Strong track record for consistent long-term outperformance and dividend growth continues

Law Debenture aims to provide a steadily increasing income for our shareholders whilst achieving long-term capital growth in real terms. In 2021, we have continued to realise these ambitions, exemplified through a significant IPS valuation uplift and another good increase in our full-year dividend of 5.5%. I am pleased at the consistent long-term outperformance of our benchmark. We are confident that, in the long term, the combination of a robust and well-positioned equity portfolio and continued growth in our IPS business will deliver attractive returns for our shareholders.

Robert Hingley, Chairman

2021 marked another strong year of all round progress for Law Debenture. I am particularly encouraged that IPS has now built a proven record with four consecutive years of at least mid to high single digit growth. We have invested significantly in our people, bolstering our team and capabilities and we look forward to capturing the opportunities ahead. I am confident that our Investment Managers' focus on selecting strong business models and attractive valuation opportunities will enable them to continue to position the equity portfolio for future longer-term growth and outperformance. I remain optimistic in Law Debenture's longer-term outlook. We are committed to growing and developing the IPS business and continuing our unbroken 43-year record of maintaining or raising the dividend.

Denis Jackson, CEO