Each investment within Bailiwick’s portfolio either outperformed or equalled its 2020 valuation, resulting in a total net gain of £16.9m. for the year and bringing net assets at the end of 2021 to £88.4m.
‘The board is delighted with the performance of the portfolio in 2021 and is confident that the company’s shareholders, the majority of whom reside in the Channel Islands, will be equally happy with the way in which Bailiwick’s investee companies have prospered in the year,’ said chairman Sir Geoffrey Rowland.
‘While cognisant that investee companies, like most businesses, are facing new economic challenges and uncertainty in the form of inflation and supply shortages, the diversity within the portfolio and the bias towards the Channel Islands should put the company and its investments in a good position to navigate these difficulties.
‘As Bailiwick’s investee companies have a significant impact in our local economies we will always welcome new shareholders who wish to invest in a range of businesses operating in Jersey, Guernsey and Alderney.’
The company’s net asset value per share increased from 133.04p to 155.24p in 2021, having paid total dividends of 5.5p in the year.
Bailiwick maintained its total annual dividend of 5.5p per share in 2021, as it did in 2020, and recently announced a dividend of 3p per share payable in June.
This increases the total forecast dividend payable for 2022 to 6p per share; a 9% increase.
Its most recent investment was £2m. backing for Jersey-founded Proviz, a multi-award-winning cycling, running and outdoor sportswear specialist, which sells globally.
Responsible investment is at the heart of Bailiwick’s investment practices and the company aims to deliver a meaningful financial return to shareholders through selecting investments in local businesses led by strong management teams who demonstrate integrity, good governance principles and a commitment to making a positive difference to society and/or the environment.
Bailiwick Investments trading assets
With more than 80 stores across five island jurisdictions, the Jersey-headquartered retailer grew its gross revenues 7% and trading earnings before interest, taxes, depreciation and amortisation 26% in the six months to 31 July 2021, compared with the previous year. Brexit and Covid challenged the business, but it is confident that its model of franchise partnerships with blue chip retailers will come through.
The Aim-listed construction materials business, which was founded to buy Ronez in the islands, continues to make investments in Europe. 2021 revenues more than doubled and were up 15% on a like-for-like basis. Turnover at Ronez was strong and slightly ahead of budget.
Reported record results for both revenue and profit, finishing the year with revenue 8% ahead of its original budget, and Ebitda 20% ahead. Continues to make acquisitions and grow across the Channel Islands, UK and Cayman Islands.
Motor dealer in the Channel Islands, Isle of Man and Isle of Wight which bounced back from a difficult 2020 to generate operating profits double its original 2021 budget, benefiting from rising vehicle prices.
The International Stock Exchange Group
Annual results for 2020 showed profit up 29% and revenue up 19%, driven mainly by listing fees which saw a 34% increase in activity. More-recent results also look positive.
Revenue and profits were up for the year to September 2021 and the company has hedged against electricity price rises until 2024. The share price continues to rise.
The company is being wound up. It has already disposed of a number of subsidiary businesses and is in negotiations to sell the remainder.
With fresh backing from new investor Guy Hands, the site has continued to improve and develop, and Bailiwick is excited about the development opportunities for the business.
Channel Islands Media Group
The group, comprising TPA and the Guernsey Press, recovered from 2021’s lockdown to beat budgets by the end of the year. TPA grew revenues 12% year-on-year in 2021.
Le Platon Residential Home
Construction of the second phase of the home’s development is due to be finished in August. The first phase was completed in September 2020.
The independent, family-owned investment company continues to grow, with net assets of £24.9m. at June 2021, up 4.6% against the prior year.