London City Equities (ASX:LCE) has reported preliminary unaudited results for the six-month period to 31 December 2022.
Revenue for the period was $390,000, with costs of $191,000 resulting in a net profit of $199,000.
The balance sheet recorded assets totaling $21,797,000 and liabilities of $3,376,000, giving a net asset position of $18,421,000 per share.
The portfolio value was down 3%, due to a fall in the shareholding in Fiducian Group Limited, but was offset by a gain in the interest in Excelsior Capital Limited.
Dividends from both Fiducian and Excelsior holdings were higher than expected.
Costs were also reduced due to the settlement of the Ernst & Young litigation matter.
Following the announcement, shares of London City Equities (ASX:LCE) were unchanged at $0.55.