You do not need to take big risks to grow your Snowball.

The chart includes earned dividends but re-invested in another high yielding share. It’s high risk to buy the share now but as always it’s about timing and then time in. You would have achieved the holy grail of investing in that you could withdraw your capital, invest it an another high yielding share and receive income at a cost of zero, zilch, nothing.

Highlights

·   Share price total return comfortably outperformed the FTSE Actuaries All-Share Index by over 5% with a total return of 14.2% for H1 2025.
·  Net asset value (NAV) total return, with debt and Independent Professional Services (“IPS”) business at fair value, for H1 2025 delivered a performance of 15.0% (15.0% with debt at par).
·    Another robust performance from IPS, with net revenue increasing by 7.7%, profit before interest and tax up by 7.5% (compared to H1 2024) and valuation up 4.8% to £203.8 million (compared to 31 December 2024).
·     The Company issued 1.3 million new Ordinary Shares at a premium to NAV during H1 with net proceeds of £11.6 million.

  

Strong Longer-Term Record 

·   Consistent share price and NAV (with IPS and debt at FV) outperformance of the benchmark over one, three, five and ten years.
·   Share price total return over 10 years of 187.5% (FTSE All-Share: 92.7%), which compares favourably with UK Equity Income peers.

Dividend Highlights 

·    Declared a first interim dividend of 8.375 pence per ordinary share, paid in July 2025, representing an increase of 4.7% over the prior year’s first interim dividend.
·     It is the Board’s intention for each of the first three interim dividends for 2025 to be equivalent to a quarter of Law Debenture’s total 2024 dividend of 33.5 pence per ordinary share.
·  Continued strong performance of the Portfolio and growth of the IPS business supports the Board’s intention to maintain or increase the total dividend in 2025, enabling the Company to build on its’ 46 years of increasing or maintaining dividends to shareholders.
·      Dividend yield of 3.4% based on our closing share price of  995 pence on 24 July 2025.
·      Total dividend income from the portfolio of £22.5 million (H1 2024: £19.9 million).