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Utilico Investments : UTL – interim report

Utilico Investments figures for the six months ended 31 December 2013 show an uplift of 4.1% in its NAV, behind the return on the FTSE All-Share (+11.4%). Utilico say the main problem was adverse movements in exchange rates – this cost them 10.9%. Revenue fell too but UTL reckon they are comfortable paying an uncovered dividend this year if needs be and say they will maintain the dividend.

The Utilico Board are working on proposals to fund the redemption of their zero dividend preference shares (due for repayment on 31 October 2014) and say they expect this will include the creation of a new class of zeros maturing in 2020.

One transaction that Utilico supported during the period was Somers Limited’s acquisition of Waverton (formerly JO Hambro Investment Management)

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