REG - LMS Capital PLC - 1st Quarter Results

LMS CapitalAnnouncement

22/04/2025 07:00

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RNS Number : 5899F  LMS Capital PLC  22 April 2025

 

LEI: 2138004UJ1TW8UCELX08

 

 

 

 

 

22 April 2025

LMS CAPITAL PLC

First Quarter 2025 Update

 

LMS Capital plc (the "Company"), the listed Investment Company, provides the
following update covering the period from 1 January 2025 to date and including
the Net Asset Value ("NAV") at 31 March 2025.

 

Financial Highlights

·    Unaudited NAV at 31 March 2025 was £35.1 million (43.5p per share).
This compares to £36.2 million (44.8p per share) at 31 December 2024;

·    Overall portfolio net losses were £0.6 million.  These comprise net
underlying losses of £0.2 million and unrealised foreign exchange losses of
£0.4 million reflecting the strengthening of sterling compared to the US
Dollar in Q1; and

·    Cash at 31 March 2025 was £12.5 million compared to £13.5 million
at 31 December 2024.

 

Unaudited Net Asset Value at 31 March 2025

The unaudited 31 March 2025 NAV is summarised below:

 

                                 Unaudited  Audited
                                 31 March   31 December

                                 2025        2024
                                 £ 000s
 Mature Investment Portfolio
 Quoted Investments              5          59
 Unquoted Investments            1,735      1,736
 Funds                           5,770      5,877
                                 7,510      7,672
 Other Investments
 Castle View, Windsor            6,553      6,553
 Dacian                          8,985      9,258
                                 15,538     15,811

 Total Investments               23,048     23,483
 Cash                            12,510     13,506
 Other Net Assets/Liabilities    (476)      (835)
 Net Asset Value                 35,082     36,154

 

The NAV at the end of March is based on the valuation of the Company's
investments as at 31 December 2024, adjusted for transactions in the three
months ended 31 March 2025, price movements on quoted securities, movements in
foreign currency exchange rates, cash calls and distributions from funds, and
the latest information available from third-party fund managers, generally the
31 December 2024 fund valuation reports, except for Weber Capital Partners
which is based on 31 March 2025 valuations.

 

The overall £1.1 million decrease in NAV during the first quarter is
comprised of the following:

·    Net underlying losses of £0.15 million on the investment portfolio;

·    £0.4 million of portfolio unrealised foreign exchange losses from
the strengthening of sterling against the U.S. Dollar;

·    £0.1 million of non-portfolio foreign exchange losses;

·    £0.4 million of running costs and £0.15 million of investment
related costs; and

·    £0.1 million on bank interest and other income receivable.

 

Liquidity and Outlook

Portfolio realisations were £0.1 million during the period, representing the
disposal of the holding in Tialis Essential IT plc.

 

Cash balances were £12.5 million at 31 March 2025.

 

The person responsible for the release of this announcement on behalf of the
Company is IQ EQ Corporate Services (UK) Limited, the Company Secretary.

 

 

For further information please contact:

LMS Capital plc

Nick Friedlos, Managing Director

0207 935 3555

Appendix 1

Portfolio Breakdown - 31 March 2025

 

                               £m     % NAV
 Portfolio total               23.1   65.8%

 Mature Investment Portfolio
 UK Private                    1.8    5.1%
 Elateral                      1.7    4.8%
 Other                         0.1    0.3%

 UK Funds                      0.3    0.9%
 Brockton Capital              -      0.0%
 EMAC ILF                      0.3    0.9%

 US Funds                      5.4    15.4%
 Weber                         2.2    6.3%
 Opus Capital                  3.2    9.1%
 Others                        -      0.0%
 Total Mature Portfolio        7.5    21.4%

 Other investments
 EU Private
 Dacian Petroleum              9.0    25.6%

 UK Private
 Castle View                   6.6    18.8%

 Total Other Investments       15.6   44.4%

 Cash                          12.5   35.6%
 Other Net Assets/Liabilities  (0.5)  -1.4%

 Net Asset Value               35.1

 

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