Update: Strong underlying progress

JRIC showed strong progress in H114, with portfolio growth of 34% and underlying profit growth of 36%, both in yen terms, as the proceeds of the October 2013 capital increase were quickly put to work, geared with additional low-cost borrowing. Despite a c 18% decline in the average value of the yen versus sterling, underlying sterling net profits were 15% higher and underlying sterling EPS was flat at 1.7p. As acquisitions contribute fully, on current exchange rates, we expect the forecast 3.6p ...