Logistics Development Group

LDG · AIM · Industrial Goods and Services · mcap £87m · 22.0p 1 open situation →

LDG holds a concentrated portfolio of UK and European investments, run by DBAY Advisors, and returns cash to shareholders as assets are sold. Its newest focus is a UK logistics platform, WS Holdco, which has been growing by acquisition.

Target	Promise	Said	Status
2025
30 May 2025	Reduce discount to NAV per share through a buyback programme	13 Aug 2024	✗ Missed · target changed
	“the Share Buyback may serve to reduce the observed discount to NAV per Ordinary Share” How it developed 13 Aug 2024 Said “the Share Buyback may serve to reduce the observed discount to NAV per Ordinary Share” 28 Mar 2025 ↻ Changed / dropped “the Board believes may serve to reduce the observed discount to NAV per Ordinary Share.” Result Shareholders rejected the waiver resolution on 4 September 2024 and the buyback did not proceed; replaced by a tender offer. “the Board believes may serve to reduce the observed discount to NAV per Ordinary Share.”28 Mar 2025 · Proposed Tender Offer, Circular, & GM Notice “Shareholders should note, however, that there is no guarantee that the Tender Offer will reduce the observed discount to NAV per Ordinary Share”28 Mar 2025 · Proposed Tender Offer, Circular, & GM Notice
November 2025	Alliance management to present updated Value Creation Plan at November board meeting, expected to show upside to the original case	28 Nov 2025	◐ Partly kept
	“The management team will present an updated Value Creation Plan at the November board meeting, which DBAY expects to show upside to the investment case at the time of acquisition.” How it developed 28 Nov 2025 Said “The management team will present an updated Value Creation Plan at the November board meeting, which DBAY expects to show upside to the investment case at...” 27 Feb 2026 ◐ Partly “Finally, the budget for 2026 was finalised during the quarter and is in line with DBAY's original investment case.” 29 May 2026 ◐ Partly “Alliance's performance continues to be very strong, with sales of its four largest brands all growing double-digit year-on-year.” Status so far Feb 2026 said the 2026 budget is in line with the original case, not above it; Alliance revenue fell to £144m from £180m. “Finally, the budget for 2026 was finalised during the quarter and is in line with DBAY's original investment case.”27 Feb 2026 · Portfolio NAV Update “Alliance's performance continues to be very strong, with sales of its four largest brands all growing double-digit year-on-year.”29 May 2026 · Portfolio NAV Update
end of FY25	Finsbury full-year revenue expected to decline modestly by 1%	30 May 2025	✓ Kept
	“Full-year revenue is expected to decline modestly by 1% due to portfolio optimisation and softer volume growth” How it developed 30 May 2025 Said “Full-year revenue is expected to decline modestly by 1% due to portfolio optimisation and softer volume growth” 28 Nov 2025 ✓ Kept “For the year ended 29 June 2025 (preliminary results) Finsbury generated £445 million of revenue” Result Finsbury revenue was £445m for FY June 2025, down from £452.4m in FY24, about 1.6%. “For the year ended 29 June 2025 (preliminary results) Finsbury generated £445 million of revenue”28 Nov 2025 · Portfolio NAV Update
after summer 2025	SQLI to roll out rebranding initiative after summer 2025	30 May 2025	✗ Missed · target changed
	“development of a rebranding initiative, scheduled to be rolled out after the summer” How it developed 30 May 2025 Said “development of a rebranding initiative, scheduled to be rolled out after the summer” 21 Oct 2026 ↻ Changed / dropped Result Not mentioned in the 2 results reports since the deadline (after summer 2025) – treated as dropped. 29 Aug 2025 · Portfolio NAV Update
Today · 22 Oct 2026
2026
FY26	Finsbury FY26 revenue expected to increase organically and through acquisition	15 May 2026	… In progress
	“Management has reaffirmed its FY26 forecast, with revenue expected to increase both organically as well as inorganically, through the acquisition of Lola's Cupcakes in August 2025.” Status so far Not yet due.