TIDMJFF
RNS Number : 1937D
JPMorgan Eur Fldglng Inv Trust PLC
27 November 2009
?
STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN EUROPEAN FLEDGELING INVESTMENT TRUST PLC
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
30TH SEPTEMBER 2009
Chairman's Statement
Performance
Global equity markets rebounded strongly in the first half of the Company's
financial year. For the six months to 30th September 2009, the Company produced
a total return on net assets of +45.5%. This compares with the return of +62.6%
from the benchmark index, the HSBC Smaller European Companies (ex UK) Total
Return Index in sterling terms. The return to shareholders over the period was
+50.0% as the discount on the Company's shares narrowed from 19.8% as at 31st
March 2009 to 17.3% as at 30th September 2009.
Whilst it is pleasing to report a significant positive return for shareholders
in absolute terms, it is obviously disappointing to have underperformed the
benchmark index over the first half of the financial year. In their report, the
Investment Managers provide some insight into the various factors at work during
the period, but I would emphasise that we assess the performance of our Managers
over the longer term which shows that the Company has outperformed the benchmark
over one, three, five and ten years to 30th September 2009.
Revenue and Dividend
Revenue return after tax for the six months to 30th September 2009 was GBP3.3
million, lower than the revenue generated in the corresponding period in 2008
(GBP4.4 million), reflecting the fact that many companies have cut their
dividends. Despite this, for the first time in many years, the Company has a
positive balance on the revenue reserve of GBP2.9 million at the end of the
period. However, the Company's objective is to achieve long term capital growth,
rather than producing revenue, and it is unlikely that the Company will be
required to pay a dividend for the full financial year in order to maintain
investment trust status. Without a requirement to do so, we would not intend to
commence paying a dividend.
Share Capital
In the six months to 30th September 2009 the Company has continued to use the
authority given by shareholders to repurchase its shares in the market and hold
them in Treasury for potential reissue. During the period 25,000 shares were
repurchased into Treasury at a total cost of GBP124,000. Since the end of
September, the Company has repurchased a further 290,000 shares into Treasury at
a total cost of GBP1,788,000.
Outlook
Equity markets have returned to more stable conditions over the first six months
of our financial year and for the time being continue to benefit from the
liquidity which has been provided by central banks. We are mindful that the
hurdle of withdrawal of this support has yet to be addressed. That said, and
whilst valuations are generally more realistic, the Investment Managers see
relative value in European smaller companies and therefore we expect that, in
the short term, they will maintain their geared position.
Elisabeth Airey
Chairman 27th November 2009
Interim Management Report
The Company is required to make the following disclosures in its half year
report:
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall into five broad
categories: Investment and strategy; accounting, legal and regulatory; corporate
governance and shareholder relations; operational and financial. Information on
each of these areas is given in the Business Review within the Annual Report and
Accounts for the year ended 31st March 2009.
Related Parties Transactions
During the first six months of the current financial year, no transactions with
related parties have taken place which have materially affected the financial
position or the performance of the Company during the period.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
i) the condensed set of financial statements contained within the half
yearly financial report has been prepared in
accordance with the
Accounting Standards Board's Statement 'Half-Yearly Financial Reports'; and
ii) the interim management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the UK
Listing
Authority Disclosure and Transparency Rules.
for and on behalf of the Board
Elisabeth Airey
Chairman 27th November 2009
Investment Managers' Report
Review
In the first half of the Company's financial year global equity markets
continued the recovery which began in February 2009. The initial surge was based
upon the realisation that the worst of the banking crisis may have passed,
combined with improved readings in measures of industrial confidence. Companies
generally have reacted promptly and decisively to reduce their cost bases and
working capital positions to meet significantly lower levels of demand. Together
with improving economic sentiment, this has led to a significant moderation in
the rate at which analysts have downgraded expectations of corporate earnings
growth and has fuelled continued momentum in equity markets over the summer. In
the six months to the end of September 2009 the large company MSCI World Europe
(ex UK) Index rose by 40.8% in sterling terms. Smaller companies, which had
suffered most during the market sell-off, benefited from an increase in investor
appetite for risk and the benchmark HSBC Smaller European Companies (ex UK)
Index comfortably outpaced large companies with an increase of 62.6%.
Portfolio
The net asset value of the portfolio rose by 45.5% in the first half of the
Company's year. Whilst performance relative to benchmark is clearly
disappointing, it is consistent with the investment process applied to the
management of the portfolio's assets. As set out in the annual report each year,
the stock selection process focuses on companies delivering relatively strong
operating momentum which, over the long term, has proved able to generate
significant outperformance.
During the last six months there has been a shift in the market away from
defensive sectors, such as healthcare and consumer staples, into cyclical
sectors, such as industrials and financials, which are expected to benefit from
economic recovery. The portfolio's overweight position in defensives served the
Company well in the last financial year, but we were underweight in cyclicals at
the start of this period. The portfolio has now been repositioned in order to
benefit from the anticipated improvement in corporate earnings and the largest
overweight sector positions at the end of September included general financials,
media, construction and chemicals. Reflecting an increasing number of attractive
investment opportunities, the number of core holdings, i.e. excluding the micro
cap holdings, has increased from 48 to 86 during the period. Having started the
new financial year with net cash of 2%, the Company has been leveraged for most
of the first half and ended the period with gearing of 13%, close to the maximum
potential gearing level under existing borrowing facilities.
Outlook
We continue to be positive on the prospects for returns from European equities.
Corporate cost bases have been restructured and, with signs of an improvement in
demand, earnings are set for a sharp rebound from cyclically depressed levels.
As a result of productivity improvements and rising unemployment levels,
expectations for inflation remain moderate and interest rates may stay at
historically low levels for the foreseeable future. This is good news for both
consumer and corporate lending, and the potential returns from equities are
attractive, when compared with cash holdings. Having enjoyed an initial rebound,
equity valuations have returned to more normal levels, yet smaller companies
remain at a discount to large companies. It is to be expected that the portfolio
will continue to utilise gearing during the second half of the Company's
financial year.
Jim Campbell
Francesco Conte
Investment Managers
27th November 2009
For further information, please contact:
Jonathan Latter
For and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
020 7742 6000
Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmeuropeanfledgeling.co.uk.
Income Statement
for the six months ended 30th September 2009
+----------------+--------------------+----+----+-------+---------+---------+-----------+-----------+---------+-----------+-----------+---------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | Six months ended | Six months ended | Year ended |
| | 30th September 2009 | 30th September 2008 | 31st March 2009 |
+ + + + +
| | | | | |
+ + + + +---------------+
| | | | | |
+ +------------------------------------------------+---------------------------------+---------------------------------+---------------+
| | Revenue | Capital | Total |Revenue | Capital | Total |Revenue | Capital | Total |
| | GBP'000 | GBP'000 |GBP'000 |GBP'000 | GBP'000 | GBP'000 |GBP'000 | GBP'000 | GBP'000 |
+ + + + + + + + + + +
| | | | | | | | | | | |
+----------------+-------------------------+------------+---------+---------+-----------+-----------+---------+-----------+-----------+---------------+
| Gains/(losses) | - |120,718 | 120,718 | - | (86,266) | (86,266) | - |(121,593) |(121,593) |
| on investments | | | | | | | | | |
| held at fair | | | | | | | | | |
| value through | | | | | | | | | |
| profit or loss | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Net foreign | - |(1,365) | (1,365) | - | (377) | (377) | - | (115) | (115) |
| currency | | | | | | | | | |
| losses | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Income from | 6,348 | - | 6,348 | 7,511 | - | 7,511 | 9,111 | - | 9,111 |
| investments | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Other | 27 | - | 27 | 256 | - | 256 | 956 | - | 956 |
| interest | | | | | | | | | |
| receivable | | | | | | | | | |
| and | | | | | | | | | |
| similar | | | | | | | | | |
| income | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Gross | 6,375 |119,353 | 125,728 | 7,767 | (86,643) | (78,876) | 10,067 |(121,708) |(111,641) |
| return/(loss) | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Management | (1,617) | - | (1,617) |(2,104) | - | (2,104) |(3,597) | - | (3,597) |
| fee | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| VAT | - | - | - | - | - | - | 2,754 | - | 2,754 |
| recoverable | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Other | (267) | - | (267) | (297) | - | (297) | (620) | - | (620) |
| administrative | | | | | | | | | |
| expenses | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Net | 4,491 |119,353 | 123,844 | 5,366 | (86,643) | (81,277) | 8,604 |(121,708) |(113,104) |
| return/(loss) | | | | | | | | | |
| before | | | | | | | | | |
| finance costs | | | | | | | | | |
| and taxation | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Finance costs | (521) | - | (521) | (25) | - | (25) | (136) | - | (136) |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Net | 3,970 |119,353 | 123,323 | 5,341 | (86,643) | (81,302) | 8,468 |(121,708) |(113,240) |
| return/(loss) | | | | | | | | | |
| before | | | | | | | | | |
| taxation | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Taxation | (640) | - | (640) | (902) | - | (902) |(1,105) | - | (1,105) |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Net | 3,330 |119,353 | 122,683 | 4,439 | (86,643) | (82,204) | 7,363 |(121,708) |(114,345) |
| return/(loss) | | | | | | | | | |
| after | | | | | | | | | |
| taxation | | | | | | | | | |
+----------------+--------------------+---------+-----------------+---------+-----------+-----------+---------+-----------+-----------+
| Return/(loss) | 7.08p |253.61p | 260.69p | 9.20p |(179.55)p |(170.35)p | 15.38p |(254.17)p |(238.79)p |
| per share | | | | | | | | | |
| (note 3) | | | | | | | | | |
+----------------+--------------------+----+----+-------+---------+---------+-----------+-----------+---------+-----------+-----------+---------------+
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information prepared under guidance issued by the Association of Investment
Companies. The Total column represents all the information that is required to
be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For
this reason a STRGL has not been presented.
Reconciliation of Movements in Shareholders' Funds
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+--------------------------------+
| Six months ended | Called | Share | Capital | Other | Capital |Revenue | Total |
| 30th September 2009 | up | premium |redemption | reserve | reserves |reserve | GBP'000 |
| (unaudited) | share | GBP'000 | reserve | GBP'000 | GBP'000 |GBP'000 | |
| | capital | | GBP'000 | | | | |
| | GBP'000 | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| At 31st March 2009 | 12,178 | 1,312 | 3,458 | - | 253,547 | (417) | 270,078 |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Repurchase of shares into | - | - | - | - | (124) | - | (124) |
| Treasury | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Net return on ordinary | - | - | - | - | 119,353 | 3,330 | 122,683 |
| activities | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| At 30th September 2009 | 12,178 | 1,312 | 3,458 | - | 372,776 | 2,913 | 392,637 |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Six months ended | | | | | | | |
| 30th September 2008 | | | | | | | |
| (unaudited) | | | | | | | |
+ +--------------------------------+----------+------------+----------+-----------+---------+-----------+
| | Called up | Share | Capital | Other | Capital |Revenue | Total |
| | share | premium |redemption | reserve | reserves |reserve | GBP'000 |
| | capital | GBP'000 | reserve | GBP'000 | GBP'000 |GBP'000 | |
| | GBP'000 | | GBP'000 | | | | |
+ + + + + + + + +
| | | | | | | | | |
+ + + + + + + + +--------------------------------+
| | | | | | | | | |
+ + + + + + + + +--------------------------------+
| | | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+--------------------------------+
| At 31st March 2008 | 12,837 | 1,312 | 2,799 | 415 | 384,374 |(7,780) | 393,957 |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Repurchase and cancellation of | | | | | | | |
| the | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Company's own shares | (14) | - | 14 | (397) | - | - | (397) |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Repurchase of shares into | - | - | - | (18) | (4,915) | - | (4,933) |
| Treasury | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Net (loss)/return on ordinary | - | - | - | - | (86,643) | 4,439 | (82,204) |
| activities | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| At 30th September 2008 | 12,823 | 1,312 | 2,813 | - | 292,816 |(3,341) | 306,423 |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Year ended 31st March 2009 | | | | | | | |
| (audited) | | | | | | | |
+ +--------------------------------+----------+------------+----------+-----------+---------+-----------+
| | Called up | Share | Capital | Other | Capital |Revenue | Total |
| | share | premium |redemption | reserve | reserves |reserve | GBP'000 |
| | capital | GBP'000 | reserve | GBP'000 | GBP'000 |GBP'000 | |
| | GBP'000 | | GBP'000 | | | | |
+ + + + + + + + +
| | | | | | | | | |
+ + + + + + + + +--------------------------------+
| | | | | | | | | |
+ + + + + + + + +--------------------------------+
| | | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+--------------------------------+
| At 31st March 2008 | 12,837 | 1,312 | 2,799 | 415 | 384,374 |(7,780) | 393,957 |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Repurchase and cancellation of | | | | | | | |
| | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| the Company's own shares | (14) | - | 14 | (397) | - | - | (397) |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Repurchase of shares into | - | - | - | (18) | (9,119) | - | (9,137) |
| Treasury | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Cancellation of shares held in | (645) | - | 645 | - | - | - | - |
| Treasury | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| Total (loss)/return on | - | - | - | - |(121,708) | 7,363 |(114,345) |
| ordinary activities | | | | | | | |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+
| At 31st March 2009 | 12,178 | 1,312 | 3,458 | - | 253,547 | (417) | 270,078 |
+--------------------------------+--------------------------------+----------+------------+----------+-----------+---------+-----------+--------------------------------+
Balance Sheet
at 30th September 2009
+-------------------------------------+-------------------+-------------------+-------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | 30th September | 30th September | 31st March 2009 |
| | 2009 | 2008 | GBP'000 |
| | GBP'000 | GBP'000 | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Fixed assets | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Investments held at fair value | 442,681 | 280,640 | 264,977 |
| through profit or loss | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Investments in liquidity funds held | - | - | 6,206 |
| at fair value | | | |
| through profit or loss | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Total investments | 442,681 | 280,640 | 271,183 |
+-------------------------------------+-------------------+-------------------+-------------------+
| | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Current assets | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Debtors | 10,448 | 8,434 | 3,095 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Cash and short term deposits | 5,850 | 22,329 | 3,649 |
+-------------------------------------+-------------------+-------------------+-------------------+
| | 16,298 | 30,763 | 6,744 |
+-------------------------------------+-------------------+-------------------+-------------------+
| | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Creditors: amounts falling due | (66,342) | (4,980) | (7,849) |
| within one year | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Net current (liabilities)/assets | (50,044) | 25,783 | (1,105) |
+-------------------------------------+-------------------+-------------------+-------------------+
| Total assets less current | 392,637 | 306,423 | 270,078 |
| liabilities | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Total net assets | 392,637 | 306,423 | 270,078 |
+-------------------------------------+-------------------+-------------------+-------------------+
| | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Capital and reserves | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Called up share capital | 12,178 | 12,823 | 12,178 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Share premium | 1,312 | 1,312 | 1,312 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Capital redemption reserve | 3,458 | 2,813 | 3,458 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Capital reserves | 372,776 | 292,816 | 253,547 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Revenue reserve | 2,913 | (3,341) | (417) |
+-------------------------------------+-------------------+-------------------+-------------------+
| Shareholders' funds | 392,637 | 306,423 | 270,078 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Net asset value per share (note 4) | 834.3p | 638.6p | 573.6p |
+-------------------------------------+-------------------+-------------------+-------------------+
Cash Flow Statement
for the six months ended 30th September 2009
+------------------------------------+--------------------+--------------------+-------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | Six months ended | Six months ended | Year ended |
| | 30th September | 30th September | 31st March 2009 |
| | 2009 | 2008 | GBP'000 |
| | GBP'000 | GBP'000 | |
+------------------------------------+--------------------+--------------------+-------------------+
| Net cash inflow from operating | 4,005 | 4,453 | 6,921 |
| activities | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Net cash outflow from returns on | (468) | (25) | (134) |
| investments and servicing of | | | |
| finance | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Tax recovered | 268 | 31 | 48 |
+------------------------------------+--------------------+--------------------+-------------------+
| Net cash (outflow)/inflow from | (49,942) | 21,113 | 3,569 |
| capital expenditure and financial | | | |
| investment | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Net cash inflow/(outflow) from | 48,140 | (5,330) | (9,098) |
| financing | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Increase in cash for the period | 2,003 | 20,242 | 1,306 |
+------------------------------------+--------------------+--------------------+-------------------+
| Reconciliation of net cash flow to | | | |
| movement in net funds/debt | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Net cash movement | 2,003 | 20,242 | 1,306 |
+------------------------------------+--------------------+--------------------+-------------------+
| Net loans drawn down in the period | (50,266) | - | - |
+------------------------------------+--------------------+--------------------+-------------------+
| Exchange movements | 198 | (369) | (113) |
+------------------------------------+--------------------+--------------------+-------------------+
| Movement in net funds/debt in the | (48,065) | 19,873 | 1,193 |
| period | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Net funds at the beginning of the | 3,649 | 2,456 | 2,456 |
| period | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Net (debt)/funds at the end of the | (44,416) | 22,329 | 3,649 |
| period | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Represented by: | | | |
+------------------------------------+--------------------+--------------------+-------------------+
| Cash and short term deposits | 5,850 | 22,329 | 3,649 |
+------------------------------------+--------------------+--------------------+-------------------+
| Debt falling due within one year | (50,266) | - | - |
+------------------------------------+--------------------+--------------------+-------------------+
| Net (debt)/funds at the end of the | (44,416) | 22,329 | 3,649 |
| period | | | |
+------------------------------------+--------------------+--------------------+-------------------+
Notes to the Accounts
for the six months ended 30th September 2009
1. Financial Statements
The information contained within the financial statements in this half year
report has not been audited or reviewed by the Company's auditors.
The figures and financial information for the year ended 31st March 2009 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that year. Those accounts have been delivered
to the Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under either either Section 498(2)
or 498(3) of the Companies Act 2006.
2. Accounting policies
The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies' issued by the
Association of Investment Companies in January 2009.
All of the Company's operations are of a continuing nature.
The accounting policies applied to these half year accounts are consistent with
those applied in the accounts for the year ended 31st March 2009.
3. Return/(loss) per share
+-------------------------------------+-------------------+-------------------+-------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | Six months ended | Six months ended | Year ended |
| | 30th September | 30th September | 31st March |
| | 2009 | 2008 | 2009 |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Return/(loss) per share is based on | | | |
| the following: | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Revenue return | 3,330 | 4,439 | 7,363 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Capital return/(loss) | 119,353 | (86,643) | (121,708) |
+-------------------------------------+-------------------+-------------------+-------------------+
| Total return/(loss) | 122,683 | (82,204) | (114,345) |
+-------------------------------------+-------------------+-------------------+-------------------+
| | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Weighted average number of shares | 47,060,579 | 48,256,977 | 47,084,653 |
| in issue | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Revenue return per share | 7.08p | 9.20p | 15.38p |
+-------------------------------------+-------------------+-------------------+-------------------+
| Capital return/(loss) per share | 253.61p | (179.55)p | (254.17)p |
+-------------------------------------+-------------------+-------------------+-------------------+
| Total return/(loss) per share | 260.69p | (170.35)p | (238.79)p |
+-------------------------------------+-------------------+-------------------+-------------------+
4. Net asset value per share
The net asset value per share is calculated by dividing shareholders' funds by
the number of shares in issue at 30th September 2009 of 47,059,653 (30th
September 2008: 47,986,323 and 31st March 2009: 47,084,653) excluding shares
held in Treasury.
5. Reconciliation of total return/(loss) on ordinary activities before finance
costs and taxation
+-------------------------------------+-------------------+-------------------+-------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | Six months ended | Six months ended | Year ended |
| | 30th September | 30th September | 31st March |
| | 2009 | 2008 | 2009 |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Total return/(loss) on ordinary | 123,844 | (81,277) | (113,104) |
| activities before finance costs and | | | |
| taxation | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Less capital (return)/loss before | (119,353) | 86,643 | 121,708 |
| finance costs and taxation | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Scrip dividends received as income | (478) | (201) | (201) |
+-------------------------------------+-------------------+-------------------+-------------------+
| Decrease/(increase) in accrued | 843 | 421 | (274) |
| income | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Decrease in other debtors | 28 | 20 | 58 |
+-------------------------------------+-------------------+-------------------+-------------------+
| Increase/(decrease) in accrued | 7 | (45) | (55) |
| expenses | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
| Overseas withholding tax | (886) | (1,108) | (1,211) |
+-------------------------------------+-------------------+-------------------+-------------------+
| Net cash inflow from operating | 4,005 | 4,453 | 6,921 |
| activities | | | |
+-------------------------------------+-------------------+-------------------+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IIFSALSLDFIA
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