LDG PLC ANNUAL REPORT AND ACCOUNTS FOR THE 13 MONTH PERIOD TO 31 DECEMBER 2024

Dear Shareholders

I present the annual report and audited financial statements for LDG plc (“LDG”, the “Company or, together with its subsidiaries, the “Group”) for the 13 month period to 31 December 2024. For the 13 month period to 31 December 2024, the Company reported an underlying EBIT1 of a profit of £18.4m (2023: loss of £12.0m) and a profit before tax of £19.8m (2023: loss before tax of £10.7m).

It has been a very busy and broadly productive year for your company and the various corporate actions are all set out in the Business and Financial Review which follows my letter.

I should like to welcome Colin Kingsnorth and Mark Butcher to the Board, and I would like to thank them and my other fellow director David Facey for the hours spent helping drive through the corporate actions which have taken place over the past 13 months. I should also like to extend my thanks to Peter Nixon for all his hard work over the years, who resigned in the period.

I would also like to take this opportunity to congratulate our investment manager, DBAY Advisors Limited, on being ranked the 3rd best small cap private equity manager in the UK and 7th in Europe in the prestigious 2024 HEC Paris-Dow Jones small cap rankings. This notable recognition stands as a testament to the strength of DBAY’s investment strategy, their execution, and their commitment to delivering long-term value to investors. Significantly, this marks the third consecutive year in which DBAY has been ranked among the top 10 small cap managers in Europe and the top 20 globally.

As you can see our portfolio now consists of three holdings, details of which are set out later, the largest of which is Finsbury Foods, which is performing well. We also now have an agreed formula for distributing cash to shareholders on any future realisations and are now publishing a quarterly unaudited estimated net asset value per share.

In addition, the post-period tender offer was successful and satisfied in full, with the repurchase of 110,526,351 Ordinary Shares, returning £21.0m to shareholders.

I hope we can now enter a period of corporate calm unlike the events taking place on the global stage.

Adrian Collins

Chairman

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