| Mon 15 Dec 2008, 17:45 | | LNF - London Finance & Investment Group P.L.C. - Quarterly update |
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LNF
LOJM
LNF - London Finance & Investment Group P.L.C. - Quarterly update
London Finance & Investment Group P.L.C.
(Incorporated in England - No. 201151)
Code : LNF ISSN: GB0002994001
QUARTERLY UPDATE
London Finance & Investment Group P.L.C. (LSE: LFI, JSE: LNF), the
investment company, today provides a first quarter report on its performance.
In the five months to 30th November 2008, our net assets, including
investments at market value, fell by 53% from 38.7p to 18.2p. This
was primarily due to continuing declines in the values of two of our
strategic investments: Finsbury Food Group plc ("Finsbury") and MWB
Group Holdings Plc ("MWB") whose share prices fell by 67% and 63%
respectively in the same period.
Finsbury released a trading statement on 26th November 2008 reporting on
the four month period ending 30th October 2008. In that period revenue for
the group continued to grow year on year with sales 11% ahead of
the corresponding period last year and the Cake, Bread and Free From
divisions all reported growth. Finsbury is taking steps to control
its overheads and is increasing prices to recover some of the increases in
its raw material prices.
MWB continues to grow its three core businesses but has now extended, by
two years to 2010, its cash distribution programme so that it can
better realise value for its businesses when markets are more receptive.
The Company remains confident with its strategy and portfolio of
investments, and believes that these will drive the growth forward in the
medium to longer term. The Board intends to maintain the current
dividend policy.
For further information, please contact:
London Finance & Investment Group P.L.C. 020 7448 8950
David Marshall/Edward Beale
Frank Lucas 020 7628 1128
Redleaf Communications 020 7822 0800
Emma Kane/Sanna Sumner/Rebecca Sanders-
Hewitt
London
15 December 2008
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 15/12/2008 17:45:32 Produced by the JSE SENS Department.
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