LMS Capital net assets fall; says 'much to be delivered at Dacian'

LMS Capital PLC on Monday said its net asset value declined in the final three months of last year.

LMS, which has assets in the retirement living and energy sectors, said its net asset value per share at December 31 decreased 2.2% on-quarter to 36.0 pence from 36.8p. It was down 20% from 44.8p a year prior.

LMS Capital shares fell 7.1% to 15.23 pence each in London on Monday afternoon.

Its net asset value fell 2.4% on-quarter to £29.0 million from £29.7 million, and 20% on-year from £36.2 million.

The value of its investment portfolio, which includes the Castle View retirement living asset and Romanian oil and natural gas production company Dacian, rose 6.4% to £23.2 million in December from £21.8 million in September. However, it was down from £23.5 million a year prior.

Cash held fell to £6.8 million from £8.8 million in September and £13.5 million a year prior.

Looking ahead, it still sees ‘opportunity’ in the retirement living sector.

On Dacian, it added: ‘The company’s 2026 budget indicates a potential further working capital requirement in the range $1.0 million to $1.5 million in order to complete the plan set out by the team last July. The actual timing and amount will depend on the outcomes of the various workover projects currently in hand. Overall, whilst acknowledging the risks inherent in the oil and gas sector and that there is still much to be delivered at Dacian the board remains of the view that the additional investment since July 2025 will show attractive returns and produce a better outcome for investors on realisation.’

LMS Capital expects to announce the audited full-year results next month.

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