Lowland Investment Company plc – Half Year Update 2025
Lowland Investment Company plc
1
Update for the Half-Year Ended 31 March 2025
Lowland key dates
|
First interim dividend paid |
|
|
Second interim dividend paid |
|
|
Third interim dividend paid |
|
|
Final dividend paid |
|
|
Half year results |
Published June |
|
Full year results |
Published December |
|
Annual General Meeting |
January |
This update contains material extracted from the unaudited half-year results of the Company for the six months ended
Investment Objective
The Company aims to give shareholders a higher than average retuwith growth of both capital and income over the medium to long-term by investing in a broad spread of predominantly
Investment Policy
Asset Allocation
The Company invests in a combination of large, medium and smaller companies listed in the
on a bottom-up, stock-picking basis. In normal circumstances up to half the portfolio is invested in
between small and medium-sized companies. The Manager may also invest a maximum of 15% in other listed trusts.
Dividend
The Company aims to pay a progressive dividend, with each dividend equal to or greater than its previous equivalent.
Gearing
The Board believes that debt in a closed-end fund is a valuable source of long-term outperformance, and therefore the Company will usually be geared. At the point of drawing down debt, gearing will not exceed 20% of the portfolio valuation. Borrowing will be a mixture of short and long-dated debt, depending on relative attractiveness of rates.
Key Data for the six months ended
Net Asset Value Total Return
-2.1%
Benchmark Total Return
4.1%
Dividend
3.275p
Financial Highlights
|
Half-year ended |
Half-year ended |
Year ended |
|
|
NAV per ordinary share (debt at par) |
137.2p |
136.3p |
144.2p |
|
NAV per ordinary share (debt at fair value) |
139.9p |
138.2p |
146.1p |
|
Share price1 |
129.0p |
121.5p |
127.0p |
|
Market capitalisation |
£312m |
£328m |
£343m |
|
Dividend per share |
3.275p |
3.20p |
6.425p |
|
Ongoing charge |
0.71% |
0.65% |
0.66% |
|
Dividend yield2 |
5.0% |
5.2% |
5.1% |
|
Gearing |
13.8% |
13.1% |
11.0% |
|
Discount (debt at par) |
6.0% |
10.9% |
11.9% |
|
Discount (debt at fair value) |
7.8% |
12.1% |
13.1% |
1 Using mid-market closing price
2 Based on dividends paid and declared in respect of the previous twelve month period
Historical Performance
Total RetuPerformance (including dividends reinvested and excluding transaction costs)
Lowland NAV Lowland Share Price FTSE All-Share
200
% Growth
150
100
50
Rebased to 100 at
Sources: Morningstar Direct, Factset and
|
6 months % |
1 year % |
3 years % |
5 years % |
10 years % |
25 years % |
|
|
Net asset value |
-2.1 |
5.9 |
14.5 |
85.2 |
50.5 |
636.4 |
|
Share price1 |
2.9 |
11.8 |
12.1 |
86.4 |
55.0 |
818.7 |
|
Benchmark2 |
4.1 |
10.5 |
23.3 |
76.6 |
81.7 |
251.7 |
1 Using mid-market closing price
2 FTSE All-Share Index
Sources: Morningstar Direct, Factset and
|
Year to 30 Sept |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
As at 31 Mar 20251 |
|
Net assets2 (£m) |
355 |
387 |
440 |
439 |
386 |
279 |
394 |
313 |
349 |
390 |
332 |
|
Per ordinary share |
|||||||||||
|
NAV3* |
131.8p |
143.2p |
162.8p |
162.5p |
142.8p |
103.1p |
145.9p |
115.9p |
129.3p |
144.2p |
137.2p |
|
Share price* |
128.7p |
133.7p |
150.4p |
151.5p |
128.0p |
91.4p |
131.5p |
104.5p |
113.0p |
127.0p |
129.0p |
|
Net revenue* |
4.64p |
4.77p |
4.91p |
5.86p |
6.80p |
3.38p |
4.27p |
6.10p |
6.71p |
6.29p |
2.06p |
|
Net dividends paid* |
4.10p |
4.50p |
4.90p |
5.40p |
5.95p |
6.00p |
6.025p |
6.10p |
6.25p |
6.425p |
3.275p4 |
Historical Record
¹ Net revenue and net dividends paid are for the six month period ended
2 Attributable to ordinary shares
3 NAV with debt at par value
4 First interim dividend of 1.625p per ordinary share paid on
* Figures for 2015 to 2021 have been restated due to the sub-division of each ordinary share of 25p into ten ordinary shares of 2.5p each on
Chair's Statement
Overview
Against a turbulent geopolitical backdrop, Lowland's performance during the six months to the end of March was disappointing, with the NAV falling by 2.1%, relative to a 4.1% rise in the FTSE All-Share benchmark. In share price terms the picture was rather more positive, as the ongoing buyback helped to narrow the discount, resulting in a rise in the share price of 2.9%.
As we have seen before in periods of high volatility, investors have tended to seek the safety of larger companies, and small and medium sized companies substantially underperformed relative to the
the performance of the Deutsche Numis Smaller Companies Plus AIM (excluding investment companies) Index, which fell by 7.5%.
Dividends
Lowland produced earnings per share ('EPS') in the first half of the year of 2.06p, an increase from 1.71p in the same period last year. The share buyback was also moderately earnings enhancing. A second interim dividend of 1.65p has been declared, representing an increase of approximately 3% on the second interim dividend last year. We expect to maintain our quarterly progressive dividend policy, so that the last two dividends in respect of the current year should be at least at this rate.
Gearing
Gearing rose modestly during the period, ending at 13.8% compared to 11.0% at our last financial year end (30 September 2024).
Share price and discount
In January the Board initiated a buyback programme for the Company's shares, and we will continue to monitor the situation and buy back shares when we believe it is in the best interests of shareholders. Since that time (and up to the date of this report) 38.1m shares have been
bought back, at an average discount level of 7.8%.
The total cost of these purchases was £48.1m. The discount narrowed from 13.1% at financial year end to 7.8% at the half year end (both with debt at fair value).
Board
As previously announced, my predecessor
like to take this opportunity to thank Robbie for his many years of exemplary leadership, his skill in steering the Company and for putting together a strong, supportive and genuinely diverse board. We wish him all the best for the future.
Outlook
Tariffs are currently the largest source of uncertainty in the market, and more widely the unpredictability of the Trump administration may mean that there is a reluctance on the part of companies to commit to any major investment until they have greater confidence over the outlook. In the short term this is reflected in the high level of volatility in markets, while the longer term impact is difficult to predict with any degree of certainty but is likely to include higher inflation and weaker economic growth.
In this environment, the best sources of protection are, in our view, modest valuations, strong management teams and genuine diversity of holdings. The valuation of the portfolio is low on 10x historic earnings, with the smaller companies looking particularly cheap. On any improvement
in the trading environment, or further interest rate cuts, there remains the potential for a recovery in both earnings and valuation levels.
From the period end to close of business on
Equity allocation as at
Sector Weightings (%)
Company Benchmark1
30.4
27.0
25.4
14.5
11.5
12.0
9.7
6.3 5.5
7.7
10.1
7.0
4.7
4.2
5.1
4.2
2.4
2.8
2.9
3.9
1.5
1.2
40
35
30
25
% 20
15
10
5
Basic Materials
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Real Estate
Technology
Telecommunications
Utilities
0
Market Cap Weighting (%)
86.9
Lowland
FTSE All-Share
48.7
20.0
11.4 12.1
12.8
1.7
0.0
0.3 0.0
4.8 0.0
1.3
0.0
100
80
60
%
40
20
FTSE AIM
FTSE Fledgling
Overseas
Other
0
FTSE Small-Cap
1 FTSE All-Share Index
Fund Managers' Report
Performance review
It was a poor six month period for Lowland, with its net asset value falling 2.1%, underperforming a rise in its FTSE All-Share benchmark of 4.1%. Over the same time period the Deutsche Numis Smaller Companies Plus AIM (excluding investment companies) index fell 7.5%.
The underperformance of the Company relative to the FTSE All-Share benchmark was largely as a result of investing more in smaller companies, which substantially underperformed the largest companies listed in the
When viewed in the chart below, the effect of company size on the Company's performance can be clearly seen. Disappointingly, stock selection was also a modest detractor, having been positive in each of the previous two financial years. We go into greater detail in the stock attribution section later in this report. Share buybacks were initiated during the period and were a modest contributor to performance, as shown in the chart below.
Attribution returns (%)
4.1
-6.0
0.7
-0.4
-2.1
-0.4
5.0
4.0
3.0
The outperformance of the biggest companies was, in our view, a reflection of persistent outflows from
Price/earnings multiple is lower than historic average for
100%
80%
60%
40%
20%
2.0
US
World
1.0 0%
FTSE Small Cap
0.0
-1.0
-2.0
-3.0
Source: Goldman Sachs as at
All-Share
Size
allocation
Stock
selection
Gearing
Share
buybacks
Lowland
NAV
-4.0
Fund Managers' Report (continued)
Ten largest absolute contributors
|
Share price total retu(%) |
Contribution to retu(%) |
|
|
|
46.4 |
1.2 |
|
HSBC |
36.2 |
1.1 |
|
Barclays |
30.5 |
0.8 |
|
Babcock |
53.8 |
0.6 |
|
Natwest |
36.1 |
0.5 |
|
|
19.0 |
0.5 |
|
|
14.7 |
0.4 |
|
Aviva |
14.8 |
0.4 |
|
Lloyds |
22.6 |
0.3 |
|
BT |
14.0 |
0.3 |
It is notable that all of the ten best performers during the period are large companies. Within this, there is a heavy concentration in the banks sector, where margins have benefitted from a return
to more 'normal' interest rates at a time when conservative lending practices have meant loan losses remain low.
Ten largest absolute detractors
|
Share price total retu(%) |
Contribution to retu(%) |
|
|
Conduit |
-33.4 |
-0.5 |
|
STV |
-32.9 |
-0.5 |
|
|
-46.2 |
-0.5 |
|
|
-24.8 |
-0.4 |
|
Workspace |
-34.8 |
-0.4 |
|
Sainsbury |
-19.1 |
-0.3 |
|
Renold |
-22.6 |
-0.3 |
|
Marshalls |
-25.9 |
-0.3 |
|
Kingfisher |
-20.4 |
-0.3 |
|
Ricardo |
-41.7 |
-0.3 |
The majority of the worst performers saw share prices fall as a result of subdued economic activity depressing earnings. For example, STV, a free-to-air broadcaster and content producer, saw its share price fall on the expectation of a weak Scottish advertising market, with business confidence impacted by the autumn Budget. It was not solely
substantially reflect this. For example the portfolio in aggregate traded on 10x 12 month historic earnings as at the end of March. On any improved certainty in the trading environment, or further reductions in interest rates, there is the potential for a recovery in both earnings and valuation levels.
The largest detractor, reinsurer Conduit, saw its share price fall for idiosyncratic reasons as a result of higher than expected losses from
held such as Beazley. 7
Fund Managers' Report (continued)
Activity
It is important in volatile markets to have a genuinely diverse portfolio of holdings. This is the best way to preserve capital over time. The
purchases made in the period were therefore in a broad range of very different sorts of companies. The one attribute that unites them is that we believe they have very able management teams that are serving their client base well. The
stocks purchased included, amongst the larger companies,
area, a holding in bathroom supplier
The sales were largely reductions in the holdings of companies that had seen share price appreciation and were therefore starting to look expensive. The reduction in holdings that fall into this category included M&S and Barclays. We believe these remain good sound companies but they are
less undervalued than they were. The proceeds are being used for new holdings to refresh the portfolio. The exception was Dowlais which was sold after it received a takeover bid.
Outlook
Tariffs are the current concefor investors and if imposed as currently suggested will lead to downgrades in economic activity and higher inflation. The biggest losers could ironically be the American consumer so there is a chance the tariffs will be reduced in the coming months. The
A mixture of low valuations, strong management
teams and expected interest rate cuts are behind the confidence we have in running a reasonable level of gearing and for our positive outlook for the Company.
Financial Summary
Unaudited Half-Year Ended
|
Extract from the Condensed Income Statement |
|
|
||||
|
Revenue return £'000 |
Capital return £'000 |
Total £'000 |
Revenue return £'000 |
Capital return £'000 |
Total £'000 |
|
|
(Losses)/gains on investments held at fair value through profit or loss |
- |
(16,569) |
(16,569) |
- |
23,883 |
23,883 |
|
Income from investments |
6,697 |
- |
6,697 |
5,849 |
- |
5,849 |
|
Other interest receivable and similar income |
74 |
- |
74 |
68 |
- |
68 |
|
Gross revenue and capital (losses)/gains |
6,771 |
(16,569) |
(9,798) |
5,917 |
23,883 |
29,800 |
|
Expenses, finance costs and taxation |
(1,377) |
(959) |
(2,336) |
(1,307) |
(947) |
(2,254) |
|
Net return/(loss) on ordinary activities after taxation |
5,394 |
(17,528) |
(12,134) |
4,610 |
22,936 |
27,546 |
|
Return/(loss) per ordinary share - basic and diluted |
2.06p |
(6.69p) |
(4.63p) |
1.71p |
8.49p |
10.20p |
|
Unaudited |
Audited |
||
|
Extract from the Condensed Statement of Financial Position |
as at £'000 |
as at £'000 |
as at £'000 |
|
Investments held at fair value through profit or loss |
377,870 |
416,381 |
432,617 |
|
Net current liabilities less creditors due after more than one year |
(45,762) |
(48,128) |
(42,984) |
|
Net assets |
332,108 |
368,253 |
389,633 |
|
Net asset value per ordinary share -basic and diluted |
137.2p |
136.3p |
144.2p |
Dividend
On
Financial Summary (continued)
Going Concern
The Directors have considered the liquidity of the portfolio and concluded that the assets of the Company consist of securities that are readily realisable. They have also considered the wars in
discussed in connection with the viability statement, the Directors considered it appropriate for the financial statements to adopt the going concebasis of accounting in preparing the financial statements.
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company's business can be divided into various areas:
-
Market, geopolitical, macroeconomic or environmental;
-
Global pandemic;
-
Investment activity and strategy;
-
Portfolio and market price;
-
Dividend income;
-
Financial;
-
Gearing;
-
Tax and regulatory; and
-
Operational.
Information on these risks and how they are managed is given in the Annual Report for the year ended
risks and uncertainties facing the Company. As a result of this review, the Board considers that the principal risks and uncertainties remain largely unchanged and that they are as applicable to the remaining six months of the financial year as they were to the six months under review.
Statement of Directors' Responsibilities
The Directors confirm that, to the best of their knowledge:
-
the condensed set of financial statements for the half-year to
31 March 2025 has beenprepared in accordance with "FRS 104 Interim Financial Reporting" and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
-
the Interim Management Report includes a fair review of the information required by
Disclosure Guidance and Transparency Rule
4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
-
the Interim Management Report includes a fair review of the information required by
Disclosure Guidance and Transparency Rule
4.2.8R (disclosure of related party transactions and changes therein).
On behalf of the Board
Investment Portfolio as at
|
Company |
Sector |
Market Value £'000 |
% of Portfolio |
|
HSBC |
Banks |
14,681 |
3.9 |
|
|
Oil and Gas |
10,684 |
2.8 |
|
|
Oil and Gas |
10,588 |
2.8 |
|
GSK |
Pharmaceuticals and Biotechnology |
9,269 |
2.4 |
|
Barclays |
Banks |
8,922 |
2.4 |
|
Aviva |
Life Insurance |
8,714 |
2.3 |
|
FBD |
|
8,315 |
2.2 |
|
|
Investment Banking and Brokerage Services |
7,940 |
2.1 |
|
|
Telecommunications Service Providers |
7,786 |
2.1 |
|
|
|
7,220 |
1.9 |
|
10 Largest |
94,119 |
24.9 |
|
|
|
Finance and Credit Services |
7,122 |
1.9 |
|
|
Life Insurance |
6,979 |
1.9 |
|
|
Banks |
6,821 |
1.8 |
|
|
Gas, Water and Multi-utilities |
6,734 |
1.8 |
|
|
|
6,174 |
1.6 |
|
|
Construction and Materials |
6,107 |
1.6 |
|
|
Life Insurance |
6,065 |
1.6 |
|
|
Real Estate Investment Trusts |
5,775 |
1.5 |
|
|
Industrial Metals and Mining |
5,733 |
1.5 |
|
Babcock |
Aerospace and Defence |
5,722 |
1.5 |
|
20 Largest |
157,351 |
41.6 |
|
|
Epwin¹ |
Construction and Materials |
5,672 |
1.5 |
|
Cranswick |
Food Producers |
5,543 |
1.5 |
|
Clarkson |
|
5,486 |
1.5 |
|
IMI |
Electronic and |
5,256 |
1.4 |
|
Senior |
Aerospace and Defence |
5,056 |
1.3 |
|
|
Banks |
5,046 |
1.3 |
|
Prudential |
Life Insurance |
4,957 |
1.3 |
|
|
Electronic and |
4,821 |
1.3 |
|
|
Industrial Metals and Mining |
4,752 |
1.3 |
|
|
Industrial Metals and Mining |
4,718 |
1.2 |
|
30 Largest |
208,658 |
55.2 |
|
|
|
|
4,700 |
1.2 |
|
Serica Energy¹ |
Oil and Gas |
4,687 |
1.2 |
|
|
Medical Equipment and Services |
4,609 |
1.2 |
|
ZIGUP |
|
4,407 |
1.2 |
|
NatWest |
Banks |
4,373 |
1.2 |
|
Ibstock |
Construction and Materials |
4,345 |
1.2 |
|
Kingfisher |
Retailers |
4,239 |
1.1 |
|
STV |
Media |
4,199 |
1.1 |
|
SeveTrent |
Gas, Water and Multi-utilities |
4,176 |
1.1 |
|
Renold¹ |
|
4,091 |
1.1 |
|
40 Largest |
252,484 |
66.8 |
Investment Portfolio as at
|
Company |
Sector |
Market Value £'000 |
% of Portfolio |
|
|
Chemicals |
3,906 |
1.0 |
|
H&T Group¹ |
Finance and Credit Services |
3,886 |
1.0 |
|
Elecosoft¹ |
Software and Computer Services |
3,721 |
1.0 |
|
|
Life Insurance |
3,712 |
1.0 |
|
Johnson Service¹ |
|
3,709 |
1.0 |
|
Beazley |
|
3,708 |
1.0 |
|
Marshalls |
Construction and Materials |
3,614 |
1.0 |
|
Springfield Properties¹ |
|
3,483 |
0.9 |
|
FRP Advisory Group¹ |
|
3,456 |
0.9 |
|
DCC |
|
3,190 |
0.8 |
|
50 Largest |
288,869 |
76.4 |
|
|
|
|
3,186 |
0.8 |
|
|
Retailers |
2,914 |
0.8 |
|
Vertu Motors¹ |
Retailers |
2,910 |
0.8 |
|
Somero Enterprises¹ |
|
2,856 |
0.8 |
|
|
Real Estate Investment Trusts |
2,808 |
0.8 |
|
Reach |
Media |
2,788 |
0.7 |
|
Vodafone |
Telecommunications Service Providers |
2,710 |
0.7 |
|
Workspace |
Real Estate Investment Trusts |
2,698 |
0.7 |
|
|
General Industrials |
2,581 |
0.7 |
|
Castings |
Industrial Metals and Mining |
2,566 |
0.7 |
|
60 Largest |
316,886 |
83.9 |
|
|
|
|
2,456 |
0.7 |
|
|
Finance and Credit Services |
2,421 |
0.6 |
|
|
|
2,364 |
0.6 |
|
Hammerson |
Real Estate Investment Trusts |
2,345 |
0.6 |
|
Conduit |
|
2,331 |
0.6 |
|
|
Retailers |
2,323 |
0.6 |
|
|
Investment Banking and Brokerage Services |
2,322 |
0.6 |
|
|
Real Estate Investment Trusts |
2,146 |
0.6 |
|
|
Chemicals |
2,132 |
0.6 |
|
|
Technology Hardware and Equipment |
2,075 |
0.5 |
|
70 Largest |
339,801 |
89.9 |
|
|
|
|
2,042 |
0.5 |
|
|
Retailers |
1,999 |
0.5 |
|
Macfarlane |
General Industrials |
1,894 |
0.5 |
|
Oxford Sciences Enterprises² |
Pharmaceuticals and Biotechnology |
1,840 |
0.5 |
|
|
Investment Banking and Brokerage Services |
1,787 |
0.5 |
|
|
Construction and Materials |
1,732 |
0.5 |
|
Segro |
Real Estate Investment Trusts |
1,727 |
0.5 |
|
Helical |
|
1,675 |
0.5 |
|
|
Travel and Leisure |
1,619 |
0.4 |
|
Ilika¹ |
Electronic and |
1,602 |
0.4 |
|
80 Largest |
357,718 |
94.7 |
Investment Portfolio as at
|
Company |
Sector |
Market Value £'000 |
% of Portfolio |
|
|
Construction and Materials |
1,589 |
0.4 |
|
|
General Industrials |
1,580 |
0.4 |
|
Midwich¹ |
|
1,545 |
0.4 |
|
|
Retailers |
1,315 |
0.4 |
|
RWS Holdings¹ |
|
1,302 |
0.3 |
|
|
Investment Banking and Brokerage Services |
1,160 |
0.3 |
|
Headlam |
|
1,123 |
0.3 |
|
Churchill China¹ |
|
1,087 |
0.3 |
|
Airea¹ |
|
1,072 |
0.3 |
|
|
|
1,011 |
0.3 |
|
90 Largest |
370,502 |
98.1 |
|
|
Next 15¹ |
Media |
862 |
0.2 |
|
|
Retailers |
852 |
0.2 |
|
|
General Industrials |
797 |
0.2 |
|
Watkin Jones¹ |
|
751 |
0.2 |
|
|
Electronic and |
739 |
0.2 |
|
Flowtech Fluidpower¹ |
Electronic and |
651 |
0.2 |
|
Wynnstay¹ |
Food Producers |
486 |
0.1 |
|
River (formerly |
Closed End Investments |
410 |
0.1 |
|
Ultimate Products |
|
405 |
0.1 |
|
|
|
363 |
0.1 |
|
100 Largest |
376,818 |
99.7 |
1
2 Unlisted Investments Source:
Directors and other information
Directors
Helena Vinnicombe (Chair)
All of the Directors are non-executive, and members of the Audit Committee (except the Chair),
The Management Engagement Committee and the Nominations Committee are chaired by
Authority.
Tel: 020 7818 1818
Fund Managers
Corporate Secretary
Janus Henderson Secretarial Services
Performance Details/ Share Price Information
Details of the Company's share price and NAV can be found on the website. The address
is https://www.lowlandinvestment.com. The Company's NAV is published daily.
Shareholder Details
Shareholders who hold their shares in certificated form can check their shareholding with the Registrar,
Share Price Listings
The market price of the Company's ordinary shares is published daily in The
NAV and the discount. The market price of the Company's shares can also be found in the London Stock Exchange Daily Official List.
Follow Janus Henderson Investment Trusts on LinkedIn
For alternative access to
Janus Henderson
INVESTORS
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