They published their annual report today and at first glance had a good 2024.
No mention of the prefs .I go on the basis that just like the AV. Group they will lose any capital benefit as of Jan 1 2026 and we will get-fingers crossed- the same cancellation treatment as we did for RSAB and are getting for the Aviva prefs. |
Back to normal this very morning as expected |
Tiny, 180 shares,UT trade. Will doubtless correct itself over next day or two when there's a "normal"UT trade |
As it is a Non-cum preference share, have they misses any payments.
I can't see any. |
Bargain at 7.19% yield! |
XD today, pay day 30/6 |
Annual esults:
They say:
Despite the challenging external environment, our businesses performed strongly in 2022. Gross Written Premiums (GWP) grew 15% from £486m to £559m, driven by new business wins, strong retention and rate strengthening, along with the impacts from the inflationary environment.
Strong underwriting profit of £27.4m, a significant increase on the previous year of £8.8m.
Bottom line is a loss owing to falling investment values. Back to sleep for another six months? But will CBs be forced to end tightening early in order to rescue banks? |
Thanks for posting these. I first bought in 2012 and they've give me a steady dividend over the years with a couple of trades out and back in to enhance the yield. |
HY results:
Loss caused by fair value reduction in investments. Prefs dividend for HY (£4.6m) well covered by cashflows after prior charges.
Yield about 6.8%. |
There is a new factor: insurance risk.
In their last results (to 31 Dec) they had an excellent year of underwriting profits and investment returns. In the meantime, underwriting losses and inflation claims have sppoked the general insurance sector, whilst we all know that H1 2022 has been lousy for both bonds and equities.
I can see the HY results to 30 June (in September) reflecting this. The prefs account for £9,181,000 pa in dividends, compared with around £25m in charitable donations (plus a special profit-related donation of £5m last year).
This is, for the present, something to be aware of rather than react to. |
Posted this on the GACA thread today:
===================================
Some strong buying today:
# 417k bought between 122.5p - 123.7p
# 80k sold ~ c122.0p
Yld @ 123.7p = 7.17%
ELLA had a very strong day closing at 134p-136p. Yld = a mere 6.34%
Time for a rise in GACA methinks... |
Nice steady rise, as jonwig said, don't panic !! Fixed income seeems to have bottomed out( at least in what I'm watching) Seems to be some good yields out there. |
Quite a bit of strength in these today |
Bailey incompetent at BoE? "It's too early to say". The press need a daily fix, the gov't need a scapegoat. We don't know how this will pan out. (Nor do Bailey, Sunak.)
Supply-driven inflation (covid, China lockdown, Ukraine) isn't cured by monetary means (ie BoE rate hikes), it's more like a tax on consumers anyway. Government needs to tighten fiscal policies, in particular to restrain wage demands which are driven by dinosaur muscle power, but give moderate pay rises where they are the employer and they're deserved.
Who knows that the Fed has it right? Maybe they have overdone it already and recession looms? Here in UK, if price rises don't become parabolic after October, RPI/CPI will fall back (do the math) and maybe to 2%. |
I am usually polite!.
Perhaps the BOE sees a more gradual approach inflicting less collateral damage. |
engender confidence ?- that's putting it mildly. Bailey has got to be one of the worst governors they have had since it was given independence, the guy only has to make a public appearance and sterling crashes further against the dollar. A utterly clueless civil servant by nature, inept to the core.
With future governments, its quite likely his legacy will pave the way to the BOE being brought under the treasuries direct control. |
Interesting to contrast the FED's far more aggressive monetary response with the BOE's
gradual approach. Bailey does not engender much confidence - highly subjective view to be fair. |
Who knows where the bottom is? All I see is that inflation has to be squashed and the BOE aren't acting fast enough, which means the eventual peak is likely to be higher than it might have been.
Still at least we have choices now. All the prefs, bonds and bond funds are much cheaper than they were. |
Compared with most fixed rate annuities, this must be a splendid hold. (Just don't panic!)
And when the tightening stops, a strong buy. (Neither the Fed, the BoE nor any of us has that one figured out yet.) |
every day a down day |
Stand corrected xd is 26/5/22. We need the divi to partially compensate these falls in the share price !!! |
FWIW my notes say XD 26/5/22 and pay day being 30/6/22 |
Think it went xd 20/5. pays 30/6 |
when did they go ex ? |
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