27 August 2024
Literacy Capital plc (“Literacy Capital” or “BOOK” or the “Company”)
Literacy Capital FY24 Interim Results
Strong first half; celebrates third year anniversary with NAV performance ranked #1 out of all UK-listed investment companies
Literacy Capital, the listed investment trust focused on helping to build great businesses to generate superior returns, is pleased to report its unaudited interim results for the six months ended 30 June 2024.
A PDF copy of the results can be viewed at: www.literacycapital.com/…tors/reports-and-results
Performance highlights
w NAV per ordinary share of 522.6p1 (31 December 2023: 500.4p; 30 June 2023: 488.5p)
o Net assets of £313.6m1, an increase of 4.4% in the six months to 30 June 2024
o Over the same period, BOOK’s share price increased 9.9%, compared to a 5.8% increase for the FTSE Investment Company Index and a 7.4% increase for the FTSE All-Share
w Cash inflows in the six-month period remained strong and consistent with recent periods, reflecting the active management of the portfolio
o £25.0m of cash received in H1 2024, which matched the record amount received in H2 2023, and exceeded the £21.3m received in H1 2023
o This was achieved without selling any portfolio companies, with the majority of cash proceeds received following the refinancing of a portfolio company announced in April
w Literacy continued deploying capital into new opportunities and the existing portfolio, remaining focused on investments into smaller, profitable businesses based in the UK
o A new investment completed in March 2024, with BOOK taking a significant minority stake in Live Business Group, a founder-led business providing entertainment solutions to travel operators
o On top of this new investment, Literacy has continued to deploy capital into existing portfolio companies, whilst supporting and strengthening the management teams of these businesses
w In June 2024 Literacy celebrated its third anniversary since the fund’s listing. During this three-year period, BOOK’s NAV performance ranked the fund #1 out of all UK-listed investment companies
o The fund delivered uplifts to NAV of more than 47% per annum compound in the three years to June 2024, a pleasing level of performance over the medium term
o The focus remains on the same type and size of investments that have been successful for Literacy since its inception, despite the increased scale of the fund
w Increasing charitable donations, helping disadvantaged children across the UK learn to read
o £1,429k of charitable donations provided for in H1 2024, up 7% on the same period in 2023, as a result of the fund’s growth in NAV
o Total donations now amount to £10.0m since inception of Literacy Capital