ICG-Longbow Senior Secured UK Property Debt Investments Ltd - UK real estate debt-related investor - Net asset value falls as notes macroeconomic challenges such as rising mortgage bills, rents and supply chain disruptions. NAV per share at July 31 falls to 66.41 pence from 72.35p at January 31. Half-year pretax profit in six months to July 31 falls to £2.7 million from £3.5 million a year ago.
Pays 2.1p per share dividend, down from 3p. ‘It is the board’s intention to continue to pay dividends from our net income and we are maintaining our guidance of targeting an annualised 6% based on the prevailing quarter’s NAV,’ Chair Jack Perry explains.
‘The economic outlook for the coming winter looks to be challenging,’ Chair Perry states. He adds: ‘Mortgage bills and rents are rising, and food prices look to continue to trend higher as a second order effect of input price rises and supply chain disruptions.’
Current stock price: 60.73 pence, up 0.8% on Friday
12-month change: down 31%
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