LONDON: Logistics Development Group released its audited final results for the fiscal year ending on November 30, 2023. The company has reported an underlying EBIT of a loss of £12.0 million, a stark contrast to the previous year’s profit of £1.1 million.

Similarly, the loss before tax stands at £10.7 million, down from a profit before tax of £1.1 million in 2022.

As part of its broader investment strategy initiated in January 2022, the company has been actively managing its subsidiary vehicle for investments, Fixtaia Limited.

This includes a significant 27.5% ownership in Finsbury Foods Group Plc post a scheme of arrangement in November 2023, and a 9.1% stake in SQLI S.A. through a complex structure involving loans and share capitalization.

Moreover, Logistics Development Group has acquired a 10.3% share in Alliance Pharma Plc for £33.4 million and approximately 2.8% of Trifast Plc’s share capital for £2.7 million.

These acquisitions are part of the company’s aggressive investment policy, which also saw them obtaining an 11.72% stake in Mission Group PLC for £1.7 million.

In a strategic move to streamline its capital, the company executed a share buyback program, cancelling 140,411,180 ordinary shares following approval from the High Court of England and Wales.

This was succeeded by a second buyback initiative, acquiring 28,678,158 Ordinary Shares at an average price of £0.14074 per share, reducing the company’s issued share capital to 532,806,151 Ordinary Shares as of November 30, 2023.

The company’s diverse portfolio, spanning across various industries and regions, reflects its commitment to a robust investment policy despite the financial downturn experienced over the year.

With a focus on specialty foods, digital commerce, healthcare, and industrial fastenings, Logistics Development Group is poised to navigate the challenges and opportunities that lie ahead in the financial landscape.

Logistics Development Group acquires a million shares in Caretech Holdings