London Finance & Investment Group PLC said on Friday its interim profit more than doubled and pointed out it improved its net asset value following portfolio changes.

The London-based investment finance and management company holds strategic investments in companies like Western Selection PLC.

For the six months that ended December 31, pretax profit skyrocketed to £1.3 million from £561,000 a year earlier.

London Finance & Investment kept its interim dividend at 0.55 pence.

As at December 31, net assets per share increased by 4.3% to 57.2p from 54.8p as at June 30 last year.

During the first half, the group sold the remainder of its 1.8 million holding in Finsbury Food Group PLC. It made some changes to the General Portfolio Investments, and invested an additional £854,000.

Looking ahead, the company expects market uncertainty to provide opportunities to invest further in the general portfolio at attractive prices.

Shares in London Finance & Investment were flat at 35.58 pence in London on Friday. In Johannesburg, they were also unchanged at R 7.18.

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