Caledonia Investments

CLDN · Main Market · Financial Services · mcap £1,957m · 387.5p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 19 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,965m
Owner’s net cash: £90.0m
Net cash / market cap: 5%
EV ex leases: £1,875m
Revenue: £166.0m
Operating profit: £135.3m
Free cash flow after leases: £37.3m
EV / EBIT: 13.9×
FCF yield: 1.9%
Price / tangible book: 0.66×
ROCE: 5%
Net income (owners): £135.2m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 19 May 26 · read the results ↗

Source ↗

	2026 Revenue £m	2026 Capital £m	2026 Total £m	2025 Revenue £m	2025 Capital £m	2025 Total £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

Source ↗

	Group 2026 £m	Company 2025 £m	2026 £m	2025 £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	–	–

Source ↗

	Group 2026 £m	Company 2025 £m	2026 £m	2025 £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

Source ↗

	Unaudited Six months 30 Sep 2025 Revenue £m	Unaudited Six months 30 Sep 2025 Capital £m	Unaudited Six months 30 Sep 2025 Total £m	Unaudited Six months 30 Sep 2024 Revenue £m	Unaudited Six months 30 Sep 2024 Capital £m	Unaudited Six months 30 Sep 2024 Total £m	Audited Year 31 Mar 2025 Revenue £m	Audited Year 31 Mar 2025 Capital £m	Audited Year 31 Mar 2025 Total £m
Revenue
Investment income	49.6	8.0	57.6	29.4	-	29.4	52.7	-	52.7
Other income	0.5	-	0.5	0.4	-	0.4	0.9	0.4	1.3
Net gains/(losses) on fair value investments	-	84.5	84.5	-	(10.5)	(10.5)	-	43.9	43.9
Net gains/(losses) on fair value property	-	0.7	0.7	-	0.3	0.3	-	(1.3)	(1.3)
Total net investment income	50.1	93.2	143.3	29.8	(10.2)	19.6	53.6	43.0	96.6
Management expenses	(12.8)	(4.0)	(16.8)	(13.6)	(3.5)	(17.1)	(25.9)	(6.1)	(32.0)
Other non-recurring expenses	-	-	-	-	-	-	(2.9)	-	(2.9)
Profit before finance costs	37.3	89.2	126.5	16.2	(13.7)	2.5	24.8	36.9	61.7
Treasury interest receivable	2.0	-	2.0	5.7	-	5.7	9.9	-	9.9
Finance costs	(1.1)	-	(1.1)	(1.6)	-	(1.6)	(3.5)	-	(3.5)
Exchange movements	(0.3)	-	(0.3)	(0.4)	-	(0.4)	(1.3)	-	(1.3)
Profit before tax	37.9	89.2	127.1	19.9	(13.7)	6.2	29.9	36.9	66.8
Taxation	0.6	(0.7)	(0.1)	2.0	(0.4)	1.6	1.0	(1.7)	(0.7)
Profit for the period	38.5	88.5	127.0	21.9	(14.1)	7.8	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	-	(0.5)	(0.5)	-	(0.5)	(0.5)	-	0.3	0.3
Tax on other comprehensive income	-	0.6	0.6	-	0.6	0.6	-	0.5	0.5
Total comprehensive income	38.5	88.6	127.1	21.9	(14.0)	7.9	30.9	36.0	66.9
Basic earnings per share*	7.3p	16.9p	24.2p	4.0p	-2.6p	1.4p	5.7p	6.6p	12.3p
Diluted earnings per share*	7.2p	16.6p	23.8p	4.0p	-2.6p	1.4p	5.6p	6.5p	12.1p

Source ↗

	Unaudited 30 Sep 2025 £m	Unaudited 30 Sep 2024 £m	Audited 31 Mar 2025 £m
Non-current assets
Investments held at fair value through profit or loss	2,598.3	2,754.7	2,743.6
Investment property	13.7	13.3	12.6
Property, plant and equipment	24.3	26.5	25.3
Deferred tax assets	4.5	4.2	5.3
Employee benefits	5.5	4.3	5.4
Non-current assets	2,646.3	2,803.0	2,792.2
Current assets
Asset held for sale	259.7	-	-
Trade and other receivables	8.5	8.1	10.3
Current tax assets	5.0	4.5	4.2
Cash and cash equivalents	105.4	134.6	151.3
Current assets	378.6	147.2	165.8
Total assets	3,024.9	2,950.2	2,958.0
Current liabilities
Trade and other payables	(5.4)	(25.8)	(16.4)
Employee benefits	(2.2)	(1.6)	(3.7)
Current liabilities	(7.6)	(27.4)	(20.1)
Non-current liabilities
Employee benefits	(4.1)	(4.0)	(4.8)
Deferred tax liabilities	(1.5)	(1.1)	(1.5)
Non-current liabilities	(5.6)	(5.1)	(6.3)
Total liabilities	(13.2)	(32.5)	(26.4)
Net assets	3,011.7	2,917.7	2,931.6
Equity
Share capital	3.0	3.1	3.0
Share premium	1.3	1.3	1.3
Capital redemption reserve	1.5	1.4	1.5
Capital reserve	2,764.9	2,676.3	2,689.9
Retained earnings	246.7	240.1	240.4
Own shares	(5.7)	(4.5)	(4.5)
Total equity	3,011.7	2,917.7	2,931.6
Undiluted net asset value*	575.3p	543.0p	555.8p
Diluted net asset value*	566.3p	534.6p	547.5p

Source ↗

	Unaudited 6 months 30 Sep 2025 £m	Unaudited 6 months 30 Sep 2024 £m	Audited Year 31 Mar 2025 £m
Operating activities
Dividends and fund income distributions received	46.7	26.5	38.5
Interest received	2.2	5.7	9.9
Cash received from customers	0.5	0.4	1.3
Cash paid to suppliers and employees	(17.1)	(16.1)	(29.7)
Taxes received	-	-	0.2
Group tax relief received	0.4	0.5	0.5
Group tax relief paid	-	-	(2.8)
Net cash flow from operating activities	32.7	17.0	17.9
Investing activities
Purchases of investments	(131.2)	(224.8)	(318.9)
Proceeds from realisation of investments	104.2	177.2	337.4
Purchases of property, plant and equipment	(0.1)	(1.5)	(1.8)
Net cash flow (used in)/from investing activities	(27.1)	(49.1)	16.7
Financing activities
Interest paid	(0.9)	(2.2)	(3.7)
Dividends paid to owners of the company	(28.3)	(27.9)	(38.4)
Purchases of own shares	(21.8)	(28.9)	(67.7)
Net cash flow used in financing activities	(51.0)	(59.0)	(109.8)
Net decrease in cash and cash equivalents	(45.4)	(91.1)	(75.2)
Cash and cash equivalents at period start	151.3	227.4	227.4
Effect of foreign exchange rate changes on cash	(0.5)	(1.7)	(0.9)
Cash and cash equivalents at period end	105.4	134.6	151.3

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	166.0	96.6
Operating profit	135.3	61.7
Share-based payments	3.6	–
Operating profit to net income
Fair value gains / losses	92.1	43.9
Finance costs	(2.7)	(3.5)
Profit before tax	136.1	66.8
Tax	(0.9)	(0.7)
Net income (owners)	135.2	66.1
Per share
EPS basic	25.9p	12.3p
EPS diluted	25.5p	12.1p
Dividend per share	7.7p	7.4p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Share-based payments	0.9	2.7	–	–
Operating profit to net income
Finance costs	(1.6)	(1.1)	(1.9)	(1.6)
Profit before tax	9.0	127.1	60.6	6.2
Tax	(0.8)	(0.1)	(2.3)	1.6
Net income (owners)	8.2	127.0	58.3	7.8
Per share
EPS basic	1.7p	24.2p	10.9p	1.4p
EPS diluted	1.7p	23.8p	10.7p	1.4p
Dividend per share	4.0p	3.7p	–	–

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	37.5	17.9
Interest paid	(2.1)	(3.7)
Investing activities
Capex (PP&E)	(0.2)	(1.8)
Financing activities
Dividends paid	(47.4)	(38.4)
Share buybacks	(42.9)	(67.7)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	4.8	32.7	0.9	17.0
Interest paid	(1.2)	(0.9)	(1.5)	(2.2)
Investing activities
Capex (PP&E)	(0.1)	(0.1)	(0.3)	(1.5)
Financing activities
Dividends paid	(19.1)	(28.3)	(10.5)	(27.9)
Share buybacks	(21.1)	(21.8)	(38.8)	(28.9)

	31 Mar 26	31 Mar 25
Non-current assets
Property, plant & equipment	24.9	25.3
Investment property	12.6	12.6
Other investments	2,567.1	2,743.6
Non-current assets	2,614.4	2,792.2
Current assets
Trade receivables	8.7	10.3
Cash	90.0	151.3
Current assets	381.2	165.8
Total assets	2,995.6	2,958.0
Current liabilities
Trade payables	5.8	16.4
Current liabilities	9.9	20.1
Non-current liabilities
Non-current liabilities	5.7	6.3
Total liabilities	15.6	26.4
Equity
Total equity	2,980.0	2,931.6
Net cash and other figures
Net cash / (debt) ex leases	90.0	151.3
Net asset value	2,980.0	2,932.0
Treasury shares	–	1.3m
Undrawn facilities	325.0	325.0

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Property, plant & equipment	24.9	24.3	25.3	26.5
Investment property	12.6	13.7	12.6	13.3
Other investments	2,567.1	–	2,743.6	–
Non-current assets	2,614.4	2,646.3	2,792.2	2,803.0
Current assets
Trade receivables	8.7	8.5	10.3	8.1
Cash	90.0	105.4	151.3	134.6
Current assets	381.2	378.6	165.8	147.2
Total assets	2,995.6	3,024.9	2,958.0	2,950.2
Current liabilities
Trade payables	5.8	5.4	16.4	25.8
Current liabilities	9.9	7.6	20.1	27.4
Non-current liabilities
Non-current liabilities	5.7	5.6	6.3	5.1
Total liabilities	15.6	13.2	26.4	32.5
Equity
Total equity	2,980.0	3,011.7	2,931.6	2,917.7
Net cash and other figures
Net cash / (debt) ex leases	90.0	105.4	151.3	–
Net asset value	2,980.0	3,011.7	2,932.0	2,917.7
Treasury shares	–	1.1m	1.3m	1.3m
Undrawn facilities	325.0	325.0	325.0	–

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