June 21, 2025
Operating Assets

An investment company in deep value territory

• Annual pre-tax profit of £19.8mn • Year-end net asset value (NAV) of £116.3mn (22.3p) • NAV per share accretive tender offer post year-end Logistics Development Group (LDG: 14p), an investment company managed by asset management firm DBay, booked £19.2mn of investment gains on its concentrated portfolio last year to drive up NAV by 18

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Tangible Assets

This lowly rated lender’s upgrade cycle is far from over

Gross lending book up 11 per cent to record £209mn Net tangible asset value up 14 per cent to £41.5mn (45p) First half pre-tax profit rises 44 per cent to £3.9mn Forward PE ratio of 10 and 1.2 times net tangible asset value Potential for another earnings upgrade A trading update from Bath-based Time Finance (TIME: 61.5p)

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