Edison Investment Research - Law Debenture Corp. PLC (LWDB) The Law Debenture Corporation - Strong IPS performance underpins FY20 returns

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Edison Investment Research

Pedro Fonseca

The Law Debenture Corporation - Strong IPS performance underpins FY20 returns

The Law Debenture Corporation (LWDB) made the most of its structure in 2020, with the revenue contribution from its independent professional services (IPS) business – which saw another year of strong growth – helping to overcome a shortfall in portfolio income after widespread UK dividend cuts, and driving an unanticipated 5.8% increase in the total FY20 payout. NAV total returns for the year ended 31 December were modestly positive, compared with double-digit declines for many UK Equity Income peers. The diversity of the underlying IPS businesses means CEO Denis Jackson is sanguine about prospects even in uncertain market conditions, while fund managers James Henderson and Laura Foll will continue to capitalise on the investment freedom the IPS income contribution provides.

26/02/2021 15 EN

Underlying

Law Debenture Corp. PLC

Law Debenture Corporation is an investment trust and a provider of independent professional servicesdivides into two areas of business: investment trust and independent professional services. Col. is an investment trust, listed on the London Stock Exchange. Co.'s portfolio of investments is managed by Janus Henderson Investors under a contract. Co. invests in a portfolio diversified both geographically and by industry. Co. is a provider of independent professional services. Co.'s activities are corporate trusts, pension trusts, corporate services (including agent for service of process), whistle blowing services and governance services.

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GB0031429219 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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The Law Debenture Corporation - Strong IPS performance underpins FY20 returns

Edison issues review on The Law Debenture Corporation (LWDB): One plus one equals three

The Law Debenture Corporation - One plus one equals three

The Hardman & Co Monthly: September 2023

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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