REG - Logistics Dev Grp - Portfolio NAV Update

Logistics DevelopmentAnnouncement

30/05/2025 07:00

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RNS Number : 6936K  Logistics Development Group PLC  30 May 2025

30 May 2025

 

Logistics Development Group plc

 

("LDG" or the "Company")

 

Portfolio NAV  Update

 

 

LDG today announces its quarterly portfolio data. As at 31 March 2025, LDG's
unaudited estimated net asset value ("NAV") per share was £0.246 which
reflects an increase of 10.25% compared to the prior period being 31 December
2024. Post the Tender Offer, with the subsequent cancellation of 110,526,315
Ordinary Shares, the unaudited estimated NAV was £0.261 on the same basis.
The NAV, in respect of private investments, has been assessed and reported to
the Board by the Company's investment manager, DBAY, who applies the
International Private Equity and Venture Capital Valuation ("IPEV") Guidelines
in its valuation practices.

 

Update on the Company's Investment Portfolio

 

 

 Underlying Investment     LDG's economic interest % of the asset  LDG's % of portfolio Company held  Additions / divestments in the three-month period to 31 March 2025  Total Investment Cost  Revenue                   Employees
 Finsbury Food Group Ltd   25.31%                                  27.54%                             None                                                                £14.2m                 £452.4 m (June 2024)      c. 3,500

 (Private)

 SQLI SA                   10.72%                                  11.10%                             None                                                                £13.3m                 €247m (December 2024)     c. 2,300

 (Private)

 Alliance Pharma plc       13.16%                                  13.16%                             None                                                                £39.0m                 £180.3m (December 2024)   c. 290

 (Private)

 Other Minority Interests  1.46%                                   1.46%                              £1.2m                                                               £1.2m                  N/A                       N/A

 

 

LDG's investments are held through Fixtaia Limited, a wholly owned subsidiary.

 

Finsbury Food Group Ltd ("Finsbury")

Business description

For the year ended 29 June 2024 (being the latest audited period), Finsbury
generated £452.4 million of revenue from its specialty bakery business,
producing and selling high-quality bread and cakes to food retailers and food
service clients across the UK and Europe. Its product portfolio consists
largely of either essential bakery products (e.g. organic & artisan bread,
buns and rolls) or highly emotional event purchases (e.g. brand-licensed
celebration cakes for parties, especially for children).

 

Its largest retail bakery clients include supermarkets (e.g. Tesco, Co-op,
Waitrose, Sainsbury's) and its largest food service clients include
restaurants and coffee shops (e.g. KFC, Costa Coffee, Bidfood, Brakes). The
company has longstanding relationships with many licensed brands,
manufacturing quality bread and cakes for some of the biggest names in the
market (e.g. Disney, Thorntons).

Finsbury operates in Europe via its Lightbody Europe subsidiary in France and
Ultrapharm business in Poland. The company was incorporated in 1925, is based
in Cardiff and has 3,500 employees.

 

Q1 Highlights

·    In the third quarter of FY25 (year ending June 2025), Finsbury
reported revenue of £111m, representing a £4m or 4% decline compared to the
prior year. The drop was primarily due to the Easter holiday falling in the
fourth quarter this year. Profitability benefited from price recovery net of
cost inflation and continued efficiencies from the Operating Brilliance
Programme.

·    Full-year revenue is expected to decline modestly by 1% due to
portfolio optimisation and softer volume growth, adjusting for these strategic
changes reveals an underlying 1% year-on-year increase. This improvement
supports further margin expansion.

·   Finsbury continues to evaluate targeted acquisition opportunities within
the sector as part of its broader value creation strategy.

 

SQLI SA ("SQLI")

Business description

SQLI is a pan-European IT services business with leading positions in the
e-commerce / omnichannel integration and digital experience space. SQLI
generated €247million revenue for the year ended 31 December 2024 (being the
latest audited period). It is headquartered in Paris and its 2,300 employees
are spread over 13 countries, including in an offshoring delivery centre in
Morocco, with 850 employees. SQLI's core market continues to grow and the
company is recognized for its strong technical capabilities and track record.
SQLI's client base includes multinational blue-chip corporates such as:
Nestle, Airbus, LVMH, Miele, L'Oreal, Richemont, Rolex, Carlsberg and many
others.

 

Q1 Highlights

·     In Q1 2025, DBAY and the SQLI management team launched a series of
workstreams aimed at enhancing the business's positioning and profitability.
These include the development of a rebranding initiative, scheduled to be
rolled out after the summer, and operational improvements.

·    Despite a subdued market environment, SQLI's Q1 financial results were
in line with expectations. Revenue increased by approximately 2% on a
like-for-like basis and at constant currency, outperforming peers in the
French and international markets.

 

 

Alliance Pharma plc ("Alliance")

Business description

Alliance is a global healthcare platform that markets and distributes leading
OTC consumer healthcare and prescription products. Alliance's portfolio is
focused on damaged skin and healthy ageing, with its products sold globally,
via the retail channel (Boots, Walgreens, etc.), pharmacies, and increasingly
via e-commerce. the business has over 290 employees and is headquartered in
Chippenham, Wiltshire.

 

Q1 Highlights

·     Alliance's results for the year ended 31 December 2024 (being the
last audited period) were broadly in line with expectations, with revenues
falling 1% year-on-year to £180.3m (up 1% on constant exchange rate); the
decline therefore driven by foreign exchange. Revenue at year end was
marginally impacted by order delays, particularly for Nizoral in Q4 2024.

·    In Q1 2025, DBAY successfully completed the take-private of Alliance
Pharma plc. On 10 January 2025, DBAY announced a recommended offer to acquire
the remaining shares at 62.50p per share. Following discussions with key
shareholders on 10 March 2025, the offer was increased to a final price of
64.75p. This revised offer was approved via a Scheme of Arrangement which
became effective on 14 May 2025.

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018, as
amended, and has been announced in accordance with the Company's obligations
under Article 17 of that Regulation.

 

For enquiries:

 

 Logistics Development Group plc     Via FTI Consulting
 FTI Consulting                      +44 (0) 20 3727 1340

 Nick Hasell

 Alex Le May

 Strand Hanson Limited               +44 (0) 20 7409 3494

 (Financial and Nominated Adviser)

 James Dance

 Richard Johnson

 Abigail Wennington

 Investec Bank plc                   +44 (0) 20 7597 5970

 (Broker)

 Gary Clarence

 Harry Hargreaves

 

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