Alliance Witan (ALW) H1 2024 earnings summary
Event summary combining transcript, slides, and related documents.
H1 2024 earnings summary
25 Jun, 2025Executive 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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H1 20254 Aug 2025