- The Law Debenture Corporation swung to a loss as net assets declined amid 'significant' market turbulence and uncertainty over the UK's exit from the EU.

For the year ended 31 December 2018, the company reported a pre-tax loss of £87.9m, compared with a profit of £106.3m a year earlier. Revenues increased 9.0% to £29.6m

Net asset value total return fell 5.8%, but that was better than the FTSE Actuaries All-Share Index, which fell 9.5% over the past year.

Total proposed dividend of 18.90p per share for 2018 (2017: 17.30p), a 9.2% increase

'The intention over the next few months is to move the gearing up by buying UK stocks to take advantage of this dislocation,' the company said. 'The US holdings have in aggregate performed well and where the valuation looks stretched they will be further reduced.'

'The UK companies purchased serve a diverse number of end markets and we will likely add to existing holdings. It is important to use the weakness to position the portfolio for an improved investment background.'

At 9:47am: [LON:LWDB] Law Debenture Corporation the share price was -5p at 585p

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