LMS Capital PLC on Monday said net asset value fell on an annual basis, as it swung to a net investments loss from a gain a year before, while it declared an unchanged annual dividend.

The London-based investment company said NAV per share at December 31 fell 5.1% to 57.7 pence each from 60.8p a year earlier.

Shares in LMS Capital were flat at 24.23p each in London on Monday morning.

Across 2022, it swung to a net investments loss of £224,000 from a gain of £3.8 million in 2021.

LMS Capital said it declared a final dividend of 0.625p each to shareholders, taking the total 2022 dividend to 0.925p, unchanged from 2021.

‘Although delayed in its execution, we are pleased to see Dacian’s first year of operation successfully behind it and now look forward to the delivery of the business plan delivering growth in production levels through the extension of life of its portfolio of production assets,’ said Chair Robert Rayne, referring to Romanian oil and gas company Dacian, which LMS Capital invested $9.1 million into in 2021.

Looking ahead, LMS Capital said its three priorities were to ‘bring to fruition the work that has been undertaken, particularly with our real estate teams, to deploy new capital from our own balance sheet in conjunction with our co-investors’; to support the Dacian team as it enters its second year of operarion with ‘an emphasis on its workover program to increase production’; and to continue to manage its mature asset portfolio to optimise realisation proceeds.

‘As we enter 2023, we are focused on bringing forward the real estate opportunities in our current pipeline and expanding our energy portfolio,’ Rayne added.

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