2024 Highlights

·     Share price total return outperformed the FTSE Actuaries All-Share Index with a total return of 15.9% for 2024, compared with 9.5%.
·     NAV total return with debt and Independent Professional Services (“IPS”) business at fair value for FY 2024 of 13.6% (13.2% with debt at par).
·      A solid performance from IPS, with net revenue increasing by 6.2% and valuation up 5.1% to £194.5 million (excluding net assets).

£££££££££££££

Belt and Braces.

A dividend hero but sadly the yield of 3.8% too low for the Snowball.

Dividend Highlights

·      Proposed 2024 dividend increase of 4.7% to 33.5 pence per Ordinary Share (2023: 32.0 pence per Ordinary Share) compared to Group revenue return per share of 33.48 pence. 
·     Dividend yield of 3.8% (based on our closing share price of 884 pence on 11 March 2025).
·     Over the last 10 years, we have increased the dividend by 113.4% in aggregate (7.9% CAGR), reflecting strong IPS cashflow and good Portfolio performance.
·     We have a strong reserve position, and the Board is confident in achieving  continued growth of dividends over time, building on our record of 46 years of increasing or maintaining dividends to shareholders.