Financial highlights
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|
31 Mar 2018 |
31 Mar 2017 |
Change |
|
Net asset value total return |
+1.4% |
+18.0% |
|
|
Net asset value |
3285p |
3395p |
-3.2% |
|
Net assets |
£1,837m |
£1,899m |
-3.3% |
|
Annual dividend per share |
57.0p |
54.8p |
+4.0% |
|
Special dividend per share |
– |
100.0p |
|
Highlights
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• |
+1.4% NAV total return for the year |
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• |
+6.3% NAV total return (excl. FX) |
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? |
Positive returns from Quoted, Unquoted and Funds pools offset by weak return from Income pool and reversal of prior year FX gains |
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• |
Continued growth in dividends to shareholders |
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? |
4% increase in annual dividend per share to 57p |
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? |
51st consecutive year of increasing dividends |
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? |
Special dividend of 100p per share paid during the year |
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• |
Reduction in NAV for year primarily due to payment of £55m special dividend |
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• |
£307m realised from the portfolio including sale of The Sloane Club for £80m |
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• |
£217m of disciplined investment in new and follow-on opportunities |
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• |
Significant capacity to capitalise on market opportunities |
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£208m net cash available |
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? |
Unutilised facilities of £250m at year end |
Will Wyatt, Chief Executive, commented:
“Caledonia's investment portfolio has delivered a resilient performance despite a return to volatile market conditions. Whilst our portfolio was impacted by adverse foreign exchange movements in the year, we benefited from the diversification that our broad global exposure provides.
“Our performance enabled us to increase the annual dividend by 4%, our 51st year of increasing dividends. Following a strong year of successful realisations, we were pleased to reward shareholders with a 100p special dividend, paid in August 2017.
“Looking ahead, while we expect to see continued volatility in financial and commodity markets, Caledonia's portfolio is well positioned for long term capital and dividend growth.”
Investments summary
Holdings over 1% of net assets at 31 March 2018 were as follows:
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|
|
|
|
Net |
|
|
|
|
|
Value |
assets |
|
Name |
Pool |
Geography |
Business |
£m |
% |
|
Cobehold |
Unquoted |
Belgium |
Investment company |
93.5 |
5.1 |
|
Seven Investment Management |
Unquoted |
UK |
Investment management |
91.5 |
5.0 |
|
Choice Care Group |
Unquoted |
UK |
Care homes provider |
81.9 |
4.4 |
|
Gala Bingo |
Unquoted |
UK |
Bingo operator |
74.5 |
4.1 |
|
Liberation Group |
Unquoted |
Jersey |
Pubs and restaurants |
72.9 |
4.0 |
|
Aberdeen US PE funds |
Funds |
US |
Funds of funds |
58.7 |
3.2 |
|
NTAsset funds |
Funds |
Asia |
Quoted market funds |
44.3 |
2.4 |
|
Arlington AVM Ranger fund |
Funds |
US |
Quoted market fund |
42.0 |
2.3 |
|
A G Barr |
Quoted |
UK |
Soft drinks |
39.8 |
2.2 |
|
Macquarie Asia New Stars fund |
Funds |
Asia |
Quoted market fund |
38.8 |
2.1 |
|
Microsoft |
Quoted |
US |
Infrastructure technology |
37.3 |
2.0 |
|
British American Tobacco |
Quoted/ Income |
UK |
Tobacco |
36.9 |
2.0 |
|
Spirax Sarco |
Quoted |
UK |
Steam engineering |
32.2 |
1.8 |
|
Polar Capital |
Quoted |
UK |
Fund manager |
31.3 |
1.7 |
|
Capital Today China Growth fund |
Funds |
China |
Private equity fund |
31.0 |
1.7 |
|
Flowserve |
Quoted |
US |
Industrial engineering |
30.0 |
1.6 |
|
Hill & Smith |
Quoted |
UK |
Infrastructure products |
28.9 |
1.6 |
|
Oracle |
Quoted |
US |
Infrastructure technology |
28.1 |
1.5 |
|
Jardine Matheson |
Quoted |
Singapore |
Industrial engineering |
27.8 |
1.5 |
|
JF Lehman funds |
Funds |
US |
Private equity funds |
27.7 |
1.5 |
|
PVAM Perlus Microcap fund |
Funds |
US |
Quoted market fund |
26.1 |
1.4 |
|
Thermo Fisher Scientific |
Quoted |
US |
Biotechnology development |
24.9 |
1.4 |
|
Becton Dickinson |
Quoted |
US |
Medical technology |
24.4 |
1.3 |
|
Asia Alternatives funds |
Funds |
Asia |
Funds of funds |
23.8 |
1.3 |
|
Overlook Partners fund |
Funds |
Asia |
Quoted market fund |
23.6 |
1.3 |
|
Philip Morris |
Quoted/ Income |
US |
Tobacco |
23.2 |
1.3 |
|
Sports Information Services |
Unquoted |
UK |
Broadcasting services |
22.6 |
1.2 |
|
Watsco |
Quoted |
US |
HVAC/R distribution |
20.2 |
1.1 |
|
Axiom Asia funds |
Funds |
Asia |
Funds of funds |
19.4 |
1.1 |
|
Nestlé |
Quoted |
Switzerland |
Packaged foods |
19.0 |
1.0 |
|
Other investments |
|
|
|
404.6 |
22.0 |
|
Investment portfolio |
|
|
|
1,580.9 |
86.1 |
|
Non-pool investments |
|
|
|
29.0 |
1.6 |
|
Cash and other items |
|
|
|
226.7 |
12.3 |
|
Net assets |
|
|
|
1,836.6 |
100.0 |