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The Law Debenture Corporation (LWDB) investor relations material
The Law Debenture Corporation H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong performance with NAV total return of 11.4% and share price total return of 16.2% for H1 2026, both outperforming the FTSE All-Share Index by significant margins year-over-year.
Continued 47-year record of maintaining or increasing dividends, with a 6% increase in the first interim dividend to 8.875p per share.
Announced transition in portfolio management: James Henderson to retire in June 2027, with Laura Foll assuming sole management.
Financial highlights
NAV at fair value rose to £1,577.6m (1,183.86p per share) as of 30 June 2026, up from £1,440.4m at year-end 2025.
Group revenue for H1 2026 was £61.5m, with investment income of £25.4m (up from £22.5m in H1 2025).
Net capital gain on investments was £127.7m (H1 2025: £132.4m).
Profit for the period was £152.3m (H1 2025: £155.0m).
Ongoing charges remained low at 0.54%.
Outlook and guidance
Board intends to maintain or increase the total 2026 dividend, building on the 2025 total of 35.5p per share.
IPS business expected to continue mid to high single-digit growth for the full year.
Management remains confident in resilience and long-term value creation despite ongoing geopolitical and macroeconomic uncertainty.
- NAV total return up 28.4%, dividend up 6%, and IPS drives resilient long-term growth.LWDB
H2 2025 - Strong H1 2025 returns, robust IPS growth, and increased dividends drive outperformance.LWDB
H1 2025 - 9.7% NAV total return and 4.9% dividend growth highlight robust H1 2024 performance.LWDB
H1 2024 - Record 46th year of dividend growth, strong outperformance, and robust IPS expansion.LWDB
H2 2024
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