Law Debenture’s share price total return was flat over the first half of 2014. Its net asset value total return was 3.4%. The equivalent return o the FTSE All-Share Index was 1.6%. The income from the fiduciary services business fell by 0.3% but this was more than offset by revenue flowing from the equity portfolio (up 8.6%). The fiduciary services business generated a 1.3% increase in revenue for the period. Admin costs increased by 1.6% but the real hit to profitability came from the costs of the bank facility they took out to fund their US business.
The dividend for the period has been upped from 4.5p to 4.7p and the directors say that their current expectation is that the final dividend will be at least maintained.