Lindsell Train Investment Trust (LTI) H2 2025 earnings summary

Executive summary

• NAV per share fell 7.2% to £952.13; NAV total return was -2.2% for the year ended 31 March 2025, underperforming the MSCI World Index (+4.8%).

• Share price total return was +9.0%, aided by a narrowing discount to NAV from 22.0% to 14.1%.

• Dividend proposed at £42.00 per share, down 18.4% from the prior year, reflecting lower income from Lindsell Train Limited (LTL).

• LTL’s valuation declined due to a 25% drop in funds under management (FUM) and lower profits.

• Share split (100-for-1) proposed to improve liquidity and accessibility.

Financial highlights

• Net loss after tax: £4.56m (2024: profit £4.20m).

• Net revenue: £8.57m (2024: £10.21m).

• Dividend paid: £51.50 per share (2024), proposed £42.00 per share (2025).

• Ongoing charges ratio: 0.8%.

• Portfolio: 26.1% in LTL, 73.9% in listed securities and funds.

Outlook and guidance

• Board remains confident in the long-term investment approach and expects the strategy to remain unchanged.

• LTL’s future performance and FUM recovery are key to dividend sustainability.

• Board expects the company to remain viable over the next five years, with 96.2% of the portfolio (excluding LTL) liquidatable within 30 days.