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LFI London Finance & Investment Group Plc

50.00
-2.50 (-4.76%)
24 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
London Finance & Investment Group Plc LSE:LFI London Ordinary Share GB0002994001 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.50 -4.76% 50.00 45.00 55.00 50.00 50.00 50.00 0.00 08:00:08
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 2.62M 1.38M 0.0443 11.29 15.6M

Lon.Fin.&Inv.Grp. Final Results

30/09/2022 3:30pm

UK Regulatory


 
TIDMLFI 
 
LONDON FINANCE & INVESTMENT GROUP PLC 
 
Final Results 
 
30 September 2022 
 
                     LONDON FINANCE & INVESTMENT GROUP PLC 
 
                   ("Lonfin", "the Company" or "the Group") 
 
                 Final Results for the year ended 30 June 2022 
 
                        and Final Dividend Declaration 
 
London Finance & Investment Group PLC. (LSE: LFI, JSE: LNF), the investment 
company whose assets primarily consist of Strategic Investments and a General 
Portfolio, today announces its audited Final Results for the year ended 30 June 
2022 and the Board's Final Dividend Declaration. 
 
Strategy, Business Model and Investment Policy 
 
Lonfin is an investment company whose objective is to generate growth in 
shareholder value in real terms over the medium to long term whilst maintaining 
a progressive dividend policy. 
 
The Group's investment policy is to invest in a range of 'Strategic', 'General 
Portfolio' and from time to time 'Other Investments'. General Portfolio 
Investments comprise liquid stock market investments, both in equity 
instruments and bonds, and, at the Board's discretion, 'Other Investments' are 
typically property and other physical assets. Strategic Investments are 
significant investments in smaller UK quoted companies. These are balanced by 
the General Portfolio, which consists of a broad range of investments in major 
USA, UK and other European companies which provides a diversified exposure to 
international equity markets. 
 
Further information on the Group's Investment Policy can be found in the 
Directors' Report set out in the Company's 2022 Annual Report which will be 
published shortly. 
 
The Group's net assets per share for 2022 have decreased from the previous year 
to 54.8p and decreased 16.2% over the last five years. Shareholders' total 
dividends for 2022 remains the same at 1.15p. Information on the Group's 
performance against the Board's key performance indicators (KPIs) is included 
in the Strategic Report set out in the Company's 2022 Annual Report. 
 
Results 
 
*    Net assets have decreased to 54.8p per share (2021 - 60.5p per share) 
 
*    The sale of 4,200,000 shares in Finsbury Food Group Plc for £3,445,000 has 
led to decrease in value of the Strategic Investments, from £8,202,000 to £ 
3,957,000. 
 
*    The value of the General Portfolio has increased, including investment 
purchases and sales, over the year, by 16.3% from £12,081,000 to £14,055,000 
 
*    The fair value of the General Portfolio investments over the period has 
decreased by £508,000. 
 
*    No significant increase in Group operating costs 
 
*    A final dividend of 0.60p per share is recommended, making a total of 
1.15p per share for the year (2021 - 1.15p) 
 
The Company and its subsidiaries ("Group") recorded an operating profit for the 
year, before interest, tax and changes to the fair value adjustments of 
investments of £180,000, compared to operating profit for the previous year, 
before tax and changes to the fair value adjustments of investments, of £ 
225,000. The significant decrease in fair value of Strategic Investments that 
occurred during the year has led to Total Comprehensive loss for the year of £ 
1,439,000 compared to Total Comprehensive income of £3,241,000 for the previous 
year. Basic and headline losses per share are (1.4)p (2021- profit of 4.8p). 
 
Strategic Investments 
 
The value of the Strategic Investments has decreased by £4,245,000 due to the 
disposal of Finsbury Food Group Plc shares during the year and the market 
movements in the share prices. 
 
Western Selection PLC ("Western") 
 
The Group holds 7,860,515 ordinary shares, being 43.8% of the issued share 
capital of Western. 
 
On 28 September 2022, Western announced unaudited preliminary results showing a 
loss after tax of £438,000 for the year to 30 June 2022 (2021 loss - £109,000). 
Losses per share are 2.4p (2021 - losses of 0.62p). 
 
Western's Board has not recommended payment of an interim or a final dividend 
for the year. 
 
Western's net assets at market value at 30 June 2022 were £9,963,000 equivalent 
to 56p per share, which remains the same level with the 56p last year. 
 
Our share of the net assets of Western, including the value of Western's 
investments at market value, was £4,364,000 (2021 - £4,396,000). The fair value 
for Western recorded in the Statement of Financial Position is the market value 
of £2,751,000 (2021 - £2,712,000). This represents 15.8% (2021 - 14.2%) of the 
net assets of the Group. 
 
Western's objective is to generate growth in value for shareholders over the 
medium to long-term. Western also aspires to pay a progressive dividend, when 
in the best interest of the shareholders and the company, including ensuring 
any dividend paid would not have a negative effect on the ability to maintain 
continued growth. 
 
Recently some of the Core Holdings held by Western have not performed well. The 
Western Board has fully engaged with those companies' boards to encourage 
change and ensure a focus on shareholder value. The Western Board is delighted 
to see a recovery in value in some cases and continues to be fully engaged 
investors. At present, Western is not seeking to invest in new Core Holdings. 
Western continues to actively invest through its treasury operations which 
consist of a mix of cash and debt facilities as well as the liquid investments. 
These liquid investments are primarily in blue-chip companies in the USA, UK 
and Europe. 
 
Western is a strategic investment which is technically a subsidiary of the 
Company that has not been consolidated due to the application of the investment 
entity exemption under IFRS 10. 
 
David Marshall is the Chairman of Western and Edward Beale is non-executive 
director. 
 
Western's main Core Holdings are Crestchic Plc (formerly Northbridge Industrial 
Services plc) and Kinovo Plc (formerly Bilby plc). 
 
An extract from Western's announcement on 28 September 2022 relating to its 
main Core Holdings is set out below: 
 
Core Holdings 
 
Crestchic Plc (previously Northbridge Industrial Services Plc) 
 
Crestchic designs, manufactures and sells specialist industrial equipment to a 
non-cyclical customer base. With offices or agents in the UK, USA, Dubai, 
Germany, Belgium, France, Australia, New Zealand, China and Singapore, 
Crestchic has a global customer base. This includes utility companies, the oil 
and gas sector, shipping, construction and the public sector. The product range 
includes loadbanks, transformers and oil tools. Further information about 
Crestchic is available on their website: www.crestchicplc.com 
 
Crestchic, which is admitted to trading on AIM, announced its results for the 
year ended 31 December 2021 on 12 April 2022 and recorded a total comprehensive 
loss of £5,515,000 for the year (2021- total comprehensive loss of £7,400,000). 
A final dividend of £0.01p was announced and paid by Crestchic in June this 
year (2021 - £Nil). 
 
Western has disposed of 2,234,500 shares in Crestchic and now holds 1,065,500 
Crestchic shares which represents 3.6% of Crestchic's issued share capital. 
Following the disposal, the market value of this investment on 30 June 2022 was 
£2,024,450 (2021 - £3,828,000) which represents approximately 20.3% (2021 - 
38.1%) of Western's net assets. 
 
Kinovo Plc ("Kinovo") (formerly Bilby Plc) 
 
Kinovo is an established, and award winning, provider of gas installation, 
maintenance and general building services to local authority and housing 
associations across London and South-East England. They have a strategy of 
growing organically and by acquisition. Further information about Kinovo is 
available on their website: www.kinovoplc.com. 
 
Kinovo, which is admitted to trading on AIM, announced its results for the year 
ended 31 March 2022 on 19 August 2022 showing a total comprehensive loss[DEL:,: 
DEL] of £10,882,000 compared to a total comprehensive profit[DEL:,:DEL] of £ 
157,000 for the previous year ended 31 March 2021. Interim dividends of £0.05p 
per share were paid during the year (2021 - Nil). No final dividend (2021 - £ 
0.05p per share) was recommended. 
 
Western holds 7,500,000 Kinovo shares which represents 12.07% of Kinovo's 
issued share capital. The market value of this investment on 30 June 2022 was £ 
1,125,000 (2021- £2,775,000), which represents approximately 11.3% (2021 - 
27.7%) of Western's net assets. 
 
Associated Companies 
 
Finsbury Food Group plc ("Finsbury") 
 
Finsbury is one of the largest producers and suppliers of premium cakes, bread 
and morning goods in the UK and currently supplies most of the UK's major 
supermarket chains. Further information about Finsbury, whose shares are 
admitted to trading on AIM, is available on its website: 
www.finsburyfoods.co.uk 
 
At 30 June 2022, Lonfin held 1,800,000 Finsbury shares, representing 1.4% of 
Finsbury's issued share capital. The market value of the holding was £1,206,000 
as at 30 June 2022 (cost - £517,065) and represents approximately 7% (2021 - 
29%) of Lonfin's net assets. 
 
On 21 February 2022, Finsbury announced their interim results, with total 
comprehensive profit of £4,667,000 for the 26 weeks ended 25 December 2021 (52 
weeks to 26 June 2021 -£13,645,000). 
 
A total of £154,030 in dividends were received from Finsbury during the year 
(2021 - £Nil). 
 
As of 8 September 2022, all the remaining 1,800,000 shares have been disposed 
of. 
 
General Portfolio 
 
The investments comprising the General Portfolio at 30 June 2022 are listed in 
the Company's 2022 Annual Report. 
 
The portfolio is diverse with material interests in Food and Beverages, Natural 
Resources, Chemicals and Tobacco. We believe that the portfolio of quality 
companies we hold has the potential to outperform the market in the medium to 
long term. 
 
At 30 June 2022, the number of holdings in the General Portfolio was 40 (2021 - 
36). The value of the General Portfolio over the year has increased by £ 
1,974,000 (2021 - increased by £2,133,000) from £12,081,000 to £14,055,000. 
This 16.3% increase includes investment purchases during the year of £5,152,000 
and investment sales (including selling expenses) during the same period of £ 
1,735,000. 
 
The fair value of the General Portfolio investments, after adjusting for sales, 
has decreased by 12.2% as at 30 June 2022. 
 
Board Changes 
 
Whilst the Board is satisfied that it has a sufficient spread of skills, 
experience and support within the Board to operate the Company and to develop 
the Company's investment business, the Board will continue to seek further 
suitable Board candidates who can add value to the Board. 
 
Operations, Directors and Employees 
 
All of our operations and those of Western, with the exception of investment 
selection, are outsourced to our subsidiary, City Group PLC ("City Group"). 
City Group also provides office accommodation, company secretarial, finance and 
head office services to a number of other companies. City Group is responsible 
for the initial identification and appraisal of potential new strategic 
investments for the Company and the day to day monitoring of existing strategic 
investments and employs 6 people. 
 
Dividend 
 
The Board recommends a final dividend of 0.60p (ZAR  11.89206 cents) per share, 
making a total of 1.15p (ZAR 22.7932 cents) per ordinary share for the year 
(2021 - 1.15p). Subject to shareholders' approval at the Company's Annual 
General Meeting ("AGM")  to be held on 10 November 2022, the dividend will be 
paid on 21 December 2022 to those shareholders on the register at the close of 
business on 9 December 2022. Shareholders on the South African register will 
receive their dividend in South African rand converted from Pounds sterling 
("Sterling") at the closing rate of exchange on Thursday, 22 September 2022 
being GBP1= ZAR 19.8201. 
 
JSE Disclosure Requirements 
 
In respect of the normal gross cash dividend, and in terms of the South African 
Tax Act, the following dividend tax ruling only applies to those shareholders 
who are registered on the South African register on Friday, 9 December 2022. 
 
  * The number of shares in issue as at the dividend declaration date is 
    31,207,479; 
  * The dividend has been declared from income reserves. Funds are sourced from 
    the Company's main bank account in London and is regarded as a foreign 
    dividend by South African shareholders; and 
  * The Company's UK Income Tax reference number is 948/L32120. 
 
Dividend dates: 
 
Last date to trade (SA)      Tuesday, 6 December 2022 
 
Shares trade ex-dividend     Wednesday, 7 December 2022 
(SA) 
 
Shares trade ex-dividend     Thursday, 8 December 2022 
(UK) 
 
Record date (UK and SA)      Friday, 9 December 2022 
 
Pay date                     Wednesday, 21 December 2022 
 
The JSE Listings Requirements require disclosure of additional information in 
relation to any dividend payments. 
 
Shareholders registered on the South African register are advised that a 
dividend withholding tax will be withheld from the gross final dividend amount 
of ZAR 11.89206 cents per share at a rate of 20% unless a shareholder qualifies 
for an exemption; shareholders registered on the South African register who do 
not qualify for an exemption will therefore receive a net dividend of ZAR 
9.51365 cents per share. The dividend withholding tax and the information 
contained in this paragraph is only of direct application to shareholders 
registered on the South African register, who should direct any questions about 
the application of the dividend withholding tax to Computershare Investor 
Services (Pty) Limited, Tel: +27 11 370 5000. 
 
Share certificates may not be de-materialised or re-materialised between 
Wednesday, 7 December 2022 and Friday, 9 December 2022, both days inclusive. 
Shares may not be transferred between the registers in London and South Africa 
during this period either. 
 
Outlook 
 
The UK economy continues to adapt to the effects of Covid-19 and Brexit which 
have led to staff shortages across the UK and continued disruption to supply 
chains. The UK is now having to deal with new challenges. The invasion of 
Ukraine by Russia has significantly increased geopolitical risk and created 
considerable uncertainty in the UK and internationally. Supply chains have been 
disrupted further, interest rates and inflation are rising rapidly and the 
prospect of recession is a major concern for the UK's new administration. 
Further volatility and turbulence in the markets, as interest rates continue to 
increase, can be expected. The last 12 months have been challenging, and will 
continue to be so, for the Group's investments, particularly its Strategic 
Investments, However, the Board is pleased to see its Strategic Investments 
reporting positive trading results and that one of the Strategic Investments 
has already committed to return to the payment of dividends. The Board is 
confident that the Group has a solid base of investments which can lead to 
further capital growth in the medium to long term. 
 
Future Developments 
 
The Group's development and its financial performance are dependent on the 
success of its Investment Strategy and the continued support of its 
shareholders. Against a background of challenging and uncertain times in the 
markets due to the continued presence of Covid-19 and the emergence of new 
variants, and the more recent concerns with the war in Ukraine, energy supply 
and food shortages and the rising cost of living alongside increasing 
inflation, the Board continues to seek out investments which will generate 
growth in shareholder value. The Board also continues to monitor and enhance 
the quality of investments in the General Portfolio. The Board continues to 
pursue its current Investment Policy and has no plans to make any further 
changes to the policy in the near future. As at 30 June 2022, the Company held 
40 investments in the General Portfolio. 
 
30 September 2022 
 
The Company's 2022 Annual Report and Accounts will be finalised shortly and 
sent to shareholders. 
 
This announcement contains inside information for the purposes of Article 7 of 
EU Regulation 596/2014. 
 
The directors of the Company accept responsibility for the contents of this 
announcement. 
 
For further information, please contact: 
 
London Finance & Investment Group PLC: 020 7796 9060 
David Marshall/Edward Beale) 
 
Johannesburg Sponsor: 
Questco Corporate Advisory:   +27 11 011 9212 
 
Consolidated Statement of Total Comprehensive Income 
 
For the year ended 30 June 
 
 
 
Operating Income                                            2022           2021 
 
                                                            £000           £000 
 
Dividends receivable                                         652            326 
 
Management service fees                                      327            304 
 
Rental and other income                                      136            154 
 
(Loss)/Profits on disposal of General                      (111)            245 
portfolio investments 
 
                                                           1,004          1,029 
 
Administrative expenses 
 
Investment operations                                      (394)          (392) 
 
Management services                                        (430)          (412) 
 
Total administrative expenses                              (824)          (804) 
 
Operating profit                                             180            225 
 
Unrealised changes in the carrying value of 
General Portfolio investments                              (508)          1,651 
 
Other income                                                   -             36 
 
Interest payable                                             (6)           (39) 
 
(Loss)/Profit before taxation                              (334)          1,873 
 
Tax expense                                                 (96)          (337) 
 
(Loss)/Profit after taxation                               (430)          1,536 
 
Non-controlling interest                                    (12)           (26) 
 
(Loss)/Profit attributable to shareholders                 (442)          1,510 
 
Other comprehensive income/(expense) 
 
Items that will not be reclassified to 
profit or loss 
 
Loss on disposal of Strategic investments                  (398)              - 
 
Unrealised changes in the carrying value of 
Strategic investments                                      (402)          1,911 
 
Other taxation - 
 
Tax on disposal of strategic investments                   (198)              - 
 
Total Other Comprehensive (Loss)/Income 
attributable to shareholders                               (998)          1,911 
 
Total Comprehensive (Loss)/Income 
attributable to owners of the parent                     (1,440)          3,421 
 
Reconciliation of headline earnings 
 
Basic and diluted (loss)/earnings per share               (1.4)p           4.8p 
 
Adjustment for the unrealised changes in the 
carrying value of investments, net of tax                      -              - 
 
Headline earnings per share                               (1.4)p           4.8p 
 
 
Consolidated Statement of Financial Position 
 
At 30 June 
 
                                                            2022           2021 
 
                                                            £000           £000 
 
Non-current Assets 
 
Property, Plant and Equipment                                 12             22 
 
Right of use asset                                            81            145 
 
Strategic investments at fair value though                 3,957          8,202 
other comprehensive income 
 
                                                           4,050          8,369 
 
Current Assets 
 
General portfolio investments at fair value               14,055         12,081 
through profit and loss 
 
Trade and other receivables                                  109            125 
 
Cash and cash equivalents                                    407            309 
 
                                                          14,571         12,515 
 
Current Liabilities 
 
Overdraft                                                   (66)              - 
 
Trade and other payables                                   (171)          (228) 
 
Lease liabilities                                           (75)           (71) 
 
Corporation tax                                            (198)              - 
 
                                                           (510)          (299) 
 
Net Current Assets                                        14,061         12,216 
 
Non-current Liabilities 
 
Lease liabilities                                           (33)          (107) 
 
Borrowings                                                     -          (650) 
 
Deferred Taxation                                          (843)          (806) 
 
                                                           (876)        (1,563) 
 
Total Assets less Total Liabilities                       17,235         19,022 
 
Capital and Reserves 
 
Ordinary share capital                                     1,560          1,560 
 
Share premium                                              2,320          2,320 
 
Unrealised profits and losses on investments                  11          4,530 
 
Share of retained realised profits and                     5,331          4,734 
losses of subsidiaries 
 
Company's retained realised profits and                    7,872          5,749 
losses 
 
Capital and reserves attributable to owners               17,094         18,893 
 
Non-controlling interests                                    141            129 
 
Total Capital and Reserves                                17,235         19,022 
 
Company Statement of Financial Position 
 
At 30 June 
 
                                                             2022           2021 
 
                                                             £000           £000 
 
Non-current Assets 
 
Investments in Group companies                                 89          2,079 
 
Current Assets 
 
General portfolio investments at fair value                14,055         12,081 
through profit or loss 
 
Trade and other receivables                                    13             17 
 
Cash and cash equivalents                                     124             23 
 
                                                           14,192         12,121 
 
Current Liabilities 
 
Overdraft                                                    (66)              - 
 
Trade and other payables                                     (90)          (106) 
 
                                                            (156)          (106) 
 
Net Current Assets                                         14,036         11,365 
 
Non-current Liabilities 
 
Borrowings                                                      -          (650) 
 
Deferred Taxation                                           (843)          (806) 
 
                                                            (843)        (1,456) 
 
Total Assets less Total Liabilities                        13,282         12,639 
 
Capital and Reserves 
 
Ordinary share capital                                      1,560          1,560 
 
Share premium                                               2,320          2,320 
 
Unrealised profits and losses on investments                1,530          3,010 
 
                                                            5,410          6,890 
 
Realised Profit and Loss 
 
Balance at 1 July                                           5,749          5,498 
 
Net Profit for the period                                   2,482            577 
 
Dividends paid                                              (359)          (326) 
 
Balance at 30 June                                          7,872          5,749 
 
Equity shareholders' funds                                 13,282         12,639 
 
Total Comprehensive income                                  1,002          1,488 
 
Consolidated Statement of Cash Flows 
 
For the year ended 30 June 
 
                                                            2022           2021 
 
                                                            £000           £000 
 
Cash flows from operating activities 
 
(Loss)/Profit before tax                                   (334)          1,873 
 
Adjustments for non-cash items - 
 
Finance expense                                                6             39 
 
Depreciation charges                                          10             10 
 
Depreciation on right of use asset                            64             62 
 
Lease adjustment                                               -           (36) 
 
Unrealised changes in the fair value of                      508        (1,196) 
general portfolio investments 
 
Realised gain on disposal of general                         111          (700) 
portfolio investments 
 
Decrease in trade and other receivables                       17             41 
 
(Decrease)/Increase in trade and other                      (49)             10 
payables 
 
Taxes paid                                                  (59)           (51) 
 
Net cash inflow from operating activities                    274             52 
 
Cash flows from investment activity 
 
Acquisition of general portfolio investments             (5,152)        (1,706) 
 
Proceeds from disposal of general portfolio                2,559          1,469 
investments 
 
Proceeds from disposal of strategic                        3,445              - 
investments 
 
Net cash inflow/(outflow) from investment                    852          (237) 
activity 
 
Cash flows from financing activities 
 
Interest paid                                                (5)           (19) 
 
Interest paid on lease liabilities                           (9)           (28) 
 
Repayment of lease liabilities                              (71)           (52) 
 
Equity dividends paid                                      (359)          (326) 
 
Net (repayments)/drawdown of loan facilities               (650)            650 
 
Net cash (outflow)/inflow from financing                 (1,094)            225 
activities 
 
Increase in cash and cash equivalents                         32             40 
 
Cash and cash equivalents at the beginning                   309            269 
of the year 
 
Net Cash and cash equivalents at end of the                  341            309 
year 
 
Cash and cash equivalents                                    407            309 
 
Overdraft                                                   (66)              - 
 
Net Cash and cash equivalents                                341            309 
 
Company Statement of Cash Flows 
 
                                                            2022           2021 
 
                                                            £000           £000 
 
Cash flows from operating activities 
 
Profit before tax                                          1,098          1,825 
 
Adjustments for non-cash items - 
 
Finance (income)/expense                                     (3)             11 
 
Unrealised changes in the fair value of                      508        (1,197) 
general portfolio investments 
 
Realised gain on disposal of general                         111          (700) 
portfolio investments 
 
Decreased/(Increase) in trade and other                        4            (1) 
receivables 
 
Decrease in trade and other payables                         (6)           (18) 
 
Overseas Taxes paid                                         (59)           (51) 
 
Net cash inflow/(outflow) from operating                   1,653          (131) 
activities 
 
Cash flows from investment activity 
 
Acquisition of general portfolio investments             (5,152)        (1,706) 
 
Proceeds from disposal of general portfolio                2,559          1,469 
investments 
 
Net cash outflow from investment activity                (2,593)          (237) 
 
Cash flows from financing activities 
 
Interest paid                                                (6)           (19) 
 
Equity dividends paid                                      (359)          (326) 
 
Decrease/(Increase) in loan to subsidiary                  1,990            (5) 
 
Net (repayment)/drawdown of loan facilities                (650)            650 
 
Net cash inflow from financing activities                    975            300 
 
Increase/(Decrease) in cash and cash                          35           (68) 
equivalents 
 
Cash and cash equivalents at the beginning                    23             91 
of the year 
 
Net Cash and cash equivalents at end of the                   58             23 
year 
 
Cash and cash equivalents                                      8             23 
 
Overdraft                                                   (66)              - 
 
Net Cash and cash equivalents                                 58             23 
 
Consolidated Statement of Changes in Shareholders' Equity 
 
                    Ordinary    Share  Unrealised     Share of  Company's   Total Non-Controlling   Total 
                       Share  Premium profits and     retained   retained               Interests  Equity 
                     Capital  Account   losses on     realised   realised 
                                      Investments  profits and    profits 
                                                     losses of      and 
                                                  Subsidiaries     losses 
 
                        £000     £000        £000         £000       £000    £000            £000    £000 
 
Year ended 30 June 
2022 
 
Balances at 1 July 
2021 
                    1,560    2,320     4,530        4,734        5,749    18,893   129            19,022 
 
Profit for the Year        -        -     (1,480)      (1,444)      2,482   (442)              12   (430) 
 
Other Comprehensive        -        -     (3,039)        2,041          -   (998)               -   (998) 
Income 
 
Total comprehensive 
income 
                                      (4,519)          597       2,482    (1,440)  12             (1,428) 
                    -        - 
 
Dividends paid and         -        -           -            -      (359)   (359)               -   (359) 
total transactions 
with shareholders 
 
Balances at 30 June 
2022 
                    1,560    2,320          11      5,331        7,872    17,094   141            17,235 
 
 
 
Year ended 30 June 
2021 
 
Balances at 1 July 
2020 
                     1,560    2,320    1,708      4,712      (5,498)    15,798     103     15,901 
 
Profit for the Year        -        -        911          22        577   1,510         26   1,536 
 
Other Comprehensive        -        -      1,911           -          -   1,911          -   1,911 
Income 
 
Total comprehensive 
income 
                     1,560    2,320    2,822           22         577   3,421        26    3,447 
 
Dividends paid and         -        -          -           -      (359)   (359)          -   (359) 
total transactions 
with shareholders 
 
Unclaimed dividends        -        -          -           -         33      33          -      33 
 
Balances at 30 June 
2021 
                     1,560    2,320    4,530      4,734        5,749    18,893     129     19,022 
 
Company Statement of Changes in Shareholders' Equity 
 
                                      Ordinary      Share  Unrealised  Realised     Equity 
                                         Share    Premium profits and   profits      Total 
                                       Capital    Account   losses on       and 
                                                          Investments    losses 
 
                                          £000       £000        £000      £000       £000 
 
Year ended 30 June 2022 
 
Balances at 1 July 2021                  1,560      2,320       3,010     5,749     12,639 
 
Profit for the Year and total                -          -     (1,480)     2,482      1,002 
comprehensive income 
 
Dividends paid and total                     -          -           -     (359)      (359) 
transactions with shareholders 
 
 
 
 
Balances at 30 June 2022 
 
                                        1,560      2,320      1,530     7,872     13,282 
 
 
 
Year ended 30 June 2021 
 
Balances at 1 July 2020                  1,560      2,320      2,099      5,498    11,477 
 
Profit for the Year and total                -          -        911        577     1,488 
comprehensive income 
 
Dividends paid and total                     -          -          -      (359)     (359) 
transactions with shareholders 
 
Unclaimed dividends                          -          -          -         33        33 
 
 
 
 
Balances at 30 June 2021 
 
                                        1,560      2,320      3,010      5,749   12,639 
 
Notes: 
 
Reconciliation of basic and headline (loss)/earnings 
 
Basic and headline (loss)/earnings per share, based on the loss attributable to 
the shareholders after tax and non-controlling interests of £(442,000) (2021 - 
profit £1,510,000) and on 31,207,479 shares issued. 
 
Diluted (loss)/earnings per share, based on the loss attributable to the 
shareholders after tax and non-controlling interests of £(442,000) (2021 - 
profit £1,510,000) and on 31,207,479 shares issued plus 80,000 share options 
granted in 2016. 
 
1.      Net assets per share 
 
The net assets per share are calculated taking investments at fair value and on 
31,207,479 shares (2021 - 31,207,479) being the weighted average of the number 
of shares in issue during the year. 
 
2.      Financial information 
 
The financial information in this preliminary announcement does not constitute 
the Company's statutory accounts for the year ended 30 June 2022 within the 
meaning of Section 435 of the Companies Act 2006. 
 
The consolidated financial statements of the London Finance & Investment Group 
PLC have been prepared in accordance with UK-adopted international accounting 
standards ('UK-adopted IAS') and with Companies Act 2006. 
 
The accounts have been prepared in accordance with UK-adopted IAS and with the 
requirements of the Companies Act 2006. 
 
The accounts are prepared on the historical cost bases, except for certain 
assets and liabilities which are measured at fair value, in accordance with 
UK-adopted IAS . The audited accounts for the Group for the year ended 30 June 
2022 were reported on with an unqualified audit report and did not contain an 
emphasis of matter paragraph or any statement under section 498 of the 
Companies Act 2006 and have been delivered to the Registrar of Companies. 
 
3.      Copies of this Announcement 
 
 
 
END 
 
 

(END) Dow Jones Newswires

September 30, 2022 10:30 ET (14:30 GMT)

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