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Alliance Witan (ALW) H1 2024 earnings summary

Event summary combining transcript, slides, and related documents.

Logotype for Alliance Witan Plc

H1 2024 earnings summary

25 Jun, 2025

Executive summary

  • NAV Total Return of 9.5% and Share Price Total Return of 10.2% for the six months to 30 June 2024, underperforming the MSCI ACWI benchmark's 12.2% return due to market concentration in AI-related stocks.

  • Share price discount to NAV averaged 4.8%, narrower than the AIC Global Sector average; 1,705,000 shares bought back and held in Treasury to support share price.

  • Second interim dividend of 6.62p declared, with total interim dividends up 5.8% year-over-year; anticipated full-year dividend yield of 2.2%.

  • Announced intention to combine with Witan Investment Trust, aiming for economies of scale and lower ongoing charges.

Financial highlights

  • Share price rose 9.0% to 1,212.0p; NAV per share increased 8.4% to 1,273.9p compared to year-end 2023.

  • Profit for the period was £316.2m, up from £314.2m in the same period last year.

  • Earnings per share for the period were 111.41p, compared to 108.12p for the same period last year.

  • Net assets at 30 June 2024 stood at £3,595.7m, up from £3,336.7m at year-end 2023.

  • Cash and cash equivalents increased to £115.5m from £84.9m at year-end 2023.

Outlook and guidance

  • Economic and political outlook remains uncertain, with modest net gearing of 4.6% reflecting caution.

  • Investment strategy will continue to focus on diversified, high-conviction stock picking rather than macroeconomic predictions.

  • Anticipates third and fourth interim dividends for 2024 to be at least equal to the first two, with potential increases if the Witan combination proceeds.

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