An investment in FTSE index put options by Caledonia, the UK-listed investment company backed by the wealthy Cayzer family, helped it trim its fall in assets to 27.7% in the year to March.

The puts gained £24.8m for Caledonia, equivalent to a 222% gain on their purchase price, representing the biggest surplus achieved. Assets per share fell 27.7% over the period, taking the total to £906m, representing outperformance of 4.5 percentage points against the FTSE All Share index. The group is raising its dividend by 4% to 33.8p, to demonstrate faith in the future, while also providing a better income to backers.