LMS Capital books loss as NAV stumbles

The investment company reported net asset value per share of 74.7 pence and a total value of £60.3m at the end of 2018, down from 79.9p and £64.5m a year earlier, while the company book an annual loss before tax of £4.2m, compared with a profit of £7.6m a year earlier.

The loss came after LMS Capital reported a loss on investment of £2.5m, compared with a profit of £10.4m a year earlier.

Cash and cash equivalents stood at £15.4m at the end of the year, up from £2.3m at the same point last year, after realisations in the year totalled £17.6m while sale discussions underway on assets which could result in further significant realisation proceeds being received in the near future.

A number of investment opportunities are currently being analysed which fulfil the company's investment policy and are in line with the resources within Gresham House, which was appointed investment manager in August 2016.

"GHAM continues to manage the existing portfolio to optimise value and, where appropriate to take advantage of opportunities to realise assets. Since the year end sale discussions have commenced on some other assets that could result in realisation proceeds that would further increase cash balances. The deployment of the company's cash is under active consideration by the board and Gresham House, as manager," said a statement from LMS.

LMS Capital's shares were up 1.27% at 48.00p at 1345 GMT.