Gartmore British Inc - 1st Quarter Results
11 Abril 2000 - 12:31PM
UK Regulatory
RNS Number:9292I
Gartmore British Inc & Gwth Tst PLC
11 April 2000
GARTMORE BRITISH INCOME & GROWTH TRUST P.L.C.
ANNOUNCEMENT OF QUARTERLY RESULTS AND DIVIDENDS
-----------------------------------------------
THE DIRECTORS ANNOUNCE THE COMPANY'S UNAUDITED RESULTS FOR
THE THREE MONTHS TO 31ST MARCH 2000 AS FOLLOWS:-
HIGHLIGHTS
----------
- CAPITAL RETURN ON TOTAL ASSETS SHOWED A FALL OF 8.4% FOR
THE THREE MONTHS TO 31ST MARCH 2000
- GROWTH IN TOTAL ASSETS OF 5.4% PER ANNUM COMPOUND REQUIRED
TO REPAY THE ORDINARY SHARES ON 31ST MARCH 2006 AT THE
31ST MARCH 2000 MID-MARKET PRICE OF 61.5P PER SHARE
- THE DIRECTORS EXPECT THAT TOTAL DIVIDENDS OF 6.92P PER
INCOME SHARE AND OF 4.28P PER ORDINARY SHARE WILL BE PAID
FOR THE YEAR TO 31ST DECEMBER 2000
- ZERO DIVIDEND PREFERENCE SHARES PRESENTLY COVERED FOR FULL
REPAYMENT ON 18TH DECEMBER 2002, AND THE GBIGT SECURITIES
ZERO FOR FULL REPAYMENT AT 31ST MARCH 2006
GROUP TOTAL RETURN
------------------
THREE MONTHS TO 31ST MARCH 2000
TOTAL
REVENUE CAPITAL RETURN
#'000 #'000 #'000
INCOME AND CAPITAL PROFITS
DIVIDENDS AND OTHER INCOME 803 - 803
NET PROFIT/(LOSS) ON
LISTED INVESTMENTS - (8,079) (8,079)
----- ----- -----
RETURN BEFORE EXPENSES AND 803 (8,079) (7,276)
TAXATION
EXPENSES
MANAGEMENT FEES (83) (68) (151)
OTHER EXPENSES (42) (34) (76)
----- ----- -----
RETURN BEFORE AND AFTER 678 (8,181) (7,503)
TAXATION
APPROPRIATED TO NON-EQUITY
SHAREHOLDERS
MINORITY INTEREST:
GBIGT SECURITIES ZERO:
REDEMPTION PREMIUM (-) (381) (381)
RESERVE
----- ----- -----
678 (8,562) (7,884)
REDEMPTION PREMIUM RESERVE
- ZERO DIVIDEND PREFERENCE (-) (781) (781)
SHARES
----- ----- -----
678 (9,343) (8,665)
DIVIDEND ON THE INCOME SHARES
- 1.73P PER SHARE (476) (-) (476)
----- ----- -----
RETURN TO EQUITY SHAREHOLDERS 202 (9,343) (9,141)
APPROPRIATED TO EQUITY
SHAREHOLDERS
DIVIDEND ON THE ORDINARY
SHARES - 1.07P PER SHARE (219) (-) (219)
----- ----- -----
(17) (9,343) (9,360)
TRANSFERRED TO/(FROM)
RESERVES:
ORDINARY SHARES (17) (9,343) (9,360)
----- ----- -----
TOTAL RETURN PER ORDINARY 0.99P (45.58P) (44.59P)
SHARE
THREE MONTHS TO 31ST MARCH 1999
TOTAL
REVENUE CAPITAL RETURN
#'000 #'000 #'000
INCOME AND CAPITAL PROFITS
DIVIDENDS AND OTHER INCOME 887 - 887
NET PROFIT/(LOSS) ON
ON LISTED INVESTMENTS - 6,360 6,360
----- ----- -----
RETURN BEFORE EXPENSES AND 887 6,360 7,247
TAXATION
EXPENSES
MANAGEMENT FEES (88) (73) (161)
OTHER EXPENSES (35) (28) (63)
----- ----- -----
RETURN BEFORE AND AFTER 764 6,259 7,023
TAXATION
APPROPRIATED TO NON-EQUITY
SHAREHOLDERS
MINORITY INTEREST:
GBIGT SECURITIES ZERO:
REDEMPTION PREMIUM (-) (347) (347)
RESERVE
----- ----- ------
764 5,912 6,676
REDEMPTION PREMIUM RESERVE
- ZERO DIVIDEND PREFERENCE (-) (712) (712)
SHARES
----- ----- -----
764 5,200 5,964
DIVIDEND ON THE INCOME SHARES
- 1.70P PER SHARE (467) (-) (467)
----- ----- ------
RETURN TO EQUITY SHAREHOLDERS 297 5,200 5,497
APPROPRIATED TO EQUITY
SHAREHOLDERS
DIVIDEND ON THE ORDINARY
SHARES - 1.05P PER SHARE (215) (-) (215)
----- ----- ------
82 5,200 5,282
TRANSFERRED TO/(FROM)
RESERVES:
ORDINARY SHARES 82 5,200 5,282
----- ----- ------
TOTAL RETURN PER ORDINARY 1.45P 25.36P 26.81P
SHARE
NOTE:
CHANGES IN EX-DIVIDEND DATES HAVE REDUCED INCOME FOR THE
THREE MONTHS TO 31ST MARCH 2000 COMPARED TO THE SAME PERIOD
LAST YEAR.
EXPENSES ARE ALLOCATED AS TO 55% TO REVENUE AND 45% TO
CAPITAL.
TOTAL RETURN PER ORDINARY SHARE HAS BEEN CALCULATED ON THE
NEGATIVE RETURN TO EQUITY SHAREHOLDERS OF #9,141,000
(POSITIVE RETURN OF #5,497,000) AND 20,500,000 (20,500,000)
ORDINARY SHARES IN ISSUE THROUGHOUT THE PERIOD.
THE DIRECTORS HAVE DECLARED A FIRST INTERIM DIVIDEND OF
1.73P (1.70P) PER SHARE ON 27,500,000 (27,500,000) INCOME
SHARES AND OF 1.07P (1.05P) PER SHARE ON 20,500,000
(20,500,000) ORDINARY SHARES IN RESPECT OF THE YEAR ENDING
31ST DECEMBER 2000, PAYABLE ON 31ST MAY 2000 TO SHAREHOLDERS
ON THE REGISTER ON 12TH MAY 2000 AND QUOTED EX-DIVIDEND ON
8TH MAY 2000.
IN THE ABSENCE OF UNFORESEEN CIRCUMSTANCES, THE DIRECTORS
EXPECT THAT TOTAL DIVIDENDS OF 6.92P PER INCOME SHARE AND OF
4.28P PER ORDINARY SHARE WILL BE PAID FOR THE YEAR TO 31ST
DECEMBER 2000.
GROUP BALANCE SHEET AT AT
------------------- 31ST 31ST
MARCH DECEMBER
2000 1999
#'000 #'000
FIXED ASSETS
LISTED INVESTMENTS
VALUED AT MID-MARKET PRICES 86,562 96,373
CURRENT ASSETS
DEBTORS: AMOUNTS RECEIVABLE
WITHIN ONE YEAR 670 419
SHORT-TERM DEPOSITS 2,553 1,129
BANK BALANCES 10 10
------ ------
3,233 1,558
CREDITORS: AMOUNTS PAYABLE
WITHIN ONE YEAR 866 804
------ ------
NET CURRENT ASSETS 2,367 754
------ ------
TOTAL ASSETS,
LESS CURRENT LIABILITIES 88,929 97,127
------ ------
CAPITAL AND RESERVES
CALLED-UP SHARE CAPITAL 28,435 28,435
SHARE PREMIUM ACCOUNT 19,700 19,700
REDEMPTION PREMIUM RESERVE -
ZERO DIVIDEND PREFERENCE 12,076 11,295
SHARES
OTHER CAPITAL RESERVES:
CAPITAL RESERVE 2,409 2,200
UNREALISED APPRECIATION/
(DEPRECIATION) OF LISTED
INVESTMENTS 7,552 17,104
REVENUE RESERVE 188 205
------ ------
70,360 78,939
MINORITY INTEREST:
GBIGT SECURITIES ZERO 18,569 18,188
------ ------
CAPITAL EMPLOYED 88,929 97,127
------ ------
NET ASSET VALUE PER SHARE:
ZERO DIVIDEND PREFERENCE 185.9P 182.1P
SHARES
GBIGT SECURITIES ZERO 185.7P 181.9P
INCOME SHARES 70.0P 70.0P
ORDINARY SHARES 63.4P 109.1P
NOTE:
LISTED INVESTMENTS ARE ALL LISTED IN THE UK.
NET ASSET VALUES PER SHARE HAVE BEEN CALCULATED ON
ATTRIBUTABLE ASSETS AND SHARES IN ISSUE AT THE PERIOD-END AS
FOLLOWS:
AT AT
31ST 31ST
MARCH DECEMBER
2000 1999
#'000 #'000
20,500,000 ZERO DIVIDEND
PREFERENCE SHARES 38,111 37,330
10,000,000 GBIGT SECURITIES 18,569 18,188
ZERO
27,500,000 INCOME SHARES 19,250 19,250
20,500,000 ORDINARY SHARES 12,999 22,359
------ ------
88,929 97,127
------ ------
GROUP CASH FLOW THREE THREE.
--------------- MONTHS MONTHS
TO TO
31ST 31ST
MARCH MARCH
2000 1999
#'000 #'000
REVENUE ACTIVITIES
DIVIDENDS AND OTHER
INCOME RECEIVED 550 510
EXPENSES PAID,
ALLOCATED TO REVENUE (132) (135)
----- -----
418 375
----- ----
SERVICING OF FINANCE
NON-EQUITY SHARE DIVIDEND
PAID:
INCOME SHARES (467) (467)
----- -----
INVESTMENT ACTIVITIES
ACQUISITIONS OF
LISTED INVESTMENTS (8,598) (8,657)
DISPOSALS OF
LISTED INVESTMENTS 10,394 7,294
EXPENSES PAID,
ALLOCATED TO CAPITAL (108) (110)
------ ------
1,688 (1,473)
------ ------
EQUITY SHARE DIVIDEND PAID
ORDINARY SHARES (215) (215)
------ ------
NET CASH INFLOW/(OUTFLOW) 1,424 (1,780)
------ ------
RECONCILIATION OF NET CASH
INFLOW/(OUTFLOW)TO MOVEMENT
IN CASH BALANCES
BALANCE BROUGHT FORWARD 1,139 4,170
NET CASH INFLOW/(OUTFLOW) 1,424 (1,780)
----- ------
BALANCE AT 31ST MARCH 2,563 2,390
----- -----
COMPRISING:
SHORT-TERM DEPOSITS 2,553 2,380
BANK BALANCES 10 10
----- -----
2,563 2,390
----- -----
THE GROUP ACCOUNTS INCORPORATE THE UNAUDITED RESULTS OF THE
COMPANY AND ITS SUBSIDIARY, GBIGT SECURITIES PLC, FOR THE
THREE MONTHS TO 31ST MARCH 2000, AND DO NOT CONSTITUTE
STATUTORY ACCOUNTS UNDER THE COMPANIES ACT 1985. FULL
STATUTORY ACCOUNTS FOR THE YEAR TO 31ST DECEMBER 1999
INCLUDED AN UNQUALIFIED AUDIT REPORT AND WERE FILED WITH THE
REGISTRAR OF COMPANIES ON 23RD FEBRUARY 2000.
THERE HAVE BEEN NO CHANGES IN ACCOUNTING POLICIES SINCE 31ST
DECEMBER 1999.
AT AT
FINANCIAL STATISTICS 31ST 31ST
-------------------- MARCH DECEMBER
2000 1999 CHANGE
#'000 #'000 %
TOTAL ASSETS,
LESS CURRENT LIABILITIES 88,929 97,127 -8.4
MARKET CAPITALISATION
OF SHARES IN ISSUE 87,339 96,151 -9.2
FTSE ALL-SHARE INDEX 3110.6 3242.1 -4.1
DRESDNER KLEINWORT BENSON
TOPSI-100 INDEX 5015.1 4929.6 +1.7
NET ASSET VALUE PER SHARE:
ZERO DIVIDEND PREFERENCE 185.9P 182.1P +2.1
SHARES
GBIGT SECURITIES ZERO 185.7P 181.9P +2.1
INCOME SHARES 70.0P 70.0P -
ORDINARY SHARES 63.4P 109.1P -41.9
REVIEW OF THE THREE MONTHS TO 31ST MARCH 2000
---------------------------------------------
THE NEW YEAR BEGAN AS THE LAST HAD ENDED, WITH CONTINUED
OUTPERFORMANCE BY A NARROW RANGE OF HIGHLY-RATED STOCKS IN
THE TELECOMMUNICATIONS, MEDIA AND INFORMATION TECHNOLOGY
SECTORS. VOLATILITY WITHIN THE STOCK MARKET HAS INCREASED IN
RECENT MONTHS, PARTLY DUE TO THE RAPID SHARE PRICE RISES OF
SOME 'NEW ECONOMY' STOCKS WITH SMALL FREE FLOATS. MOST SHARE
PRICES STRUGGLED TO MAKE ANY PROGRESS IN THE FIRST THREE
MONTHS OF THE YEAR, AND SOME 'NEW ECONOMY' SECTORS
EXPERIENCED PROFIT-TAKING.
FOR THE THREE MONTHS TO 31ST MARCH 2000, THE TOTAL RETURN ON
CAPITAL EMPLOYED (WITH NET DIVIDENDS RE-INVESTED) SHOWED A
FALL OF 7.7%. THIS COMPARES WITH A FALL OF 3.4% FOR THE FTSE
ALL-SHARE INDEX AND A RISE OF 3.0% FOR THE DRESDNER
KLEINWORT BENSON TOPSI-100 INDEX OF HIGHER-YIELDING SHARES.
QUARTERLY REPORT
----------------
THE QUARTERLY REPORT FOR THE THREE MONTHS TO 31ST MARCH 2000
WILL BE POSTED TO SHAREHOLDERS SHORTLY. COPIES WILL BE
AVAILABLE FROM THE REGISTERED OFFICE OF THE COMPANY:
GARTMORE HOUSE, 8 FENCHURCH PLACE, LONDON EC3M 4PH.
GARTMORE BRITISH INCOME & GROWTH TRUST P.L.C.
GARTMORE INVESTMENT LIMITED - SECRETARIES
CONTACT: CHRIS KEELEY 020-7782 2389
END
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