Key Points
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Caledonia’s NAV total return was 5.4% for the six months to Sept. 30, 2026, with NAV reaching £3.1 billion. It ended the period with £277 million in cash and no structural leverage.
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Stonehage Fleming’s sale generated £290 million in proceeds, which helped fund £110 million of investments, £38 million of share buybacks and a special dividend of 20 pence per share, alongside a 3.84 pence interim dividend.
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Returns varied across the portfolio: public companies returned 12.3%, funds 4.7% in sterling and private capital 0.6%. The share-price discount to NAV narrowed to 36% from 43%, while Cooke Optics was written down to £5 million and remained loss-making.
Caledonia Investments (LON:CLDN) reported a 5.4% net asset value total return for the six months ended Sept. 30, 2026, and announced a special dividend after completing the sale of Stonehage Fleming.
Chief Executive Officer Mat Masters said all three of the investment company’s pools contributed to growth during the period. NAV rose to £3.1 billion, while the company ended the half-year with £277 million in cash and no structural leverage, according to Chief Financial Officer Rob Memmott.
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Caledonia will pay a special dividend of 20 pence per share alongside an interim dividend of 3.84 pence per share on Jan. 6, 2027. The special dividend represents approximately 5% of the company’s market capitalization, Memmott said.
Sale proceeds fund investments and shareholder returns
Caledonia received £290 million from the sale of Stonehage Fleming, generating a 3.2 times money multiple and a 33% uplift to its March 2025 carrying value. Masters said most of the gain had been recognized in the previous financial year.
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The company reinvested approximately £110 million in two businesses. In July, it invested £60 million for an approximately 18% stake in Blue Diamond Garden Centres. Of that amount, £40 million provided growth capital, while the balance gave existing shareholders liquidity. Caledonia also agreed to a framework for up to another £40 million of investment over five years, subject to conditions.
In August, Caledonia invested £50 million for a 61% stake in Conquip Engineering, which designs, manufactures, sells and hires specialist equipment for sectors including infrastructure and construction. Masters said potential growth opportunities include expanding its rental fleet, developing products and making selective acquisitions.
