Financial Services Industry
Industry: Email Alert RSS FeedLONDON MERCHANT SECURITIES (LMSO).
Investors Chronicle, December, 2004
Hardening rents and an improved performance in its investment division led to a massive 62 per cent jump in pre-tax profits at London Merchant Securities (LMS) against last year. Rent reviews and renewals led to a 6 per cent improvement in net rental income to GBP27.6m. But the star turn came from LMS's venture-capital investments, which realised gains of GBP8.6m on disposals of GBP31.5m.
Chief executive Robert Rayne is very excited about the prospects for the investment business, which he believes has the potential to generate GBP100m of cash over the next few years. And LMS continues to invest, announcing a GBP2.5m investment in "small, aggressive and conservatively valued" broker Bridgewell Securities, and a GBP10m final-round investment in pharmaceutical...
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