Alliance Witan (ALW) H2 2024 earnings summary

Executive summary

• Completed a landmark combination with Witan, elevating to FTSE 100 status and increasing net assets to £5.2bn as of 31 December 2024.

• Achieved a 13.3% NAV total return and a 14.3% share price total return, though lagged the MSCI ACWI benchmark (19.6%).

• Increased dividend for the 58th consecutive year, up 6.0% to 26.7p per share.

• Maintained a narrower average discount to NAV (4.7%) than the sector average.

• Ongoing charges ratio reduced to 0.56% due to economies of scale and a new management fee structure.

Financial highlights

• Net assets rose to £5.2bn (2023: £3.3bn); NAV per share increased to 1,304.9p (2023: 1,175.1p).

• NAV total return: 13.3% (2023: 21.6%); share price total return: 14.3% (2023: 20.2%).

• Dividend per share: 26.7p (2023: 25.2p); earnings per share (revenue): 17.30p (2023: 18.55p).

• Ongoing charges ratio: 0.56% (2023: 0.62%).

• Share buybacks: 4.7m shares repurchased (1.2% of shares in issue), costing £57.0m.

Outlook and guidance

• Cautious optimism for 2025 amid geopolitical risks, tariffs, and market volatility.

• Portfolio positioned for balanced regional, sector, and style exposures, with a focus on fundamentals over market sentiment.

• Dividend expected to continue increasing, supported by strong reserves and revenue.