Company summary
Law Debenture is unusual in combining a UK equity-income investment trust with a profitable independent professional-services business. The operating business provides governance, pension, corporate trust and transaction services.
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LWDB
Law Debenture
Investment Trusts
- Index
- FTSE 250
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Investment in UK equities alongside independent professional services including corporate trusts, pensions, governance, whistleblowing, process-agent and transaction-support services.
Key markets
Predominantly UK-listed equities for the investment portfolio, while the professional-services business serves companies, pension schemes and financial institutions in the UK and selected international markets.
Key drivers
UK equity performance, stock selection, portfolio dividends, growth and margins in Independent Professional Services, recurring professional-services revenues and continued dividend growth.
Key risks
UK equity-market weakness, stock-selection errors, dividend cuts by holdings, professional-services execution and regulatory risk, staff costs and a widening discount to net asset value.
Recent Developments
24 July 2026: half-year results showed an 11.4% NAV total return and 16.2% share-price return. Independent Professional Services net revenue rose 6% and profit before interest and tax increased 8.5%; portfolio manager James Henderson plans to retire in June 2027.
Dividend notes
Pays quarterly and has a long record of maintaining or increasing the annual dividend. The first 2026 interim dividend was 8.875p, ex-dividend on 4 June and paid on 3 July; the Board indicated the first three 2026 interims would each be 8.875p.
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