

 104.0

4.1%

Axiom Asia funds

Funds

Asia

Funds of funds

 91.5

3.6%

Oracle

Quoted Equity

US

Software

 60.3

2.4%

Microsoft

Quoted Equity

US

Software

 59.1

2.3%

Texas Instruments

Quoted Equity

US

Semiconductors

 56.1

2.2%

Watsco

Quoted Equity

US

Ventilation products

 52.8

2.1%

Asia Alternatives funds

Funds

Asia

Funds of funds

 51.9

2.0%

BioAgilytix

Private Capital

US

Bioanalytical testing

 51.0

2.0%

Charter Communications

Quoted Equity

US

Cable communications

 49.0

1.9%

LYFE fund

Funds

Asia

Private equity funds

 43.4

1.7%

Thermo Fisher Scientific

Quoted Equity

US

Pharma & life science services

 42.5

1.7%

Stonepeak funds

Funds

US

Private equity funds

 41.5

1.6%

Spirax Sarco

Quoted Equity

UK

Steam engineering

 40.2

1.6%

Hill & Smith

Quoted Equity

UK

Infrastructure

 39.0

1.5%

Fastenal

Quoted Equity

US

Industrial supplies

 34.4

1.4%

British American Tobacco

Quoted Equity

UK

Tobacco

 33.9

1.3%

Decheng funds

Funds

Asia/US

Private equity funds

 33.8

1.3%

Polar Capital

Quoted Equity

UK

Fund manager

 32.2

1.3%

JF Lehman funds

Funds

US

Private equity funds

 31.7

1.2%

PAG Asia funds

Funds

Asia

Private equity funds

 29.7

1.2%

Croda International

Quoted Equity

UK

Chemicals

 28.8

1.1%

Unilever

Quoted Equity

UK

Consumer goods

 27.9

1.1%

Becton Dickinson

Quoted Equity

US

Medical technology

 26.6

1.0%

Unicorn Funds

Funds

Asia

Private equity funds

 25.8

1.0%

Philip Morris

Quoted Equity

US

Tobacco

 25.2

1.0%

Other investments

 

 

 

 483.5

19.2%

Investment portfolio

 

 

 

 2,237.1

88.1%

Cash and other

 

 

 

 302.7

11.9%

Net assets

 

 

 

2,539.8

100.0%

 

1.

Geography is based on the country of listing, country of domicile for unlisted investments and underlying regional analysis for funds.

 

Risks and uncertainties

 

Caledonia has a risk management framework that provides a structured process for identifying, assessing, and managing risks associated with the company's business objectives and strategy.

 

The principal risks and uncertainties faced by the company are set out in the strategic report section of Caledonia's annual report 2021. External risks arise from political, legal, regulatory and economic changes. Strategic risks arise from the conception, design and implementation of the company's business model. Investment risks arise from specific investment and realisation decisions. Market risks arise from equity price volatility, foreign exchange rate movements and interest rate volatility. Treasury and funding risks arise from counterparties, uncertainty in market prices and rates and liquidity availability. Operational risks arise from potentially inadequate or failed controls, processes, people or systems. The company is also mindful of the uncertainties related to the effects of Covid-19 and Brexit.

 

The principal risks and uncertainties identified in the annual report 2021 remain unchanged, other than the following developments:

 

Whilst Covid-19 remains a major consideration, we have seen a notable recovery in trading in those investee companies most directly affected by Covid trading restrictions, most particularly at Liberation Group. In addition, Caledonia's available cash resources have increased significantly in the period, enhancing our ability to respond to economic conditions.

 

Our Private Capital businesses have adapted supply chain activity to address the impacts of changes in EU/UK trade following Brexit, but there remains uncertainty over the future impact of trade agreements upon their results.

 

The last six months has seen a significant elevation in equity valuations across a broad range of markets, both public and private. As at 30 September 2021, 87% of Caledonia's net assets are invested in equity securities. There is therefore a potential increase in investment and market risks relating to any fall in equity valuations.

 

Caledonia actively monitors key risk factors, including portfolio concentration, liquidity and volatility, and aims to manage risk by:

-

diversifying the portfolio by sector and geography

-

ensuring access to relevant information from investee companies, particularly in the case of unquoted investments through board representation

-

managing cash and borrowings to ensure liquidity is available to meet investment and operating needs

-

reducing counterparty risk by limiting maximum aggregate exposures.

 

Going concern

 

The factors likely to affect the company's ability to continue as a going concern were set out in the annual report 2021. As at 30 September 2021, there have been no significant changes to these factors.

 

The group has conducted an interim going concern assessment which considered future cash flows, the availability of liquid assets and debt facilities, banking covenant requirements and consideration of the risks arising from the ongoing Covid-19 pandemic over at least 12 months from the date of approval of these financial statements. In making this assessment a stress scenario was developed, including the impact of negative investment performance, a decline in dividend income received and private equity distributions from investment portfolios, and additional funding required for the Private Capital businesses.

 

Under these scenarios the group would have a range of mitigating actions available to it, including reduction in discretionary spend which would enable it to meet all of its liabilities as they fall due and still hold significant liquid assets over the assessment period. As a result of this assessment the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the interim financial statements and therefore have prepared the financial statements on a going concern basis.

 

Directors' responsibility statement

 

We confirm that to the best of our knowledge:

-

the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the United Kingdom;

-

the interim management report includes a fair review of the information required by:

 

-

DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year;

 

-

DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related parties transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period and any changes in the related party transactions described in the last annual report that could do so.

 

Signed on behalf of the board

 

Will Wyatt, Chief Executive

22 November 2021

 

Independent review report

to Caledonia Investments plc

 

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2021 which comprises of the condensed group statement of comprehensive income, the condensed group statement of financial position, the condensed group statement of changes in equity and the condensed group statement of cash flows and the related explanatory notes.

 

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

Directors' responsibilities

The half-yearly financial report is the responsibility of and has been approved by the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

As disclosed in note 2, the annual financial statements of the group will be prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this interim financial report has been prepared in accordance with UK adopted International Accounting Standard 34, ''Interim Financial Reporting''.

 

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

 

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Financial Reporting Council for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2021 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

Use of our report

Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting its responsibilities in respect of half-yearly financial reporting in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

 

BDO LLP

Chartered Accountants

UK

22 November 2021
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

Other income

Net gains and losses on fair value investments

Net gains and losses on fair value property

Management expenses

Treasury interest receivable

Finance costs

Exchange movements

Taxation

 

 

 

 

 

 

 

 

 

Re-measurement of defined benefit pension schemes

Tax on other comprehensive income

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

Diluted earnings per share

 

 

 

 

 

 

 

Investments held at fair value through profit or loss

Investment property

Property, plant and equipment

Deferred tax assets

Employee benefits

Non-current assets

 

 

 

Trade and other receivables

Current tax assets

Cash and cash equivalents

Current assets

 

 

 

Trade and other payables

Employee benefits

Current liabilities

 

 

 

Interest-bearing loans and borrowings

Employee benefits

Deferred tax liabilities

Non-current liabilities

 

 

 

 

 

 

 

Share capital

Share premium

Capital redemption reserve

Capital reserve

Retained earnings

Own shares

 

 

 

 

Undiluted net asset value per share

Diluted net asset value per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 April 2021

 

 

 

 

 

 

 

Profit for the period

Other comprehensive income

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payments

Transfer of shares to option holders

Own shares purchased

Own shares cancelled

 

Dividends paid

Total transactions with owners

Balance at 30 September 2021

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

Balance at 1 April 2020

 

 

 

 

 

 

 

Profit for the period

Other comprehensive income

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payments

Transfer of shares to option holders

Own shares purchased

Dividends paid

Total transactions with owners

Balance at 30 September 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 April 2020

 

 

 

 

 

 

 

Profit for the year

Other comprehensive income

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payments

Transfer of shares to option holders

Own shares purchased

Dividends paid

Total transactions with owners

Balance at 31 March 2021

 

 

 

 

 

 

 

 

Dividends received

Interest received

Cash received from customers

Cash paid to suppliers and employees

Taxes received

Taxes paid

Group tax relief received

Net cash flow from operating activities

 

 

 

Purchases of investments

Proceeds from disposal of investments

Purchases of property, plant and equipment

Net cash flow from/(used in) investing activities

 

 

 

Interest paid

Dividends paid to owners of the company

Proceeds from bank borrowing

Repayments of bank borrowing

Loan payments to subsidiaries

Purchases of own shares

Net cash flow used in financing activities

Cash and cash equivalents at period start

 

 

 

 

 

Final dividend for the year ended 31 March 2021 of 45.9p per share (2020 - 44.5p)

Interim dividend for the year ended 31 March 2021 of 17.0p per share

 

 

 

 

 

 

 

 

 

Quoted Equity

Private Capital

Funds

Portfolio investments

Other investments

Total revenue/investments

Cash and cash equivalents

Other items

Reportable total

 

 

 

 

 

 

Level 1

Level 2

Level 3

 

 

         

 

 

 

 

Balance at the period start

Purchases

Realisation proceeds

Gains and losses on investments sold in the period

Gains and losses on investments held at the period end

Accrued income

Balance at the period end

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

END

 

Copies of this statement are available at the company's registered office, Cayzer House, 30 Buckingham Gate, London SW1E 6NN, United Kingdom, or from its website at www.caledonia.com.

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