Financial Services Industry
Industry: Email Alert RSS FeedLONDON MERCHANT SECURITIES (LMSO).
Investors Chronicle, June, 2004
These were the first set of full-year results in two years that were not scarred by hefty provisions to cover the plummeting value of its venture capital (VC) portfolio. These provisions have totalled GBP110m in recent months. At this year-end, the book value of the VC portfolio totalled GBP192m, a modest improvement on the first half valuation of GBP183m.
London Merchant Securities's (LMS) property portfolio climbed 5.2 per cent in value, thanks to a strong performance from its retail assets. London offices account for 53 per cent of this portfolio, so LMS stands to benefit from the on-going recovery of office valuations in the capital.
Chief executive Robert Rayne says that GBP50m-GBP100m should be realised from the VC portfolio over the next few...
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