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LMS CAPITAL PLC
Earnings Release • Apr 22, 2025
4881_10-q_2025-04-22_e036c958-033d-444f-83fe-ece92e682748.html
Earnings Release
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National Storage Mechanism | Additional information 
RNS Number : 5899F
LMS Capital PLC
22 April 2025
LEI: 2138004UJ1TW8UCELX08
22 April 2025
LMS CAPITAL PLC
First Quarter 2025 Update
LMS Capital plc (the " Company"), the listed Investment Company, provides the following update covering the period from 1 January 2025 to date and including the Net Asset Value ("NAV") at 31 March 2025.
Financial Highlights
· Unaudited NAV at 31 March 2025 was £35.1 million (43.5p per share). This compares to £36.2 million (44.8p per share) at 31 December 2024;
· Overall portfolio net losses were £0.6 million. These comprise net underlying losses of £0.2 million and unrealised foreign exchange losses of £0.4 million reflecting the strengthening of sterling compared to the US Dollar in Q1; and
· Cash at 31 March 2025 was £12.5 million compared to £13.5 million at 31 December 2024.
Unaudited Net Asset Value at 31 March 2025
The unaudited 31 March 2025 NAV is summarised below:
| Unaudited | Audited | |
| 31 March 2025 |
31 December 2024 |
|
| £ 000s | ||
| Mature Investment Portfolio | ||
| Quoted Investments | 5 | 59 |
| Unquoted Investments | 1,735 | 1,736 |
| Funds | 5,770 | 5,877 |
| 7,510 | 7,672 | |
| Other Investments | ||
| Castle View, Windsor | 6,553 | 6,553 |
| Dacian | 8,985 | 9,258 |
| 15,538 | 15,811 | |
| Total Investments | 23,048 | 23,483 |
| Cash | 12,510 | 13,506 |
| Other Net Assets/Liabilities | (476) | (835) |
| Net Asset Value | 35,082 | 36,154 |
The NAV at the end of March is based on the valuation of the Company ' s investments as at 31 December 2024, adjusted for transactions in the three months ended 31 March 2025, price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds, and the latest information available from third-party fund managers, generally the 31 December 2024 fund valuation reports, except for Weber Capital Partners which is based on 31 March 2025 valuations.
The overall £1.1 million decrease in NAV during the first quarter is comprised of the following:
· Net underlying losses of £0.15 million on the investment portfolio;
· £0.4 million of portfolio unrealised foreign exchange losses from the strengthening of sterling against the U.S. Dollar;
· £0.1 million of non-portfolio foreign exchange losses;
· £0.4 million of running costs and £0.15 million of investment related costs; and
· £0.1 million on bank interest and other income receivable.
Liquidity and Outlook
Portfolio realisations were £0.1 million during the period, representing the disposal of the holding in Tialis Essential IT plc.
Cash balances were £12.5 million at 31 March 2025.
The person responsible for the release of this announcement on behalf of the Company is IQ EQ Corporate Services (UK) Limited, the Company Secretary.
For further information please contact:
LMS Capital plc
Nick Friedlos, Managing Director
0207 935 3555
Appendix 1
Portfolio Breakdown - 31 March 2025
| £m | % NAV | |
| Portfolio total | 23.1 | 65.8% |
| Mature Investment Portfolio | ||
| UK Private | 1.8 | 5.1% |
| Elateral | 1.7 | 4.8% |
| Other | 0.1 | 0.3% |
| UK Funds | 0.3 | 0.9% |
| Brockton Capital | - | 0.0% |
| EMAC ILF | 0.3 | 0.9% |
| US Funds | 5.4 | 15.4% |
| Weber | 2.2 | 6.3% |
| Opus Capital | 3.2 | 9.1% |
| Others | - | 0.0% |
| Total Mature Portfolio | 7.5 | 21.4% |
| Other investments | ||
| EU Private | ||
| Dacian Petroleum | 9.0 | 25.6% |
| UK Private | ||
| Castle View | 6.6 | 18.8% |
| Total Other Investments | 15.6 | 44.4% |
| Cash | 12.5 | 35.6% |
| Other Net Assets/Liabilities | (0.5) | -1.4% |
| Net Asset Value | 35.1 |
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