Law Debenture Corp.

LWDB · Main Market · Financial Services · mcap £1,612m · 1212.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 24 Jul 26 ↗

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

Market cap: £1,628m
Owner’s net cash: −£175.3m
Net cash / market cap: -11%
EV ex leases: £1,803m
Free cash flow after leases: £40.3m
FCF yield: 2.5%
Price / tangible book: 1.23×
Net income (owners): £302.0m

Enterprise value

EV ex leases: £1,803m
EV incl. leases: £1,807m

Valuation at today’s market cap

EV / EBIT: –
EV / EBITDA: –
FCF yield: 2.5%
Price / book: 1.22×
Tangible book: £1,327m
Price / tangible book: 1.23×
NCAV (net current asset value): −£167.0m
Price / NCAV: –
Net-net working capital: −£183.9m
Discount to NAV: -3%

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: H1 26 (six months to 30 Jun 26), published 24 Jul 26 · read the results ↗

Source ↗

	2026 Revenue £000	2026 Capital £000	2026 Total £000	2025 Revenue £000	2025 Capital £000	2025 Total £000
UK dividends	23,739	-	23,739	20,197	-	20,197
UK special dividends	-	-	-	457	-	457
Overseas dividends	1,698	-	1,698	1,796	-	1,796
Total Dividend income	25,437	-	25,437	22,450	-	22,450
Interest income	1,032	-	1,032	603	-	603
Independent professional service fees	33,693	-	33,693	32,508	-	32,508
Other Income	1,372	-	1,372	501	-	501
Total income	61,534	-	61,534	56,062	-	56,062
Net gain on investments held at fair value through P&L	-	127,726	127,726	-	132,405	132,405
Total income and capital gains	61,534	127,726	189,260	56,062	132,405	188,467
Cost of sales	(4,033)	-	(4,088)	(4,366)	-	(4,366)
Administrative expenses	(24,553)	(2,509)	(27,063)	(22,944)	(1,625)	(24,569)
Operating profit	32,948	125,217	158,165	28,752	130,780	159,532
Interest payable	(1,259)	(3,603)	(4,862)	(921)	(2,454)	(3,375)
Profit before taxation	31,689	121,614	153,303	27,831	128,326	156,157
Taxation	(997)	-	(997)	(1,151)	-	(1,151)
Profit for the period	30,692	121,614	152,306	26,680	128,326	155,006
Return per ordinary share (pence)	23.04	91.29	114.33	20.15	96.91	117.06
Diluted return per ordinary share (pence)	23.03	91.26	114.30	20.14	96.88	117.02

Source ↗

	Unaudited 30 June 2026 £000	Unaudited 30 June 2025 £000	Audited 31 December 2025 £000
Goodwill	1,948	1,929	1,937
Property, plant and equipment	1,182	1,641	1,480
Right-of-use assets	2,890	3,664	3,233
Other intangible assets	1,636	2,226	1,831
Investments held at fair value through profit or loss	1,475,924	1,207,371	1,357,645
Retirement benefit asset	13,665	12,223	12,531
Total non-current assets	1,497,245	1,229,054	1,378,657
Current assets
Trade and other receivables	31,731	19,735	14,647
Contract assets	7,980	5,339	7,239
Corporation tax receivable	986	-	1,263
Cash and cash equivalents	38,647	1,936	43,775
Total current assets	79,344	27,010	66,924
Total assets	1,576,589	1,256,064	1,445,581
Current liabilities
Trade and other payables	11,665	7,683	9,786
Lease liability	992	1,018	708
Other taxation including social security	1,686	1,872	1,815
Contract liabilities	9,076	9,920	7,696
Total current liabilities	23,419	20,493	20,005
Non-current liabilities and deferred income
Long term borrowings	213,922	163,896	213,918
Contract liabilities	3,481	1,866	3,481
Deferred tax liability	2,682	1,418	2,572
Lease Liability	2,802	3,681	3,530
Total non-current liabilities	222,887	170,861	223,501
Total net assets	1,330,283	1,064,710	1,202,075
Equity
Called up share capital	6,696	6,694	6,696
Share premium	11,144	131,023	11,144
Special Reserve (Non-Distributable)	160	-	160
Own shares	(5,770)	(5,156)	(5,770)
Capital redemption	8	8	8
Translation reserve	7,197	7,197	7,197
Capital reserves	1,119,639	871,058	997,962
Retained earnings	191,209	53,886	184,678
Total equity	1,330,283	1,064,710	1,202,075
Total equity pence per share †	998.29	795.24	902.58

Source ↗

	Unaudited 30 June 2026 £000	Unaudited 30 June 2025 £000	Audited 31 December 2025 £000
Cash flows from operating activities	(8,948)	7,026	16,937
Cash dividends received	23,312	20,717	39,568
Interest received	1,032	321	647
Taxation paid	(434)	(3,376)	(5,332)
Cash generated from operating activities	14,962	24,688	51,820
Investing activities
Acquisition of property, plant and equipment	-	(2)	(155)
Expenditure on intangible assets	-	(56)	(337)
Purchase of investments (less cost of acquisition)	(153,985)	(104,978)	(185,522)
Sale of investments	164,637	69,950	132,566
Cash flow from investing activities	10,652	(35,086)	(53,448)
Financing activities
Interest paid	(4,862)	(3,270)	(7,131)
Dividends paid	(25,109)	(34,415)	(45,630)
Payment of lease liabilities	(594)	(590)	(1,256)
Proceeds from issuance of share capital	-	11,642	11,643
Purchase of own shares	-	-	(614)
Proceeds from new loans	-	-	50,000
Net cash flow from financing activities	(30,565)	(26,633)	7,012
Net (decrease)/increase in cash and cash equivalents	(4,951)	(37,030)	5,384
Cash and cash equivalents at beginning of period	43,775	38,354	38,354
Foreign exchange losses on cash and cash equivalents	(177)	613	37
Cash and cash equivalents at end of period	38,647	1,936	43,775

Source ↗

	Revenue £000	Capital £000	Total £000	Revenue £000	Capital £000	Total £000
UK dividends	37,172	-	37,172	32,328	-	32,328
UK special dividends	457	589	1,046	-	1,432	1,432
Overseas dividends	2,655	-	2,655	2,373	-	2,373
Total dividends income	40,284	589	40,873	34,701	1,432	36,133
Interest income	1,263	-	1,263	739	-	739
Independent professional service fees	66,699	-	66,699	61,659	-	61,659
Other Income	2,752	-	2,752	1,204	-	1,204
Total income	110,998	589	111,587	98,303	1,432	99,735
Net gain on investments held at fair value through P&L	-	262,650	262,650	-	76,301	76,301
Total income and capital gains	110,998	263,239	374,237	98,303	77,733	176,036
Cost of sales	(9,569)	-	(9,569)	(8,212)	-	(8,212)
Goodwill impairment	-	-	-	-	(17,037)	(17,037)
Administrative expenses	(47,265)	(3,120)	(50,385)	(42,685)	(2,706)	(45,391)
Operating profit	54,164	260,119	314,283	47,406	57,990	105,396
Interest payable	(2,306)	(4,908)	(7,214)	(1,640)	(4,908)	(6,548)
Profit before taxation	51,858	255,211	307,069	45,766	53,082	98,848
Taxation	(2,399)	-	(2,399)	(1,897)	-	(1,897)
Profit for the year	49,459	255,211	304,670	43,869	53,082	96,951
Return per ordinary share (pence)	37.26	192.28	229.54	33.48	40.51	73.99
Diluted return per ordinary share (pence)	37.26	192.24	229.50	33.48	40.51	73.99

Source ↗

	Non current assets 31 Dec 2025 £000	Note in the Annual Report Restated* 31 Dec 2024 £000	GROUP Restated* 1 Jan 2024 £000	COMPANY 31 Dec 2025 £000	Restated* 31 Dec 2024 £000	Restated* 1 Jan 2024 £000
Goodwill	1,937	1,976	19,006	-	-	-
Property, plant and equipment	1,480	1,958	2,267	-	-	-
Right-of-use assets	3,233	3,822	4,131	-	-	-
Other intangible assets	1,831	2,631	3,034	16	16	16
Investments held at fair value through profit or loss	1,357,645	1,042,039	965,226	1,357,645	1,041,938	965,126
Investments in subsidiary undertakings	-	-	-	61,071	61,176	61,368
Retirement benefit asset	23	12,531	10,475	7,440	-	-
Total non-current assets	1,378,657	1,062,901	1,001,104	1,418,732	1,103,130	1,026,510
Current assets
Trade and other receivables	14,647	17,758	21,496	4,003	2,700	3,014
Contract assets	7,239	6,659	8,604	246	4	-
Corporation tax receivable	1,263	-	-	-	-	-
Cash and cash equivalents	43,775	38,354	31,439	26,047	26,453	12,382
Total current assets	66,924	62,771	61,539	30,296	29,157	15,396
Total assets	1,445,581	1,125,672	1,062,643	1,449,028	1,132,287	1,041,906
Current liabilities
Amounts owed to subsidiary undertakings	-	-	-	29,186	25,537	18,558
Trade and other payables	9,786	8,382	12,550	1,909	1,182	1,020
Lease liability	708	1,018	1,025	-	-	-
Corporation tax payable	-	2,297	2,198	-	-	-
Other taxation including social security	1,815	2,266	1,842	-	25	839
Contract liabilities	7,696	8,996	8,000	11	10	8
Total current liabilities	20,005	22,959	25,615	31,106	26,754	20,425
Non-current liabilities and deferred income
Borrowings	213,918	163,868	163,889	174,313	124,295	124,343
Contract liabilities	3,481	1,866	2,403	-	-	-
Deferred tax liability	2,572	1,418	1,788	-	-	-
Lease Liability	3,530	4,190	4,716	-	-	-
Total non-current liabilities	223,501	171,342	172,796	174,313	124,295	124,343
Total net assets	1,202,075	931,371	864,232	1,243,609	981,238	897,138
Equity
Called up share capital	6,696	6,626	6,557	6,696	6,626	6,557
Share premium	11,144	119,449	107,110	11,144	119,449	107,110
Special Reserve (Non-Distributable)	160	-	-	160	-	-
Own shares	(5,770)	(5,156)	(3,926)	-	-	-
Capital redemption	8	8	8	8	8	8
Translation reserve	7,197	7,197	2,659	-	-	-
Capital reserves	997,962	742,817	694,276	1,065,136	810,265	740,145
Retained earnings	184,678	60,430	57,548	160,465	44,890	43,318
Total equity	1,202,075	931,371	864,232	1,243,609	981,238	897,138
Total equity pence per share	902.58	706.18	661.73	–	–	–

Source ↗

	Notes in Annual Report 2025 £000	GROUP 2024 £000	COMPANY 2025 £000	2024 £000
Cash flows from operating activities	16,937	11,070	(6,640)	(6,319)
Cash dividends received	39,568	36,578	47,772	50,828
Interest received	647	-	146	-
Taxation paid	(5,332)	(770)	-	-
Cash generated from operating activities	51,820	46,878	41,278	44,509
Investing activities
Acquisition of property, plant and equipment	(155)	(268)	-	-
Expenditure on intangible assets	(337)	(275)	-	-
Purchase of investments (less cost of acquisition)	(185,522)	(193,394)	(185,522)	(193,394)
Sale of investments	132,566	192,881	132,566	192,881
Interest received	-	739	-	449
Cash flow from investing activities	(53,448)	(317)	(52,956)	(64)
Financing activities
Interest paid	(7,131)	(6,294)	(7,240)	(6,652)
Dividends paid	(45,630)	(43,012)	(45,630)	(43,012)
Payment of lease liabilities	(1,256)	(1,295)	-	-
Proceeds from issuance of share capital	11,643	12,408	11,643	12,408
Purchase of own shares	17	(614)	(1,230)	-
Proceeds from new loans	50,000	-	50,000	-
Movement in amounts owed to subsidiary undertakings	-	-	2,501	6,977
Net cash flow from financing activities	7,012	(39,423)	11,274	(30,279)
Net increase/(decrease) in cash and cash equivalents	5,384	7,138	(404)	14,166
Cash and cash equivalents at beginning of year	38,354	31,439	26,453	12,382
Foreign exchange gains/(losses) on cash and cash equivalents	37	(223)	(2)	(95)
Cash and cash equivalents at end of period	43,775	38,354	26,047	26,453

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Depreciation (owned assets)	0.6	0.6	–
Depreciation (right-of-use)	0.8	0.9	0.7
Amortisation	0.9	1.1	–
Operating profit to net income
Profit before tax	49.0	51.9	45.8
Tax	(2.2)	(2.4)	(1.9)
Net income (owners)	302.0	304.7	97.0
Per share
Dividend per share	36.0p	35.5p	3,350.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Operating profit	158.2	−1%	–	159.5
Depreciation (owned assets)	0.3	−5%	0.3	0.3
Depreciation (right-of-use)	0.4	−8%	0.4	0.4
Amortisation	0.4	−30%	0.6	0.5
Operating profit to net income
Fair value gains / losses	127.7	−4%	–	132.4
Finance costs	(4.9)	+44%	–	(3.4)
Profit before tax	153.3	−2%	(104.3)	156.2
Tax	(1.0)	−13%	(1.2)	(1.2)
Net income (owners)	152.3	−2%	149.7	155.0
Per share
EPS basic	114.3p	–	–	117.1p
EPS diluted	114.3p	–	–	117.0p
Dividend per share	8.9p	–	27.1p	8.4p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	42.1	51.8	46.9
Interest paid	(8.7)	(7.1)	(6.3)
Tax paid	(2.4)	(5.3)	(0.8)
Investing activities
Capex (PP&E)	–	(0.2)	(0.3)
Capex (intangibles)	–	(0.3)	(0.3)
Financing activities
Lease principal paid	(1.3)	(1.3)	(1.3)
Dividends paid	(36.3)	(45.6)	(43.0)
Share buybacks	–	(0.6)	(1.2)
Shares issued	–	11.6	12.4

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	15.0	−39%	27.1	24.7
Interest paid	(4.9)	+49%	(3.9)	(3.3)
Tax paid	(0.4)	−87%	(2.0)	(3.4)
Investing activities
Capex (PP&E)	–	–	(0.2)	(0.0)
Capex (intangibles)	–	–	(0.3)	(0.1)
Financing activities
Lease principal paid	(0.6)	+1%	(0.7)	(0.6)
Dividends paid	(25.1)	−27%	(11.2)	(34.4)
Shares issued	–	–	0.0	11.6

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	1.9	1.9	2.0
Other intangibles	1.6	1.8	2.6
Property, plant & equipment	1.2	1.5	2.0
Other investments	1,475.9	1,357.6	–
Non-current assets	1,497.2	1,378.7	1,062.9
Current assets
Trade receivables	31.7	14.6	17.8
Cash	38.6	43.8	38.4
Current assets	79.3	66.9	62.8
Total assets	1,576.6	1,445.6	1,125.7
Current liabilities
Trade payables	11.7	9.8	8.4
Lease liabilities, current	1.0	0.7	1.0
Current liabilities	23.4	20.0	23.0
Non-current liabilities
Borrowings, non-current	213.9	213.9	163.9
Lease liabilities, non-current	2.8	3.5	4.2
Pension surplus / (deficit)	13.7	12.5	10.5
Equity
Total equity	1,330.3	1,202.1	931.4
Net cash and other figures
Net asset value	1,577.6	1,440.4	1,150.5

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	1.9	1.9	1.9	2.0
Other intangibles	1.6	1.8	2.2	2.6
Property, plant & equipment	1.2	1.5	1.6	2.0
Other investments	1,475.9	1,357.6	1,207.4	–
Non-current assets	1,497.2	1,378.7	1,229.1	1,062.9
Current assets
Trade receivables	31.7	14.6	19.7	17.8
Cash	38.6	43.8	1.9	38.4
Current assets	79.3	66.9	27.0	62.8
Total assets	1,576.6	1,445.6	1,256.1	1,125.7
Current liabilities
Trade payables	11.7	9.8	7.7	8.4
Lease liabilities, current	1.0	0.7	1.0	1.0
Current liabilities	23.4	20.0	20.5	23.0
Non-current liabilities
Borrowings, non-current	213.9	213.9	163.9	163.9
Lease liabilities, non-current	2.8	3.5	3.7	4.2
Pension surplus / (deficit)	13.7	12.5	12.2	10.5
Equity
Total equity	1,330.3	1,202.1	1,064.7	931.4
Net cash and other figures
Net asset value	1,577.6	1,440.4	–	1,150.5

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