REG - Caledonia Investmnts - Final Results
19/05/2026 07:00
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RNS Number : 7996E Caledonia Investments PLC 19 May 2026
Caledonia Investments plc
Final results for the year ended 31 March 2026
Financial highlights
Year Year
31 March 2026 31 March 2025
Net asset value total return(1) 5.4% 3.3%
Net asset value per share(1,)(2) 568p 548p
Net assets £2,980m £2,932m
Annual dividend per share(2) 7.68p 7.36p
1. Net asset value total return ('NAVTR') and net asset value per share
('NAVPS') are Alternative Performance Measures - see note 8
2. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary
shares which reduced the nominal value from 5p to 0.5p. As a result of the
increased number of ordinary shares now in issue, all net asset per share and
dividend per share figures have been restated for the prior year comparatives
An investor and analyst webcast will take place at 09:30 on 19 May 2026, with
a live webcast available via this link
(https://sparklive.lseg.com/CaledoniaInvestments/events/58791737-679f-4611-a651-6229e3de4c2c/caledonia-investments-plc-full-year-results-presentation)
.
Mat Masters, Chief Executive Officer, commented:
"The past year has again demonstrated the strengths of Caledonia's distinctive
model and approach. Despite a volatile backdrop for the global economy we have
delivered positive NAV growth, with contributions from all three of our
investment pools and significant value realised from the sale of Stonehage
Fleming at a 3.2x multiple on cost.
While market conditions, particularly late in our financial year, impacted
overall returns, we remain confident in our high-quality, diversified
portfolio and our ability to deliver over the long-term. Through this period
of market dislocation, the strength of our balance sheet is a clear advantage.
We have the flexibility to deploy capital where we see compelling
opportunities for long-term value creation, and we remain focused on taking
clear, disciplined steps to ensure that value is reflected more fully for
shareholders over time."
Highlights
● NAV Total Return: 5.4% to £2,980m (568p per share)
● Portfolio performance: All three investment pools contributed to growth, with
the investment portfolio delivering a return of 6.1% in the year. 1.2% from
Public Companies, 13.1% from Private Capital and 4.9% from Funds
● Agreement to sell Stonehage Fleming: Expected proceeds of c.£290m, generating
a 3.2x multiple on cost and 30% uplift to March 2025 carrying value
● Robust balance sheet: Significant liquidity, well positioned to take advantage
of investment opportunities. Net cash of £90m and undrawn revolving credit
facility of £325m, providing total liquidity of £415m
● 59 consecutive years of progressive dividend growth: Proposing a final
dividend of 4.00p per share, taking the total dividend for the year to 7.68p
per share, a 4.4% increase compared to 2025 and extending our record of
growing annual dividends to 59 consecutive years
● Share buybacks: £35m allocated to share buybacks, with 9,465,511 shares
repurchased at an average discount of 35%, resulting in a 3.49p or 0.6%
accretion to NAV per share
● Board changes: David Stewart, Chair of the board and Charles Cayzer,
non-executive director will step down at the forthcoming AGM. Will Wyatt
appointed as David's successor
Performance to 31 March 2026
1 year 3 years 5 years 10 years
% % % %
NAV total return(1) 5.4 16.9 57.7 142.0
Annualised
NAV total return(1) 5.4 5.4 9.5 9.2
CPIH(2) 3.4 3.5 5.1 3.4
FTSE All Share total return 21.5 13.3 11.1 8.7
1. Alternative Performance Measure - see note 8.
2. Consumer Prices Index including owner occupiers' housing costs ('CPIH').
19 May 2026
Enquiries
Caledonia Investments plc Teneo
Mat Masters (CEO), Rob Memmott (CFO) Tom Murray, Robert Yates
+44 20 7802 8080 +44 20 7260 2700
Chair's statement
Results
Caledonia delivered another year of positive performance, with NAVTR of 5.4%,
extending our track record of generating long-term real returns with
annualised NAVTR of 9.2% over the last decade, outperforming inflation by 5.8%
p.a.. The portfolio is constructed with a broad opportunity set and a
long-term return objective. Whilst NAVTR was below the FTSE All-Share total
return over the short term we outperformed the index over 10 years.
Income and dividend
Total net investment income from the revenue account increased from £53.6m to
£64.7m and total net revenue profit was £40.4m, sufficient to fully cover
the dividend for the year. As previously reported, we expect a gradual
reduction in investment income as we maintain our focus on total returns and,
over time, anticipate that net distributions from our fund investments will
play a more material role in dividend cover.
We remain committed to a progressive dividend policy which aims to increase
annual dividends by at least the rate of inflation over the long term. The
board has recommended a final dividend of 4.00p per share for the year ended
31 March 2026 which, if approved by shareholders, will be payable on 6 August
2026 to ordinary shareholders on the register on 3 July 2026. This represents
a full-year dividend of 7.68p per share, an increase of 4.4% when compared to
the previous year, and 59 consecutive years of increased annual dividends.
Discount and total shareholder return
Over the year the average share price discount to net asset value ('NAV') was
34.0%, widening significantly in March and ending the year at 43.4%, in part
due to the Iranian conflict. This movement resulted in a disappointing total
shareholder return for the year of -7.1%. Whilst the discount narrowed to
37.1% at the end of April, we believe that the share price continues to
undervalue the quality of our portfolio and our long-term performance track
record.
The board regularly considers what additional steps could be taken to address
the discount, which to date have included the following initiatives:
Dividend re-profiling
To provide shareholders with a more predictable and balanced income stream,
during the year we re-profiled the interim dividend to 50% of the prior year's
total.
Share split
To improve accessibility for a wider range of shareholders, following
shareholder approval at last year's annual general meeting, a 10:1 share split
was implemented on 25 July 2025. This reduced the nominal value of ordinary
shares from 5p to 0.5p. The combination of the share split, and the
re-profiling of the dividend has made dividend re-investment easier.
Share buybacks
Alongside continued allocation to our investment strategy and our progressive
dividend policy, we continue to invest in our own portfolio via share
buybacks, which represents a lower-risk way to enhance NAV per share. In
considering whether to undertake share buybacks, the board will continue to
take into account the liquidity of the company's shares, the need to remain
appropriately invested in the portfolio and the level of any discount at which
the shares trade relative to NAV per share.
During the year, we allocated £34.6m to purchase and cancel 9,465,511
ordinary shares at an average discount of 34.7%, generating 3.49p of NAV per
share accretion. The board is cognisant that share buybacks increase the
percentage of voting rights held by the Cayzer family concert party (the
'Cayzer Concert Party'). The Cayzer Concert Party remains a long-term
shareholder and the source of Caledonia's strong culture and long-term
outlook. As at 31 March 2026, its holding in the company was 51.05%.
Investor communications
To ensure that our investment proposition is understood and more appropriately
rated, we have continued to evolve our investor communications during the
year. Our series of successful 'spotlight' events focused on each of our
investment pools was a particular highlight, showcasing the quality of our
portfolio, our differentiated investment approach and, importantly, the
calibre of our people. We made further investment in our brand, successfully
launching a new website in late 2025 and increased our participation in
investor focused events. This enhanced level of engagement is expected to
continue.
Board changes
There have been several changes to the composition of the board and its
committees during the year. Lynn Fordham resigned as a non-executive director
on 31 August 2025. I would like to thank her for the considerable contribution
that she made during her time on the board. Farah Buckley was appointed as a
member of the Audit and Risk Committee and subsequently succeeded Lynn as
Chair of that Committee on 1 September 2025. We also welcomed Michael
McLintock as a new non-executive director on 16 February 2026, bringing
extensive investment management and listed company knowledge and experience to
Caledonia.
Charles Cayzer, after a little over four decades of service, has decided not
to stand for re-election as a non-executive director at this year's annual
general meeting ('AGM'). Charles has been a significant asset to Caledonia
during his long tenure and I, together with board colleagues past and present,
have benefitted from his diligence and wise counsel.
My tenure as company Chair will end at the AGM. The board has appointed Will
Wyatt as my successor. Will successfully led Caledonia as Chief Executive for
over a decade until becoming a non-executive director in July 2022. He is a
member of the Cayzer family and has a deep understanding of Caledonia's
culture, investment strategy and long-term approach. Will's appointment
follows the completion of a formal, rigorous and transparent process
undertaken by the Nomination Committee led by Guy Davison, Caledonia's Senior
Independent Director. Major shareholders, who were consulted in advance,
confirmed their broad support for his appointment.
Annual general meeting
Each year I look forward to meeting fellow shareholders in person at our AGM,
which once again takes place in London, on 15 July 2026. This year,
shareholders are also invited to meet me and my board colleagues informally
ahead of the meeting.
Outlook
I have been very proud to serve as Chair and, as I step down at this year's
AGM, I do so with confidence in Caledonia's future. The external environment
remains unsettled and is likely to continue to present further uncertainty.
However, I believe Caledonia is well placed to navigate these challenges,
supported by a high-quality portfolio, a robust balance sheet and a strong,
experienced team.
I wish Will every success as he takes on the role of Chair and I would like to
thank my board colleagues, the management team and colleagues across the
business for their commitment and support.
David Stewart
Chair
Chief Executive Officer's report
Caledonia's long-term investment approach, embodied in our philosophy of 'Time
Well Invested', continued to underpin another year of positive progress. We
delivered a solid performance this year with NAVTR of 5.4%, against the
backdrop of considerable macroeconomic and geopolitical uncertainty, with all
three investment pools contributing positively to growth. This reflects the
strength of our business model, the benefit of our diversified portfolio and
the resilience of our investment approach. We continue to focus on investing
in well-managed companies with strong fundamentals, operating in attractive
markets. These characteristics position the portfolio to look through
short-term noise and to navigate periods of disruption and uncertainty with
confidence.
The year began with volatility following the US administration's 'Liberation
Day' announcement in April 2025, which led to a decline across global equity
markets and provided us an opportunity to deploy capital into our Public
Companies pool. We maintained discipline, taking advantage where we saw
opportunity to invest and manage risk.
The rapid progress in AI and technology during the year fuelled both optimism
and concern. Sentiment fluctuated over the course of the year, highlighting
the pace of change and the uneven path of market expectations. A significant
re-rating of our investment in Oracle took place during this period. We
successfully risk managed the position, realising £65m, delivering a 96.3%
return during the year, which compares favourably with the return that the
stock delivered of 2.4% over the year.
In the Private Capital pool, we agreed the sale of Stonehage Fleming,
delivering a fantastic result. More broadly, transaction volumes in private
markets remained low, although we were encouraged to see some early signs of
momentum returning during the year, particularly in our Asia funds.
Towards the end of the year, the Iranian conflict increased uncertainty
leading to heightened market volatility in March, and the subsequent increase
in inflation created a more challenging environment for investors and reduced
our overall return for the year.
We recognise that shareholders will rightly be disappointed by the -7.1% total
shareholder return due to the discount widening. There is no single solution
to narrowing the discount and as set out in the Chair statement, during the
year we have continued to pursue a number of measures to address it.
Years to 31 March 1 year 3 years 5 years 10 years
% % % %
Annualised performance
NAVTR(1) 5.4 5.4 9.5 9.2
Total shareholder return(1) (7.1) 0.4 7.2 6.3
CPIH 3.4 3.5 5.1 3.4
FTSE All Share total return 21.5 13.3 11.1 8.7
1. Alternative Performance Measure - see note 8.
Performance highlights
We invest across private and public markets. Overall, the portfolio generated
a return of 6.1% in the year. This included adverse foreign exchange movements
which negatively impacted returns by 0.9%.
Annualised investment pool returns
Years to 31 March 1 year 3 years 5 years 10 years
% % % %
Public Companies 1.2 5.9 6.3 9.1
Private Capital 13.1 9.6 17.2 12.2
Funds 4.9 3.1 11.4 13.1
Our Public Companies pool is invested in high-quality, well-managed businesses
with strong market positions and pricing power. The global portfolio is split
between capital and income investments, with the latter providing an important
contribution to cover our cost base and dividend. Performance was affected by
the considerable market volatility as a result of the Iranian conflict nearing
the end of the financial year. The pool delivered a 1.2% return in the year,
down from 9.0% at the end of February.
Within Private Capital, the portfolio delivered an overall return of 13.1%.
The agreed sale of Stonehage Fleming was a key contributor and marks an
excellent outcome. It is a clear demonstration of our patient capital approach
at work: backing an exceptional management team, supporting the development of
an even stronger business over time, creating substantial value during our
ownership and ultimately delivering an outstanding return for shareholders.
AIR-serv Europe also delivered another year of strong performance, leading to
a higher valuation.
The Funds pool performed well in the year, delivering a total return of 4.9%
or 7.1% in local currency. Performance was supported by positive contributions
from both North America and Asia, reflecting the quality of the underlying
portfolios and meaningful realisations. While distributions continued to be
subdued as expected, we are encouraged by a pick up in IPO and fundraising
activity in Asia. The portfolios remain resilient, with exposure to domestic
markets and attractive long-term growth sectors.
Liquidity and balance sheet
A strong financial position is core to Caledonia's strategy. We ended the year
with net cash of £90m, which, alongside our £325m revolving credit facility,
provides significant liquidity to invest in attractive opportunities as they
arise.
Proceeds of c.£290m from the agreed sale of Stonehage Fleming are expected in
mid 2026. This will further enhance our liquidity and position us well to
pursue opportunities that meet our selective investment criteria.
People
Our people remain at the heart of our business and we are committed to
fostering an environment in which exceptional talent can thrive. I would like
to thank my colleagues for their unwavering enthusiasm and dedication which
continue to drive our success.
I would also like to thank our Chair, David Stewart, and non-executive
director, Charles Cayzer who will both step down at the conclusion of the
forthcoming annual general meeting. We are very grateful for their leadership,
counsel and support throughout their tenure.
Our approach to responsible investment
As we highlight in the Sustainability section of our 2026 annual report, we
have continued to build on our approach to responsible investment and consider
the issues associated with climate change and its potential impact on our
business and portfolio. Our Task Force on Climate-related Financial
Disclosures report will be published alongside the annual report.
Looking forward
Looking ahead, we recognise that uncertainty in the economic and geopolitical
backdrop is likely to remain a feature of markets in the year ahead.
Nevertheless, we believe Caledonia is well placed to continue delivering
long-term value for shareholders. The strength of our model, centred on
investing in high-quality companies with lower levels of financial risk, gives
us confidence in the resilience of the portfolio and its ability to perform
over the long term. Our balance sheet and liquidity are strong, providing us
with the ability to pursue opportunities as they arise. We remain focused on
compounding NAV over the long term, while continuing our efforts to improve
shareholder returns and ensure that the strength of our investment proposition
is more fully reflected in the share price.
Mat Masters
Chief Executive Officer
Investment review
Caledonia is a long-term investor in both listed and private markets via three
pools: Public Companies, Private Capital and Funds, each managed by a
specialist team.
To ensure that we maintain a balanced portfolio, each of our investment pools
has a strategic allocation range. At 31 March 2026, all of our investment
pools were within their strategic allocation ranges.
Strategic allocation Allocation NAV at 31 March 2026
Public Companies 30%-40% 32%
Private Capital 25%-35% 32%
Funds 25%-35% 32%
Overall performance
At 31 March 2026, the investment portfolio was valued at £2,847.8m,
generating a return of 6.1% during the year, with all investment pools
contributing to growth. This was achieved against a continuing backdrop of
uncertainty, economic headwinds and geopolitical volatility. We believe this
performance reflects the resilience of our portfolio, which is built around
high-quality, well-managed businesses, operating in attractive markets and
supported by strong market fundamentals.
Investment activity
During the year, we invested a total of £265.2m into the portfolio, against
which £257.1m of proceeds were received, resulting in a net outflow of
£8.1m.
Investment movements in the year
31 Investments Realisations Accrued income Gains / (losses) 31 Income Return(3)
March 2025 March
2026
£m £m £m £m £m £m £m %
Public Companies 964.7 141.4 (142.3) - (11.6) 952.2 23.2 1.2
Private Capital 870.7 7.0 (0.5) 2.6 74.9 954.7 36.1 13.1
Funds 897.3 116.8 (114.3) - 41.1 940.9 3.6 4.9
Total pools 2,732.7 265.2 (257.1) 2.6 104.4 2,847.8 62.9 6.1
Other investments(1) 10.9 - - - (12.3) (1.4) 8.9
Total investments(2) 2,743.6 265.2 (257.1) 2.6 92.1 2,846.4 71.8
Net cash 151.3 90.0
Other net (liabilities) / assets 36.7 43.6
Net assets 2,931.6 2,980.0
1. Other investments include -£1.4m of non-pool provisions (31 March 2025:
£10.9m non-pool investment).
2. Total investments as at 31 March 2026 includes £279.3m (31 March 2025:
nil) relating to one investment that was classified as assets held for sale in
the group's statement of financial position.
3. Returns for investments are calculated using the Modified Dietz
methodology.
Investments summary
Holdings over 1% of net assets at 31 March 2026 were as follows:
Net
Value assets
Name Pool Geography Business £m %
Stonehage Fleming Private Capital Chan Is. Family office services 279.3 9.4
AIR-serv Europe Private Capital UK Forecourt vending 215.0 7.2
Cobepa Private Capital Europe Investment company 206.5 6.9
Butcombe Group Private Capital Chan Is. Pubs, bars & inns 142.4 4.8
Philip Morris Public Companies US Tobacco & smoke-free products 88.1 3.0
De Cheng funds Funds Asia Private equity funds 76.9 2.6
Texas Instruments Public Companies US Semiconductors 76.2 2.6
Axiom Asia funds Funds Asia Funds of funds 69.9 2.3
HighVista funds Funds US Funds of funds 67.7 2.3
Microsoft Public Companies US Software 65.8 2.2
Watsco Public Companies US Ventilation products 64.3 2.1
Direct Tyre Management Private Capital UK Tyre management services 57.7 1.9
Fastenal Public Companies US Industrial supplies 48.8 1.6
Hill & Smith Public Companies UK Infrastructure 46.4 1.6
Charles Schwab Public Companies US Investment management 43.5 1.5
Moody's Corporation Public Companies US Financial services 43.0 1.4
Unicorn funds Funds Asia Funds of funds 41.8 1.4
Thermo Fisher Scientific Public Companies US Pharma and life sciences services 41.7 1.4
Oracle Public Companies US Software 41.6 1.4
Croda International Public Companies UK Chemicals 37.4 1.3
Spirax Sarco Public Companies UK Steam engineering 34.3 1.1
Vance Street funds Funds US Private equity funds 32.9 1.1
Asia Alternatives funds Funds Asia Funds of funds 32.5 1.1
Ironbridge funds Funds US Private equity funds 30.3 1.0
American Industrial Partners Funds US Private equity funds 28.9 1.0
Other assets 934.9 31.4
Investment portfolio 2,847.8 95.6
Cash and other net assets 132.2 4.4
Net assets 2,980.0 100.0
Public Companies
Strategy
The Public Companies pool provides Caledonia with exposure to a concentrated
portfolio of high-quality businesses selected through the disciplined
application of our quality framework. We focus on companies with durable
competitive advantages, pricing power and management teams who think and act
like long-term owners and are closely aligned with shareholders. We believe
these characteristics support sustained compounding of value across market
cycles.
The permanent nature of Caledonia's balance sheet is a defining advantage.
Free from the need to manage subscriptions or redemptions, the team can act
with patience and conviction - deploying capital when opportunities arise and
holding investments through periods of dislocation.
The global portfolio comprises two complementary strategies: Capital and
Income, each holding between 15 and 20 companies. The Income portfolio seeks
an initial yield on invested cost of 3.5%, with total dividends growing ahead
of inflation over time. The Capital portfolio is higher growth with no yield
target, focusing on long-term value creation. Both portfolios are managed by a
single team, fully focused on investing, applying the same research
discipline, unconstrained by benchmarks and guided by a consistent long-term
philosophy. This is reflected in the average holding periods of the companies
in our portfolios: 8.4 years for the Capital portfolio and 6.3 years for the
Income portfolio.
Performance
During the year, the Public Companies pool delivered a modest total return of
1.2% (2.6% in local currencies) against the backdrop of considerable market
volatility. Short-term market weakness following the US tariff measures
announced in April 2025 on 'Liberation Day' added to that uncertainty and
created opportunities for us to deploy capital decisively, reflecting the
strength of our business model designed to take advantage in periods of
dislocation. As the year progressed, evolving views on AI-related
opportunities increasingly influenced share prices, while the conflict in Iran
contributed to a weaker market environment. This had a particularly pronounced
impact in March 2026, with a decline in returns of 7.8% in the month. In
this context, fundamentals remain important and the underlying operating
performance across our portfolio companies generally remained strong. Over the
last 10 years the Public Companies pool has delivered returns of 9.1% p.a..
Public Companies - Capital portfolio
Performance
At the year end, the Capital portfolio was valued at £691.9m and delivered a
return of 1.5% in the year, impacted by the performance in March of -6.8% on
the back of the wider market sell off. The portfolio remains concentrated,
comprising 18 holdings. Including the impact of foreign exchange, over the
last 10 years the portfolio has delivered annualised returns of 11.2% p.a..
The strongest performers in terms of share price returns were Oracle (96.3%),
Polar Capital (57.5%) and Charles Schwab (27.3%). Oracle's share price rose
sharply in September following a series of AI-related announcements, which led
to a significant re-rating of the shares. Our return of 96.3% reflects the
partial realisation of gains given this strong performance, ahead of a
subsequent notable reduction in Oracle's share price. Polar Capital and
Charles Schwab's performance followed an increase in assets under management
and improving profit expectations.
Gains across the Capital portfolio were partially offset by negative
contributions primarily from Charter Communications (-41.7%), Pool Corp
(-38.1%) and Watsco (-27.4%) due to a period of softer demand in their end
markets and the investor sentiment that followed. However, we remain confident
in the longer-term prospects of all and in fact took advantage of this market
weakness to top up our positions in each of these holdings during the year.
Investment activity
Over the year we invested a total of £114.1m and realised £117.1m, resulting
in a net realisation of £3.0m.
We initiated two new positions in the year: Charles Schwab, a leading US
financial services firm with over $11 trillion assets under management, and
Cintas, a specialist corporate uniforms, workplace supplies and safety
services supplier. We had been monitoring both holdings for a number of years.
We initiated Charles Schwab and topped up a number of other positions during
the April 2025 period of market weakness.
We realised £65.4m from our holding in Oracle during the year following the
share price rally. Since initiating the investment in 2014, we invested a
total of £35.2m and realised £112.4m, including dividends. At 31 March 2026,
the remaining holding was valued at £41.6m and the annualised return since
investment was 19.4%.
The portfolio exited positions in Ecolab and Becton Dickinson. Additional
trading activity remained targeted, taking advantage of share price movements
in a number of existing investments.
Public Companies - Income portfolio
Performance
The Income portfolio was valued at £260.3m and delivered a return of 0.4% in
the year, impacted by the performance in March of -9.1% on the back of the
wider market sell off. Like the Capital portfolio, it is concentrated,
comprising 18 holdings, and is not managed against a benchmark. Including the
impact of foreign exchange, over the last 10 years the portfolio has delivered
annualised returns of 4.7% p.a..
The strongest performers were British American Tobacco ('BAT') (49.1%), Sabre
Insurance (34.9%) and National Grid (30.6%). BAT benefitted from broad
operating progress supported by the accelerating growth of its smoke-free
offerings while also paying an attractive dividend. Both Sabre and National
Grid continued to execute well against their stated strategies.
Gains were partially offset by weaker share price performances from RELX
(-34.7%) and Sage Group (-30.2%). Both companies suffered from AI-related
market concerns weighing on valuations despite resilient trading and earnings
growth. However, we remain positive on their longer-term prospects and we used
this share price weakness to top up our positions in both.
Investment activity
Over the year we invested a total of £27.3m and realised £25.2m, resulting
in a net investment of £2.1m.
The portfolio initiated a new position in Paychex, a leading provider of
payroll, HR and employee-benefits services to businesses. Other than this,
trading activity remained targeted with refined positions in a number of
existing investments.
Private Capital
Strategy
The Private Capital pool comprises a concentrated portfolio of direct
investments in private companies, primarily within the UK mid-market. We adopt
a disciplined buy-to-own approach, investing selectively in cash-generative
businesses with strong growth prospects, resilient market positions and
favourable underlying dynamics. Typically committing £50m to £150m per
investment, we structure transactions with conservative levels of leverage and
a prudent approach to risk.
As a balance sheet investor, we operate outside the traditional private equity
fund model and are not constrained by fixed investment or exit timelines. This
freedom of action allows us to deploy capital with conviction, at low volume,
and to focus on long-term value creation rather than transaction activity. We
partner closely with management teams, providing not only capital but also a
broad ecosystem of support - including strategic guidance, M&A execution,
governance frameworks, data and digital capability, and operational support.
Our flexible ownership horizon enables us to hold investments for extended
periods, exiting only when strategic alignment and market conditions are
optimal to maximise shareholder value. Excluding the agreed sale of Stonehage
Fleming, the strategy has returned £1.1bn of realised proceeds at an IRR of
17% and a multiple of 1.8x cost from investments made since 2012.
Performance
At 31 March 2026, the Private Capital portfolio consisted of eight companies,
with the top five investments representing c.95% of pool NAV.
The portfolio was valued at £954.7m and generated a return of 13.1%, driven
primarily by the agreed sale of Stonehage Fleming and good operational
performance from AIR-serv. Including the impact of foreign exchange, over the
last 10 years the Private Capital pool has delivered an annualised return of
12.2% p.a..
The majority of the portfolio is valued on an earnings multiple basis, with
these multiples in the range of 10 to 14.5 times last 12 months' earnings
before interest, tax, depreciation and amortisation ('LTM EBITDA'). Gearing
levels are low, with net debt typically in the range of 2 to 2.5 times LTM
EBITDA.
Portfolio summary
On 2 September 2025, we announced the agreed sale of Stonehage Fleming, a
leading multi-family office providing advisory services to the ultra-high net
worth market. Expected cash proceeds are c.£290m and completion is expected
in mid 2026. The expected cash proceeds represent a 3.2x multiple on cost and
a £67m or 30% uplift to the carrying value at 31 March 2025.
We first invested in Stonehage Fleming in 2019 and during our period of
ownership the team has delivered upon our investment thesis, which was centred
on building scale, international reach and providing additional services to
the fast-growing ultra-high net worth market.
The valuation at 31 March 2026 of £279.3m reflects expected cash proceeds
less a c.3.5% discount in recognition of the limited transaction execution
risk and time value of money.
AIR-serv Europe is a leading designer and manufacturer of air, vacuum and jet
wash machines, which it provides to fuel station forecourt operators across
the UK and Western Europe. The business has c.60% market share, with c.23,500
machines installed at over 15,000 customer locations. It delivered solid
year-on-year growth, supported by operational efficiencies and expansion of
its estate, with c.500 machines installed in the year. Operations also
expanded to include Portugal and Austria. Caledonia received a dividend of
£24.5m during the year, bringing total dividends received since acquisition
to £30.7m. The valuation at 31 March 2026 was £215.0m, a return of 23.8% for
the year.
Cobepa, the Belgian-based investment company, owns a diverse portfolio of 22
private global investments. During the year, Cobepa made three new
investments, multiple follow-on investments and one partial realisation. The
valuation at 31 March 2026 was £206.5m, a return of 8.8% (4.2% in local
currency) for the year, with strong performances from some of Cobepa's largest
investments driving returns.
Butcombe Group (formerly Liberation Group), is an inns and drinks business
with an estate of 71 managed and 49 tenanted pubs, stretching from Southwest
London to Bristol and the Channel Islands. The business delivered a good
performance overall, led in particular by the managed pubs division, which
again delivered strong trading across the estate. This was achieved against a
challenging macroeconomic backdrop and the increases to National Insurance and
the National Minimum Wage in the UK. The continuing programme of improvements
to the Cirrus estate is also generating positive results. The valuation at 31
March 2026 was £142.4m, a return of 4.4% for the year.
DTM, the UK's leading independent provider of outsourced tyre management
services to fleet operators, was acquired in August 2024. Headquartered in
Blackpool, DTM has over 100 employees and serves c.250 fleet customers with
c.285,000 vehicles and c.1.3 million tyres under management. Enabled by a
proprietary technology platform, which allows customers to maximise their
fleet efficiency, compliance and output, DTM connects the vehicles it manages
to a national network of over 3,500 service provider locations. Since
acquisition, DTM has strengthened its management team, which is now delivering
tangible benefits including an improvement in new business momentum. The
valuation at 31 March 2026 was £57.7m, a return of 4.7% for the year.
Funds
Strategy
The Funds pool partners with experienced, operationally focused managers in
North America and Asia. The pool provides exposure to two markets that would
otherwise be challenging to access directly, while enhancing diversification.
The pool comprises 82 funds managed by 46 managers, with an underlying
portfolio of over 600 companies in our directly held funds.
North America-based funds represent 62% of the Funds pool and focus on the
lower mid-market, investing in established, small to medium-sized, often
owner-managed businesses. As often the only European investor in these funds,
we gain access to domestically focused companies operating across a broad
range of sectors that underpin everyday American life. These managers often
provide the first institutional capital to portfolio companies, supporting
professionalisation and expansion through organic growth initiatives and
targeted M&A. Investments are generally made at lower entry multiples and
with more conservative leverage than larger buyouts, meaning returns are
driven principally by operational execution and value creation rather than
financial structuring.
Our Asia funds account for 38% of the pool and seek to benefit from the
region's growing middle class and its increasing role in global innovation. We
invest across sectors positioned to benefit from these structural trends,
particularly healthcare and technology. These funds typically back businesses
in the early stages of significant growth. While focused on domestic markets
and local growth drivers, a small number - particularly healthcare-focused
strategies - also invest selectively into the US.
Performance
At 31 March 2026, the pool was valued at £940.9m, comprising £583.7m of
North America funds, £354.0m of Asia funds and £3.2m of legacy fund
investments. The pool generated a total return of 4.9% (7.1% in local
currencies), driven by positive performance from both our North America (6.8%
in local currency) and Asia (7.7% in local currency) holdings. Including the
impact of foreign exchange, over the last 10 years, the Funds pool has
delivered annualised returns of 13.1% p.a..
The North America portfolio performance was underpinned by quality
realisations and continued robust operating performance of the underlying
companies. Distributions have remained subdued, as anticipated, amid continued
macroeconomic uncertainty and geopolitical headwinds. We believe the portfolio
is resilient, with significant exposure to domestic end markets in the US and
to businesses characterised by sticky revenue profiles. In our view, this
leaves the portfolio well positioned to withstand the current period of
volatility. Although we remain confident in the fundamental strength of the
underlying companies, we expect distributions to remain moderated in the near
term given the prevailing broader external environment.
Performance of the Asia portfolio was driven by a number of specific exits in
the biotechnology sector across several funds and a recovery in Asia listed
valuations. It is encouraging to see increased fundraising and IPO activity in
the region. We believe the portfolio remains well positioned, with selective
exposure to attractive long-term growth themes including biotechnology,
electric vehicles and robotics. Distributions have increased from post-Covid
lows and, while still below previous peak levels, this marks further progress.
Investment activity
Overall, the Funds pool generated a net cash outflow of £2.5m in the year.
Drawdowns totalled £116.8m, with 67% deployed into North America funds and
the balance into Asia funds. Distributions totalled £114.3m, with 73%
distributed from the North America portfolio.
Portfolio maturity
Our primary funds portfolio has a weighted average age of approximately 4.7
years (31 March 2025: 4.3 years). The weighted average age of our North
America holdings is 4.6 years (31 March 2025: 4.0 years). The increase in
weighted average age reflects extended holding periods in a slower exit
environment. The weighted average age of our Asia holdings is 4.9 years (31
March 2025: 4.9 years).
Uncalled commitments
At 31 March 2026, uncalled commitments were £346.1m (2025: £415.9m), 78% to
North America and 22% to Asia.
During the year, US$55m was committed to North America lower mid-market buyout
funds; US$30m to an existing manager and US$25m to a new manager.
Financial review
Caledonia ended the year with net assets of £2,980m (568p per share) (2025:
£2,932m; 548p per share), delivering a return of 5.4% for the year. This NAV
performance was driven by generally good operating performance across the
portfolio in challenging conditions, partially offset by recent equity market
volatility and foreign exchange movements. Backed by a portfolio of
high-quality companies and a long-term investment philosophy, we are well
positioned to navigate uncertainty and deliver sustainable real returns over
time.
Our annualised NAVTR over 10 years is 9.2%, outperforming inflation by 5.8%
and the FTSE All-Share by 0.5% over the same period.
Change in net assets
£m
31 March 2025 2,931.6
Net investment gains 126.8
Portfolio investment income 62.9
Foreign exchange impact (22.4)
Management expenses (29.9)
Other (7.0)
Net assets before dividends and share buybacks 3,062.0
Share buybacks (34.6)
Dividends paid (47.4)
31 March 2026 2,980.0
Total comprehensive income
The company seeks to generate total profits from both investment income and
capital growth. For the year ended 31 March 2026, total comprehensive income
was £135.1m (2025: £66.9m), of which £40.4m (2025: £30.9m) was derived
from revenue and £94.7m (2025: £36.0m) from capital.
31 Mar 2026 31 Mar 2025
£m £m
Revenue Capital Total Revenue Capital Total
Investment income - portfolio(1) 54.9 8.0 62.9 43.7 - 43.7
Net gain on fair value investments - portfolio(2) - 104.4 104.4 - 50.2 50.2
Total return 54.9 112.4 167.3 43.7 50.2 93.9
Investment income - other investments(1) 8.9 - 8.9 9.0 - 9.0
Net loss on fair value investments - other investments(2) - (12.3) (12.3) - (6.3) (6.3)
Net gain / (loss) on fair value property - 0.6 0.6 - (1.3) (1.3)
Other income 0.9 0.6 1.5 0.9 0.4 1.3
Total net investment income 64.7 101.3 166.0 53.6 43.0 96.6
-ongoing management (24.6) - (24.6) (25.9) - (25.9)
- performance awards(3) - (4.7) (4.7) - (5.8) (5.8)
- transaction costs - (0.6) (0.6) - (0.3) (0.3)
-exchange movements and other (0.2) - (0.2) (1.3) - (1.3)
- other expenses (non-recurring) (0.8) - (0.8) (2.9) - (2.9)
Net finance income 1.0 - 1.0 6.4 - 6.4
Taxation and other 0.3 (1.3) (1.0) 1.0 (0.9) 0.1
Total comprehensive income 40.4 94.7 135.1 30.9 36.0 66.9
1. Total investment income from the portfolio and other investments £71.8m
(2025: £52.7m).
2. Total net gain on fair value investments from the portfolio and other
investments £92.1m (2025: £43.9m).
3. Performance awards of £4.7m includes £0.3m of costs recharged to an
intra-group (non-consolidated) entity (2025: £0.5m of costs recharged).
4. Caledonia allocates expenses between revenue and capital in accordance with
guidance from the Association of Investment Companies and broader market
practice. In addition to transaction costs, share-based payment expenses are
allocated to capital. Caledonia's share-based compensation is directly linked
to investment performance and is therefore viewed as an expense against gains
on investments
Revenue performance
Total comprehensive income was £40.4m (2025: £30.9m), an increase of £9.5m,
driven by an £11.2m increase in investment income from the portfolio, £3.4m
decrease in ongoing management fees and other non-recurring expenses, offset
by £5.4m of lower net finance income.
Investment income from the portfolio of £54.9m (2025: £43.7m) is comprised
of £23.2m of dividends from Public Companies (2025: £21.8m), £28.1m from
Private Capital (2025: £17.5m) and £3.6m from Funds (2025: £4.4m). The
increase of £10.6m in Private Capital is mainly due to the AIR-serv dividend
of £24.5m in the year, of which £8.0m is included in the capital
comprehensive income statement.
Investment income from other investments totalled £8.9m (2025: £9.0m),
representing a distribution paid by an intra-group non-consolidated entity
from trading reserves.
The company's revenue management expenses were £1.3m lower than last year at
£24.6m (2025: £25.9m), primarily reflecting a reduction in non-recoverable
indirect taxes.
Ongoing charges
Our ongoing charges ratio for the year was 0.83% (2025: 0.87%). This ratio is
calculated on an industry standard basis, comprising published management
expenses over the monthly average net assets.
Capital performance
Total comprehensive income was £94.7m (2025: £36.0m). The movement compared
to last year is predominantly due to the higher levels of capital gains
achieved from our investments.
Net fair value gains from the portfolio were £104.4m (2025: £50.2m), and
together with portfolio investment income, as described above, of £54.9m
(2025: £43.7m) and Capital investment income of £8.0m (2025: nil), the
portfolio generated a total return of £167.3m (2025: £93.9m), or 6.1%.
Foreign exchange detracted from performance - with 53% of our NAV denominated
in US dollars, the 2.2% strengthening of Sterling against the US dollar
resulted in a £22.4m loss across our investment pools.
There was a property gain of £0.6m (2025: £1.3m reduction) reflecting stable
property valuations on commercial properties.
The company's capital management expenses relating to performance awards were
£4.7m (2025: £5.8m). Transaction costs of £0.6m (2025: £0.3m) were
incurred, mainly linked to due diligence work on new private equity and fund
investments.
Valuation
The company maintains a considered valuation approach to all investments,
applying caution in exercising judgement and making the necessary estimates.
All listed investments are valued based on the closing bid price on the
relevant exchange as at 31 March 2026. Private Capital investments are valued
biannually, principally on a normalised EBITDA/market multiple basis, in line
with the latest IPEV guidelines. Our holding in Cobepa is derived from the
valuation it prepares and Stonehage Fleming is held at discounted transaction
price. The Funds pool valuations are based on the most recent valuations
provided by the fund managers, subject to cash movements from the valuation
date. We reviewed the valuation methodologies adopted by fund managers and
applied supplementary consideration, where appropriate, to ensure that market
trends, including the impact of the wider market sell off in March 2026, and
other developments at the reporting date, were appropriately reflected in the
Funds pool valuations. No adjustments to fund manager valuations were
required. The NAV of the Funds pool comprised 1.9% based on valuations dated
28 February 2026, 86.4% dated 31 December 2025 and 11.7% dated 30 September
2025.
The following table summarises the source of valuations across the portfolio,
illustrating that 74% of the portfolio value is subject to either market
prices or independent external valuation.
Pool assets by valuation method %
Quoted price 34
Fund NAV(1) 40
Earnings 16
Discounted transaction price 10
1. Includes Private Capital investment in Cobepa
Dividend
We recognise that a reliable source of growing dividends is an important part
of shareholder return over both the short and longer term and have extended
our record of growing annual dividends to 59 consecutive years. We paid an
interim dividend of 3.68p per share on 8 January 2026 and have proposed a
final dividend of 4.00p per share. The total annual dividend for the year of
7.68p per share is an increase of 4.4% on last year. The interim dividend was
re-profiled in the year to be 50% of the prior year's total annual dividend,
providing shareholders with a more balanced dividend payment profile and a
more predictable income stream.
Including the proposed final dividend, the dividends to be paid out of revenue
earnings for the year ended 31 March 2026 total £39.9m, which is covered by
net revenue for the year of £40.4m.
Capital allocation
Disciplined management of the balance sheet is fundamental to maintaining its
strength and to ensuring the efficient allocation of capital. Each of our
investment pools has a strategic allocation range to support a balanced
portfolio and at 31 March 2026, all pools were within their respective ranges.
Following completion of the sale of Stonehage Fleming, we expect the
allocation to Private Capital to reduce temporarily until new investment
opportunities are identified and we are comfortable with that position. This
reflects our disciplined approach to capital allocation and our commitment to
remaining selective.
Alongside allocation to our investment strategies, we remain committed to our
dividend policy and, where appropriate, share buybacks. While buybacks are an
important tool in managing the share price discount and enhancing NAV per
share, they must be balanced against the need to remain appropriately invested
in the portfolio and positioned for long-term value. Over the course of the
year we allocated £34.6m to purchase and cancel 9,465,511 shares at an
average discount of 34.7%, generating 3.49p or 0.6% of NAV per share
accretion.
Cash flows, liquidity and facilities
On 13 May 2026 the revolving credit facility of £325m was extended for a
further two years on exactly the same terms. The facility comprises £150m
over a five-year term expiring in August 2031 and £175m over a three year
term expiring in August 2029.
At 31 March 2026, total liquidity of cash and undrawn facilities was £415.0m,
comprising £90.0m of cash and £325.0m of undrawn facility. Proceeds of
c.£290m from our agreed sale of Stonehage Fleming, expected in mid 2026, will
further enhance our liquidity position.
Our net portfolio investment cash flows were an outflow of £5.8m. Investment
into our portfolio totalled £262.9m. Realisations from our portfolio totalled
£257.1m.
After investment income, management expenses, dividend payments to our
shareholders and share buybacks, net cash outflow was £60.9m. At 31 March
2026, our net cash was £90.0m (31 March 2025: £151.3m).
Uncalled commitments
Our total uncalled commitments were £346.1m or US$455.7m (2025: £415.9m,
US$537.3m), split 78% in North America and 22% in Asia. During the year we
committed a total of US$55m (2025: US$200m) to two North American managers.
Foreign exchange
62% of our net asset value is non-Sterling denominated. We do not hedge our
foreign currency exposure. However, this risk is fully recognised by the
business and considered carefully within our risk management framework.
Rob Memmott
Chief Financial Officer
Risk management
Risk management is an integral part of the company's business model and
embedded within its business operations. Caledonia's risk management framework
seeks to ensure that different parts of the group operate within strategic
risk appetite parameters integrated with its governance and decision-making
processes. The board has overall responsibility for setting and monitoring the
company's risk appetite.
Principal risks Mitigation and management Key developments
Strategic
Risks in relation to the appropriateness of the business model to deliver The company's business model and strategy are reviewed periodically, against All investment pools operated within their strategic banding. A comprehensive
long-term growth in capital and income. market conditions and target returns. A capital allocation model including capital allocation review, including liquidity forecasting, was completed in
liquidity and scenario analysis is maintained and reviewed by the board November and March.
biannually.
Strategic risks include the allocation of capital between public and private
equity, and in relation to geography, sector, currency, yield and liquidity.
The emergence and adoption of AI technologies could materially change how
The performance of the company, its key risks and mitigating controls are services are delivered by the companies we invest in. The investment teams
monitored regularly by management and the board. have factored AI business model risk into their assessments.
Following the shareholder approval of an uncapped Rule 9 waiver, share
buybacks have taken place throughout the year which are accretive to NAV per
share.
Investor relations activity continues to be enhanced. Spotlight sessions for
all three pools have now concluded and were well received by all stakeholders.
Caledonia's website was comprehensively updated and new channels of
communication continue to be developed.
Investment
Risks in respect of specific investment and realisation decisions. Investment Investment opportunities are subject to rigorous appraisal and a multi-stage The Investment Committee met throughout the year to consider investment
risks include appropriate research and due diligence for new investments and approval process. Investment managers have well-developed networks through decisions. Each investment pool applies rigorous assessment criteria for
the timely execution of both investments and realisations for optimising which they attract proprietary deal flow. investment decisions and ongoing monitoring.
value.
Opportunities to enter or exit investments are reviewed regularly, being The investment teams continue to review capacity and capability to ensure
informed by market conditions, pricing and strategic aims. appropriate skills and resources are in place and promote talent from within.
Market
Risk of losses in the value of investments arising from sudden and significant Market risks and sensitivities are reviewed regularly with actions taken, Geopolitical tensions, particularly in the Middle East, are contributing to
movements in public market prices, particularly in highly volatile markets. where appropriate, to balance risk and return. increased market volatility and a more uncertain macroeconomic environment.
Private asset valuations have an element of judgement and could also be
impacted by market fluctuations.
A regular review of market and portfolio volatility is conducted by the board. The Public Companies pool is the most exposed to these conditions given its
Reviews also consider investment concentration, currency exposure and concentration in listed equities and while performance remained strong
Caledonia's principal market risks are therefore equity price volatility, portfolio liquidity. Portfolio construction, including use of private assets, throughout the year it has been impacted more recently by market reactions to
foreign exchange rate movements and interest rate volatility. provides some mitigation. geopolitical tensions. Developments in AI have introduced additional
uncertainty into equity markets, as the implications for business models, cost
structures and long-term returns on capital remain unclear.
Our long-term, high-conviction investment strategy makes us well positioned to
withstand near-term fluctuations and selectively capitalise on opportunities
where valuations become more attractive.
Current market volatility, if sustained, could drive changes to inflation and
interest rates. We remain focused on investing in high-quality companies, with
limited use of leverage, that are capable of outlasting short-term volatility.
Exchange rate movements, particularly between Sterling and the US dollar,
continue to influence reported valuations. Consistent with our long-term
investment horizon, we remain comfortable maintaining an unhedged position.
Liquidity
Risk that liabilities, including private equity fund drawdowns, cannot be met Detailed cash forecasting for the year ahead is updated and reviewed At the end of March 2026 there was £90m cash, in addition to £325m undrawn
or new investments cannot be made due to a lack of liquidity. Such risk can quarterly, including the expected drawdown of capital commitments. A weekly on the revolving credit facility, which has recently been renewed on the same
arise from being unable to sell an investment due to lack of a market, or from cash update is produced, focused on the short-term cash forecast. terms.
not holding cash or being unable to raise debt.
Loan facilities are maintained to provide appropriate liquidity headroom. This facility, in addition to cash, provides a substantial amount of available
capital for investment in high-quality opportunities.
The liquidity of the portfolio is reviewed regularly.
Stress testing is built into our liquidity management with quarterly reviews
conducted throughout the year.
ESG & climate change
Risks in relation to the successful incorporation of ESG matters and climate Caledonia's ESG knowledge, processes and policies continue to develop as ESG The annual assessment of the Private Capital portfolio companies' climate
change impacts into our investment approach. matters are integrated into our investment approach. Each pool reports on ESG change risks and opportunities was completed with no significant variances
and climate change information and developments to the board annually. since 2025. Positive improvements were seen across the portfolio, with DTM
achieving B-Corp certification in the year.
Identifying opportunities to drive our approach to ESG matters, deliver strong
returns and manage the risks to meet evolving stakeholder expectations.
Analysis is in progress for the work required to transition from the TCFD
framework to revised UK Sustainability Reporting Standards ('UK SRS'). Should
disclosures in accordance with UK SRS be required by the UK Listing Rules,
this will apply to FY28.
Operational
Risks arising from inadequate or failed processes, people and systems, or from Systems and control procedures are developed and reviewed regularly, ensuring An internal control assessment programme is in progress for all key and
external factors. that defences against cyber threats remain robust and aligned to industry material controls. No material issues have been reported with actions in
standards. They are tested to ensure effective operation. progress to improve control effectiveness.
Operational risks arise from failures around the recruitment, development and
retention of staff, system failures and integrity issues, poor procedures, Appropriate remuneration and other policies are in place to facilitate the Cyber security remains a material risk exposure. An expert third party was
business disruption and failure to adhere to legal or regulatory requirements. retention of key staff. engaged during the year as part of the internal control assessment programme
Process failures can impact finance, IT and investment teams.
to review Caledonia's IT and security control environment. The review included
an evaluation of Caledonia's alignment with the NIST(1) framework which sets
out global standards for cyber security, information security and technology.
Business continuity plans are maintained and updated as the business evolves The report raised no significant control issues, consistent with our internal
and in response to emerging threats. This includes a specific focus on cyber assessments.
security. Caledonia has internal resources to consider regulatory and tax
matters as they arise. Professional advisers are engaged, where necessary, to
assist in specialised areas or when new laws and regulations are introduced.
Caledonia continues to run annual crisis simulation exercises, to stress the
control environment, with no material control deficiencies identified.
1. The National Institute of Standards and Technology.
Group statement of comprehensive income
for the year ended 31 March 2026
2026 2025
Revenue Capital Total Revenue Capital Total
£m £m £m £m £m £m
Revenue
Investment income 63.8 8.0 71.8 52.7 - 52.7
Other income 0.9 0.6 1.5 0.9 0.4 1.3
Net gains on fair value investments - 92.1 92.1 - 43.9 43.9
Net gains/(losses) on fair value property - 0.6 0.6 - (1.3) (1.3)
Total net investment income 64.7 101.3 166.0 53.6 43.0 96.6
Management expenses (24.6) (5.3) (29.9) (25.9) (6.1) (32.0)
Other non-recurring expenses (0.8) - (0.8) (2.9) - (2.9)
Profit before finance costs 39.3 96.0 135.3 24.8 36.9 61.7
Treasury interest receivable 3.7 - 3.7 9.9 - 9.9
Finance costs (2.7) - (2.7) (3.5) - (3.5)
Exchange movements (0.2) - (0.2) (1.3) - (1.3)
Profit before tax 40.1 96.0 136.1 29.9 36.9 66.8
Taxation 0.3 (1.2) (0.9) 1.0 (1.7) (0.7)
Profit for the year 40.4 94.8 135.2 30.9 35.2 66.1
Other comprehensive income items never to be reclassified to profit or loss
Re-measurements of defined benefit pension schemes - (0.8) (0.8) - 0.3 0.3
Tax on other comprehensive income - 0.7 0.7 - 0.5 0.5
Total comprehensive income 40.4 94.7 135.1 30.9 36.0 66.9
Basic earnings per share(1) 7.7p 18.2p 25.9p 5.7p 6.6p 12.3p
Diluted earnings per share(1) 7.6p 17.9p 25.5p 5.6p 6.5p 12.1p
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary
shares which reduced the nominal value from 5p to 0.5p. As a result of the
increased number of ordinary shares now in issue, all earnings per share
figures have been restated for the prior year comparatives.
The total column of the above statement represents the group's statement of
comprehensive income, prepared in accordance with IFRSs as adopted in the
United Kingdom.
The revenue and capital columns are supplementary to the group's statement of
comprehensive income and are prepared under guidance published by the
Association of Investment Companies.
The profit for the year and total comprehensive income for the year is
attributable to equity holders of the parent.
Statement of financial position
at 31 March 2026
Group Company
2026 2025 2026 2025
£m £m £m £m
Non-current assets
Investments held at fair value through profit or loss 2,567.1 2,743.6 2,573.7 2,748.9
Investments in subsidiaries held at cost - - 0.9 0.9
Investment property 12.6 12.6 - -
Property, plant and equipment 24.9 25.3 - -
Deferred tax assets 4.0 5.3 - -
Other receivables - - 28.0 30.5
Employee benefits 5.8 5.4 - -
Non-current assets 2,614.4 2,792.2 2,602.6 2,780.3
Current assets
Asset held for sale 279.3 - 279.3 -
Trade and other receivables 8.7 10.3 5.6 6.4
Current tax assets 3.2 4.2 3.8 4.5
Cash and cash equivalents 90.0 151.3 85.7 148.5
Current assets 381.2 165.8 374.4 159.4
Total assets 2,995.6 2,958.0 2,977.0 2,939.7
Current liabilities
Trade and other payables (5.8) (16.4) (10.4) (22.1)
Employee benefits (4.1) (3.7) - -
Current liabilities (9.9) (20.1) (10.4) (22.1)
Non-current liabilities
Employee benefits (3.8) (4.8) - -
Deferred tax liabilities (1.9) (1.5) - -
Non-current liabilities (5.7) (6.3) - -
Total liabilities (15.6) (26.4) (10.4) (22.1)
Net assets 2,980.0 2,931.6 2,966.6 2,917.6
Equity
Share capital 3.0 3.0 3.0 3.0
Share premium 1.3 1.3 1.3 1.3
Capital redemption reserve 1.5 1.5 1.5 1.5
Capital reserve 2,749.8 2,689.9 2,754.0 2,691.6
Retained earnings 229.8 240.4 212.2 224.7
Own shares (5.4) (4.5) (5.4) (4.5)
Total equity 2,980.0 2,931.6 2,966.6 2,917.6
Undiluted net asset value(1) 575.5p 555.8p
Diluted net asset value(1) 567.6p 547.5p
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary
shares which reduced the nominal value from 5p to 0.5p. As a result of the
increased number of ordinary shares now in issue, all net asset per share
figures have been restated for the prior year comparatives.
The Company profit for the year ended 31 March 2026 was £135.7m (2025:
£66.0m).
The financial statements were approved by the board and authorised for issue
on 18 May 2026 and were signed on its behalf by:
Mat Masters Rob Memmott
Chief Executive Officer Chief Financial Officer
Statement of changes in equity
for the year ended 31 March 2026
Capital redemption
Share Share Capital Retained Own Total
capital premium reserve reserve earnings shares equity
£m £m £m £m £m £m £m
Group
Balance at 31 March 2024 3.1 1.3 1.4 2,716.6 250.2 (7.3) 2,965.3
Total comprehensive income
Profit for the year - - - 35.2 30.9 - 66.1
Other comprehensive income - - - 0.8 - - 0.8
Total comprehensive income - - - 36.0 30.9 - 66.9
Transactions with owners of the company
Contributions by and distributions to owners
Share-based payments - - - - 4.5 - 4.5
Transfer of shares to employees - - - - (6.8) 6.8 -
Own shares purchased and cancelled (0.1) - 0.1 (62.7) - - (62.7)
Own shares purchased - - - - - (4.0) (4.0)
Dividends paid - - - - (38.4) - (38.4)
Total transactions with owners (0.1) - 0.1 (62.7) (40.7) 2.8 (100.6)
Balance at 31 March 2025 3.0 1.3 1.5 2,689.9 240.4 (4.5) 2,931.6
Total comprehensive income
Profit for the year - - - 94.8 40.4 - 135.2
Other comprehensive income - - - (0.1) - - (0.1)
Total comprehensive income - - - 94.7 40.4 - 135.1
Transactions with owners of the company
Contributions by and distributions to owners
Share-based payments - - - - 3.6 - 3.6
Transfer of shares to employees - - - - (7.2) 7.2 -
Own shares purchased and cancelled - - - (34.8) - - (34.8)
Own shares purchased - - - - - (8.1) (8.1)
Dividends paid - - - - (47.4) - (47.4)
Total transactions with owners - - - (34.8) (51.0) (0.9) (86.7)
Balance at 31 March 2026 3.0 1.3 1.5 2,749.8 229.8 (5.4) 2,980.0
Company
Balance at 31 March 2024 3.1 1.3 1.4 2,717.1 236.6 (7.3) 2,952.2
Profit and total comprehensive income - - - 37.2 28.8 - 66.0
Transactions with owners of the company
Contributions by and distributions to owners
Share-based payments - - - - 4.5 - 4.5
Transfer of shares to employees - - - - (6.8) 6.8 -
Own shares purchased and cancelled (0.1) - 0.1 (62.7) - - (62.7)
Own shares purchased - - - - - (4.0) (4.0)
Dividends paid - - - - (38.4) - (38.4)
Total transactions with owners (0.1) - 0.1 (62.7) (40.7) 2.8 (100.6)
Balance at 31 March 2025 3.0 1.3 1.5 2,691.6 224.7 (4.5) 2,917.6
Profit and total comprehensive income - - - 97.2 38.5 - 135.7
Transactions with owners of the company
Contributions by and distributions to owners
Share-based payments - - - - 3.6 - 3.6
Transfer of shares to employees - - - - (7.2) 7.2 -
Own shares purchased and cancelled - - - (34.8) - - (34.8)
Own shares purchased - - - - - (8.1) (8.1)
Dividends paid - - - - (47.4) - (47.4)
Total transactions with owners - - - (34.8) (51.0) (0.9) (86.7)
Balance at 31 March 2026 3.0 1.3 1.5 2,754.0 212.2 (5.4) 2,966.6
Statement of cash flows
for the year ended 31 March 2026
Group Company
2026 2025 2026 2025
£m £m £m £m
Operating activities
Dividends and fund income distributions received 58.7 38.5 58.7 38.5
Interest received 4.2 9.9 7.2 9.9
Rental and other income 1.5 1.3 0.6 0.5
Cash paid to suppliers and employees (29.5) (29.7) (35.8) (38.8)
Tax refunds 0.2 0.2 0.2 0.2
Group tax relief received 2.4 0.5 2.4 0.9
Group tax relief paid - (2.8) - (2.8)
Net cash flow from operating activities 37.5 17.9 33.3 8.4
Investing activities
Purchases of investments (262.9) (318.9) (262.9) (318.9)
Proceeds from realisation of investments 257.1 337.4 257.1 337.4
Proceeds from repayment of loans to group companies - - 2.5 5.0
Purchases of property, plant and equipment (0.2) (1.8) - -
Net cash flow (used in)/from investing activities (6.0) 16.7 (3.3) 23.5
Financing activities
Interest paid (2.1) (3.7) (2.1) (3.7)
Dividends paid to owners of the company (47.4) (38.4) (47.4) (38.4)
Purchases of own shares (42.9) (67.7) (42.9) (67.7)
Net cash flow used in financing activities (92.4) (109.8) (92.4) (109.8)
Net decrease in cash and cash equivalents (60.9) (75.2) (62.4) (77.9)
Cash and cash equivalents at year start 151.3 227.4 148.5 227.3
Effect of foreign exchange rate changes on cash (0.4) (0.9) (0.4) (0.9)
Cash and cash equivalents at year end 90.0 151.3 85.7 148.5
Notes to the final results announcement
1. General information
Caledonia Investments plc is an investment trust company domiciled in the
United Kingdom and incorporated in England in 1928, under number 235481. The
address of its registered office is Cayzer House, 30 Buckingham Gate, London
SW1E 6NN. The ordinary shares of the company are listed on the London Stock
Exchange under Equity shares (commercial companies).
Going concern
As at 31 March 2026, the board has undertaken an assessment of the
appropriateness of preparing its financial statements on a going concern
basis, taking into consideration future cash flows, current cash holdings of
£90m, undrawn banking facilities of £325m, expected proceeds on completion
from the sale of Stonehage Fleming of c.£290m and readily realisable assets
of £952m as part of a wider process in connection with its viability
assessment. It has been concluded that the group has sufficient cash, other
liquid resources and committed bank facilities to meet existing and new
investment commitments.
The directors have concluded that the group has adequate resources to continue
in operational existence for a period of at least 12 months from the date of
approval of the financial statements. Accordingly, they continue to consider
it appropriate to adopt the going concern basis in preparing the financial
statements.
In making this assessment, the directors took comfort from the results of two
stress tests, which considered the impact of significant market downturn
conditions.
The first stress test addressed two discrete scenarios: a 5% reduction in the
value of Sterling versus the US dollar compared to the rate on 31 March 2026
and a 12-month delay to Private Capital realisations.
The second stress test examined a severe two-year market downturn scenario. It
assumed a 20% fall in income from Public Companies, a complete loss of income
from Private Capital, no ability to realise the Private Capital portfolio, a
50% reduction in distributions from the group's Funds portfolio, and all
outstanding fund commitments falling due in the period. The directors do not
believe this extreme downside scenario is likely but factors this into the
viability assessment. It was concluded that even in a simulated market
downturn and all fund commitments falling due, the group has sufficient
liquidity on the balance sheet to meet its obligations as they fall due.
Under these scenarios the group would have a range of mitigating actions
available to it, including sales of liquid assets, and usage of banking
facilities, which would provide sufficient funds to meet all of its
liabilities as they fall due and still hold significant liquid assets over the
assessment period. As a result of this assessment the directors are confident
that the company will have sufficient funds to continue to meet its
liabilities as they fall due for at least 12 months from the date of approval
of the financial statements and therefore have prepared the financial
statements on a going concern basis.
2. Dividends
Amounts recognised as distributions to owners of the company in the year were
as follows:
2026 2025(1)
p/share £m p/share £m
Final dividend for the year ended 31 March 2025 (2024) 5.391 28.2 5.147 27.9
Interim dividend for the year ended 31 March 2026 (2025)(2) 3.680 19.2 1.969 10.5
9.071 47.4 7.116 38.4
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary
shares which reduced the nominal value from 5p to 0.5p. As a result of the
increased number of ordinary shares now in issue, all dividend per share
figures have been restated for the prior year comparatives.
2. The interim dividend for the year ended 31 March 2026 was rebased to 50%
of the prior year total annual dividend.
Amounts proposed after the year end and not recognised in the financial
statements were as follows:
2026
p/share £m
Proposed final dividend for the year ended 31 March 2026 4.004 20.7
The proposed final dividend for the year ended 31 March 2026 was not included
as a liability in these financial statements. The dividend, if approved by
shareholders at the annual general meeting to be held on 15 July 2026, will
be payable on 6 August 2026 to holders of shares on the register on 3 July
2026. The ex-dividend date will be 2 July 2026. The deadline for elections
under the dividend reinvestment plan offered by MUFG Corporate Markets will be
the close of business on 17 July 2026.
For the purposes of section 1158 of the Corporation Tax Act 2010 and
associated regulations, the dividends payable for the year ended 31 March
2026 are the interim and final dividends for that year, amounting to £39.9m
(2025: £38.7m).
3. Earnings per share
Basic and diluted earnings per share
The calculation of basic earnings per share of the group was based on the
profit attributable to shareholders and the weighted average number of shares
outstanding during the year. The calculation of diluted earnings per share
included an adjustment for the effects of dilutive potential shares.
The profit attributable to shareholders (basic and diluted) was as follows:
2026 2025
£m £m
Revenue 40.4 30.9
Capital 94.8 35.2
Total 135.2 66.1
The weighted average number of shares was as follows:
2026 2025(1)
000's 000's
Issued shares at the year start 528,827 546,118
Effect of shares cancelled (4,698) (7,404)
Effect of shares held by the employee share trusts and share incentive plan (1,587) (1,508)
Basic weighted average number of shares in the year 522,542 537,206
Effect of performance shares, deferred bonus awards and share incentive plan 7,141 7,931
awards
Diluted weighted average number of shares in the year 529,683 545,137
1. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary
shares which reduced the nominal value from 5p to 0.5p. As a result of the
increased number of ordinary shares now in issue all share numbers have been
restated for the prior year comparatives.
4. Operating segments
The following is an analysis of the profit/(loss) before tax for the year and
assets analysed by primary operating segments:
Profit/(loss) before tax Total assets
2026 2025 2026 2025
£m £m £m £m
Public Companies 11.6 44.1 952.2 964.7
Private Capital(1) 111.0 30.5 954.7 870.7
Funds 44.7 19.5 940.9 897.3
Investment portfolio 167.3 94.1 2,847.8 2,732.7
Other investments(2) (1.3) 2.5 (1.4) 10.9
Total revenue/investments 166.0 96.6 2,846.4 2,743.6
Cash and cash equivalents 3.7 9.9 90.0 151.3
Other items (33.6) (39.7) 59.2 63.1
Reportable total 136.1 66.8 2,995.6 2,958.0
1. Private Capital investment in Stonehage Fleming was classified as an asset
held for sale at 31 March 2026.
2. Other investments included -£1.4m of non-pool provisions (31 March 2025:
£10.9m of non-pool investments).
5. Share-based payments
In the year to 31 March 2026, participating employees in the performance share
scheme were awarded options over 2,408,101 shares at nil-cost (31 March 2025:
2,400,200 shares). Also, in the year to 31 March 2026, participating employees
received deferred awards over 132,600 shares (31 March 2025: 292,240 shares).
In the year, following the launch of the Caledonia Share Incentive plan in
July 2025, participating employees were awarded 32,560 free shares and 21,372
matching shares.
The IFRS 2 expense included in profit or loss for the year was £4.2m (March
2025: £5.1m).
On 25 July 2025, the company executed a 10:1 sub-division of its ordinary
shares which reduced the nominal value from 5p to 0.5p. As a result of the
increased number of ordinary shares now in issue, all number of share and
NAV/share figures have been restated for the prior year comparatives.
6. Net asset value ('NAV') and NAV total return ('NAVTR') - APM
The group's undiluted net asset value is based on the net assets of the group
at the year end and on the number of ordinary shares in issue at the year-end
less ordinary shares held by The Caledonia Investments plc Employee Share
Trust, The Caledonia 2024 Employee Benefit Trust and free and matching shares
held by the trustees of The Caledonia Investments Share Incentive Plan on
behalf of employees. The group's diluted net asset value assumes the exercise
of performance shares and deferred bonus awards and the withdrawal of free and
matching share incentive plan awards.
2026 2025
Net Number Net Number
assets of shares(1) NAV assets of shares(1,2) NAV
£m 000's p/share £m 000's p/share(2)
Undiluted 2,980.0 517,845 575.5 2,931.6 527,497 555.8
Share awards - 7,141 (7.6) - 7,931 (8.3)
Diluted 2,980.0 524,986 567.6 2,931.6 535,428 547.5
1. Number of shares in issue at the year-end is stated after the deduction
of 1,079,820 (31 March 2025: 1,330,250) ordinary shares held by the Caledonia
Investments plc Employee Share Trust, 383,237 (31 March 2025: nil) ordinary
shares held by The Caledonia 2024 Employee Benefit Trust and 52,781 (31 March
2025: nil) ordinary shares (free and matching awards) held by The Caledonia
Investments plc Share Incentive Plan. On 25 July 2025, the company executed a
10:1 sub-division of its ordinary shares which reduced the nominal value from
5p to 0.5p. As a result of the increased number of ordinary shares now in
issue, all number of shares and NAV per share figures have been restated for
the prior year comparatives.
Net asset value total return is calculated in accordance with guidance from
the Association of Investment Companies ('AIC'), as the change in NAV from the
start of the period, assuming that dividends paid to shareholders are
reinvested at NAV at the time the shares are quoted ex-dividend.
2026 2025(2)
p p
Diluted NAV at year start 547.5 536.9
Diluted NAV at year end 567.6 547.5
Dividends payable in the year 9.1 7.1
Reinvestment adjustment(1) 0.4 -
577.1 554.6
NAVTR over the year 5.4% 3.3%
1. The reinvestment adjustment is the gain or loss resulting from
reinvesting the dividends in NAV at the ex-dividend date.
2. On 25 July 2025, the company executed a 10:1 sub-division of its ordinary
shares which reduced the nominal value from 5p to 0.5p. As a result of the
increased number of ordinary shares now in issue, all number of share and NAV
per share figures have been restated for the prior year comparatives.
7. Capital commitments
At the reporting date, the group and company had entered into unconditional
commitments to funds, limited partnerships and committed loan facility
agreements, as follows:
Group Company
2026 2025 2026 2025
£m £m £m £m
Investments
Contracted but not called 346.1 415.9 346.1 415.9
Loan facilities
Committed but undrawn - - 12.0 9.5
346.1 415.9 358.1 425.4
Amounts are callable within the next 12 months. The group has conducted a
going concern assessment which considered future cash flows, the availability
of liquid assets and debt facilities, over the 12-month period required. In
making this assessment a number of stress scenarios were developed. All
scenarios include all outstanding private equity fund commitments being drawn.
Under these scenarios the group would have a range of mitigating actions
available to it, including sales of liquid assets and usage of banking
facilities, which would provide sufficient funds to meet all of its
liabilities as they fall due and still hold significant liquid assets over the
assessment period.
8. Performance measures
Caledonia uses a number of alternative performance measures ('APM') to aid the
understanding of its results. The performance measures are standard within the
investment trust industry and Caledonia's use of such measures enhances
comparability. Principal performance measures are as follows:
Net assets
Net assets provides a measure of the value of the company to shareholders and
is taken from the IFRS group net assets.
Net asset value per share ('NAVPS') - APM
NAV is a measure of the value of the company, being its assets - principally
investments made in other companies and cash held minus any liabilities. NAV
per share is calculated by dividing net assets by the number of shares in
issue, adjusted for shares held by the Employee Share Trust, the 2024 Employee
Benefit Trust and free and matching shares held by the trustees of the
Caledonia Investments Share Incentive plan on behalf of employees and for
dilution by the exercise of outstanding share awards and withdrawal of free
and matching share incentive plan awards. NAV takes account of dividends
payable on the ex-dividend date.
NAV total return ('NAVTR') - APM
NAVTR is a measure of how the net asset value per share has performed over a
period, considering both capital returns and dividends paid to shareholders.
NAVTR is calculated as the increase in NAV between the beginning and end of
the period, plus the accretion from assumed dividend reinvestment during the
period. We use this measure as it enables comparisons to be drawn against an
investment index in order to compare performance. The calculation follows the
method prescribed by the AIC.
Total shareholder return ('TSR') - APM
TSR measures the return to shareholders, taking into account the change in
share price over a period of time as well as all the dividends paid during
that period. It is assumed that the dividends are reinvested at the time the
shares are quoted ex dividend.
9. Financial instruments - private asset valuation
Caledonia makes private equity investments in two forms: direct private
investments (the Private Capital pool) and investments into externally managed
unlisted private equity funds and fund of funds (the Funds pool). The
directors have made two estimates which they deem to have a significant risk
of resulting in a material adjustment to the amounts recognised in the
financial statements within the next financial year, which relate to the
valuation of assets within these two pools.
For direct private investments, totalling £954.7m (2025: £870.7m) valuation
techniques using a range of internally and externally developed unobservable
inputs are used to estimate fair value. Valuation techniques make maximum use
of market inputs, including reference to the current fair values of
instruments that are substantially the same (subject to appropriate
adjustments).
For private equity fund investments (excluding funds invested exclusively in
quoted markets), totalling £922.8m (2025: £882.9m) held through externally
managed fund vehicles, the estimated fair value is based on the most recent
valuation provided by the external manager, usually received within 3 to 6
months of the relevant valuation date.
The following table provides information on significant unobservable inputs
used at 31 March 2026 in measuring financial instruments categorised as Level
3 in the fair value hierarchy.
For private company assets we have chosen to sensitise and disclose EBITDA
multiple inputs because their derivation involves the most significant
judgements when estimating valuation, including which data sets to consider
and prioritise. Valuations also include other unobservable inputs, including
earnings which are based on historic and forecast data and are less
judgmental. For each asset category, inputs were sensitised by a percentage
deemed to reflect the relative degree of estimation uncertainty, and valuation
calculations re-performed to identify the impact.
Private equity fund assets are each held, in and managed by, the same type of
fund vehicle, valued using the same method of adjusted manager valuations, and
subject to broadly the same economic risks. They are therefore subject to a
similar degree of estimation uncertainty. They have been sensitised at an
aggregated level by 5% to reflect a degree of uncertainty over managers'
valuations which form the basis of their fair value.
At 31 March 2026
Description/ valuation method Fair value Unobservable input Weighted average input Input sensitivity Change in valuation
£m +/- +/- £m
Internally developed
Private companies
Large, earnings 357.5 EBITDA multiple 11.8x 10.0% +41.9/-43.4
Small and medium, blend of methods 111.4 Various +12.2/-9.3
Transaction 279.3 Discount 3.5% -2.1%/+1.4% +2.1/-4.1
Net assets / manager valuation 206.5 Multiple 1 0.1x +/-20.6
954.7 +76.8/-77.4
Non-pool companies (1.4)
Total internal 953.3
Externally developed
Private equity fund
Net asset value 922.8 Manager NAV 1 5% +/-46.1
1,876.1 +122.9/-123.5
10. Asset held for sale
In September 2025, Caledonia agreed terms for the sale of a minority stake in
Stonehage Fleming, a multi-family office providing advisory services to many
of the world's leading families and wealth creators, to Corient Private Wealth
LLC, a US-headquartered wealth management and advisory business. The
transaction is expected to complete in mid 2026. Cash proceeds of c.£290m are
expected net of transaction expenses. The valuation at the end of March of
£279.3m reflects expected cash proceeds less a c.3.5% discount in recognition
of the limited transaction execution risk and time value of money. To reflect
this transaction, this asset was disclosed as held for sale in the group
statement of financial position as at 31 March 2026.
11. Financial information
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 March 2026 or 2025 but is derived
from those accounts. Statutory accounts for 31 March 2025 have been delivered
to the Registrar of Companies, and those for 31 March 2026 will be delivered
in due course. The auditor has reported on those accounts; their reports were:
(i) unqualified; (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report; and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The statutory accounts for the year ended 31 March 2026 will be published on
11 June 2026 and made available for download from the company's website on
that date. Also, a copy will be delivered to the Registrar of Companies in
accordance with section 441 of the Companies Act 2006, following approval by
shareholders.
The statutory accounts for the year ended 31 March 2026 include a 'Directors'
statement of responsibility' as follows:
Each of the directors confirm that, to the best of their knowledge:
● the group and parent company financial statements, which have been prepared in
accordance with applicable accounting standards, give a true and fair view of
the assets, liabilities, financial position and profit or loss of the company
and the undertakings included in the consolidation taken as a whole
● the strategic report includes a fair review of the development and performance
of the business and the position of the company and the undertakings included
in the consolidation taken as a whole, together with a description of the
principal risks and uncertainties that it faces.
Signed on behalf of the board by:
Mat Masters Rob Memmott
Chief Executive Officer Chief Financial Officer
18 May 2026 18 May 2026
Forward looking statements: This announcement may contain statements about the
future including certain statements about the future outlook for Caledonia
Investments plc and its subsidiaries ('Caledonia'). These are not guarantees
of future performance and will not be updated. Although we believe our
expectations are based on reasonable assumptions, any statements about the
future outlook may be influenced by factors that could cause actual outcomes
and results to be materially different.
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FTSE's express written consent.
END
Copies of this statement are available at the company's registered office,
Cayzer House, 30 Buckingham Gate, London SW1E 6NN, United Kingdom, or from its
website at www.caledonia.com.
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