Please be advised that the following
announcement was originally published at 10:14hrs today, but is
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All content remains unchanged.
Thursday
28th September 2017
LONDON FINANCE & INVESTMENT GROUP
P.L.C.
(“Lonfin”, “the Company” or “the
Group”)
Unaudited
Preliminary Results for the year ended 30th June 2017
Dividend
Declaration
Directorate
Change
London Finance & Investment Group P.L.C. (LSE: LFI, JSE:
LNF), the investment company `whose assets primarily consist of
Strategic Investments and a General Portfolio, today announces its
unaudited Preliminary Results for the year ended 30th
June 2017, The Board’s Dividend
Declaration and a Directorate Change.
Strategy, Business Model and
Investment Policy
Lonfin is an investment company whose objective is to generate
growth in shareholder value in real terms over the medium to long
term whilst maintaining a progressive dividend policy.
The Group’s investment policy is to invest in a range of
‘Strategic’, ‘General Portfolio’ and from time to time ‘Other
Investments’. General Portfolio Investments comprise liquid
stock market investments, both in equity instruments and bonds,
and, at the Board’s discretion, ‘Other Investments’ are typically
property and other physical assets. Strategic Investments are
significant investments in smaller UK quoted companies and these
are balanced by a General Portfolio, which consists of a broad
range of investments in major USA,
UK and other European companies which provides a diversified
exposure to international equity markets.
In pursuance of the Group’s Investing Policy, the Group’s net
assets per share for 2017 increased by 7% over the previous year to
65.6p and net assets per share have increased 108% over the last
five years. Shareholders’ dividends for 2017 have increased by 4.7%
over the previous year and by 37.5% over the last five years.
Results
- Net assets have increased over the year by 7% from 61.4p per
share to 65.6p per share
- Strategic Investments have decreased in value, over the year,
by 14%, from £12,417,000 to £10,673,000 due to the sale of part of
our investment in Finsbury Food Group Plc.
- Profit on sale of strategic investments - £1,861,700 (see
below)
- Strategic investments are yielding 3.1% (2016 – 2.9%)
- The General Portfolio has increased, adjusting for investment
purchases and sales, over the year, by 51% from £7,125,000 to
£10,766,000
- Fair value movement is £2,199,000
- No significant increase in Group operating costs
- A final dividend of 0.55 per share is recommended, making a
total of 1.1p per share for the year (2016 – 1.05p)
Of the £1,861,700 realised profit arising on the sale of
strategic investments, £217,000 has been recognised in the current
year ‘other comprehensive income’. The remaining profit has been
recognised in prior years as net unrealised fair value gains and a
transfer from unrealised to realised reserves has been made for
this amount and is reflected in the Consolidated Statement of
Changes in Shareholders Equity.
In February this year, when we released our unaudited Interim
Results, we announced that the Board had decided to early adopt
IFRS 9 with effect from the Interim accounting period. As a
result, the comparative figures for the year ended 30th
June 2016 in the Consolidated
Statement of Total Comprehensive Income in these Accounts are
restated. Accordingly, the Company and its subsidiaries
(“Group”) achieved an operating profit for the year, before
interest, tax and changes to the fair value adjustments of
investments of £275,000, compared to a restated operating profit
for the previous year, before tax and changes to the fair value
adjustments of investments, of £239,000. The Total
Comprehensive Income for the year, comprising profit after tax and
the other comprehensive income (the fair value adjustments, net of
tax, of Strategic Investments) was £1,658,000 compared to
£3,858,000 for the previous year. Basic earnings per share
are 3.5p (2016- restated earnings per share of 5.4p) and headline
earnings per share are 1.0p (2016 – restated headline earnings per
share of 1.9p).
Strategic Investments
Strategic Investments have reduced in value by £1,744,000 being
the net proceeds of investment disposals of £2,438,000 and a fair
value uplift in the remaining portfolio of investments of
£476,000. The investment disposals gave rise to an historic
cost profit of £1,862,000, of which £217,000 has been taken to the
Consolidated Statement of Comprehensive Income in the year under
review.
Western Selection P.L.C.
(“Western”)
The Group owns 7,860,515 ordinary shares, being 43.8%, of the
issued share capital of Western.
On 26th September 2017,
Western announced unaudited preliminary results showing a profit
after tax of £850,000 for the year to 30th June 2017 (2016 – profit after tax, of
£64,000). Earnings per share were 4.7p (2016 – earnings per
share – 0.4p).
Western paid an interim dividend of 1.1p in March this year and
proposes a final dividend of 1.1p making 2.2p for the year (2016 –
2.1p). Western’s net assets at market value at
30th June 2017 were
£17,125,000 equivalent to 95p per share, an increase of 20% from
79p last year.
Our share of the net assets of Western, including the value of
Western’s investments at market value, was £7,500,000 (2016 -
£6,227,000). The fair value for Western recorded in the
Statement of Financial Position is the market value of £3,773,000
(2016 - £3,537,000). This represents 18% (2016 – 26%) of the
net assets of the group.
Western’s objective is to generate growth in value for
shareholders over the medium to long term and pay a progressive
dividend. Western’s business model is to take sizeable
minority stakes in relatively small companies usually before or as
their shares are admitted to trading on one of the UK’s stock
exchanges and have directors in common through which they can
provide advice and support for these growing companies.
These may or may not become associated companies. The aim is
that these companies (“Core Holdings”) will grow to a stage at
which Western’s support is no longer required and its stake can be
sold over time into the relevant stock market. Companies that
are targeted as Core Holdings will have an experienced management
team, a credible business model and good prospects for growth.
Western is a strategic investment which is technically a
subsidiary of the Company that has not been consolidated due to the
application of the investment entity exemption under IFRS 10.
David Marshall is the Chairman of
Western and. Michael Robotham and
Edward Beale are non-executive
directors. Western’s main Core Holdings are Northbridge Industrial
Services Plc, Swallowfield Plc, Bilby Plc and Tudor Rose
International Limited.
An extract from Western’s announcement relating to its main Core
Holdings is set out below:
Core Holdings
Northbridge Industrial Services plc
(“Northbridge”)
Northbridge hires and sells specialist industrial equipment to a
non-cyclical customer base. With offices or agents in the UK,
USA, Dubai, Germany, Belgium, France, Australia, New
Zealand, Singapore,
Brazil, Korea and Azerbaijan, Northbridge has a global customer
base. This includes utility companies, the oil and gas
sector, shipping, construction and the public sector. The product
range includes loadbanks, transformers and oil tools. Further
information about Northbridge is available on their website:
www.northbridgegroup.co.uk
Northbridge, which is admitted to trading on AIM, announced its
results for the year ended 31st December 2016 on 25th April 2017 and recorded a loss after tax of
£6,298,000 for the year. No dividend was recommended by
Northbridge and no dividends were received by Western from
Northbridge during the year.
Western holds 3,223,632 Northbridge shares which represents
approximately12.45% of Northbridge’s issued share capital.
The value of this investment at 30th June 2017 was £3,320,000 (2016 - £2,772,000)
which represents approximately 19% (2016 - 19%) of Western’s net
assets.
David Marshall is a non-executive
director of Northbridge.
Swallowfield plc (“Swallowfield”)
Swallowfield is a market leader in the development, formulation,
manufacture and supply of cosmetics, toiletries and related
household products for global brands and retailers operating in the
cosmetics, personal care and household goods market. Further
information about Swallowfield is available on their website:
www.swallowfield.com
Swallowfield, which is admitted to trading on AIM, announced its
annual results for the 52 weeks ended 24th June 2017 on 19th September 2017 and recorded a profit after tax of
£2,572,000 compared to a profit after tax of £2,001,000 for the
comparable period last year. Dividends of £66,900 were
received from Swallowfield during the year (2016 – £52,000).
A final dividend of 3.5p per share has been declared and, if
approved, Western will receive a further £52,500 of income in
December 2017.
Western sold 500,000 Swallowfield shares, realising a profit of
£845,000, during the year. At the reporting date, being
30th June 2017, Western
held 1,500,000 shares which was 8.90% of Swallowfield’s issued
share capital. The market value of our reduced holding in
Swallowfield on 30th June
2017 had increased to £5,700,000 from the value of our
holding at 30th June 2016
of £3,400,000. The value of this investment represents
approximately 33% (2016 - 24%) of Western’s net assets.
Edward Beale is a non-executive
director of Swallowfield.
Bilby Plc (“Bilby”)
Bilby is an established, and award winning, provider of gas
installation, maintenance and general building services to local
authority and housing associations across London and South East England. They have
a strategy of growing organically and by acquisition. Further
information about Bilby is available on their website:
www.bilbyplc.com.
During the year Western invested £190,000 in acquiring 362,912
shares in Bilby. Western now holds 2,699,280 Bilby shares
which represents approximately 6.8% of Bilby’s issued share
capital. The market value of this investment on 30th
June 2017 was £1,917,000 which
represents approximately 11% of Western’s net assets.
Bilby, which is admitted to trading on AIM, announced its
results for the year ended 31st March 2017 on 26th June 2017 showing a profit before tax and
non-underlying items of £64,000 compared to a restated profit
before tax and non-underlying items of £718,000 for the 14 month
period ended 31st March 2016. Dividends of £53,000
were received from Bilby during the year (2016 - £58,000).
Bilby announced a final dividend of 1.5p per share which was paid
in July 2017 and which provided
Western with further income of £40,500.
Tudor Rose International Limited
(previously Hartim Limited)(“Tudor Rose International”)
Tudor Rose International works closely with a
number of leading UK branded fast-moving consumer goods companies,
offering a complete sales, marketing and logistical service.
Based in Stroud, Gloucestershire, Tudor Rose International
sells into 78 countries worldwide including USA, Spain,
Portugal, Italy, Czech
Republic, Russia,
Turkey, South Africa, Saudi
Arabia, UAE, Malaysia,
Australia and China.
Western holds 441,090 A ordinary shares in Tudor Rose
International which represents 49.5% of the issued ordinary shares
in Tudor Rose International. In February 2017, Western subscribed for £1,000,000
redeemable preference shares in Tudor Rose International at a par
value of 1p per share. These shares were subscribed for by
converting Western’s previous loan to Tudor Rose International of
£500,000 and paying a further £500,000. Subsequent to the
year end, the Company has made available to Tudor Rose
International a working capital facility of £500,000 bearing
interest at the rate of 6% per annum and which has been fully draw
down.
Tudor Rose International, which is a private company, has a
31st December year end, generated trading profits before
tax in the year to 30th June
2017 of £63,100. Turnover in the period was £17,145,000
(2016 - £18,542,000). Western’s share of a profit after tax
for the twelve months to 30th June 2017 was £49,550 (2016 – £35,000) and the
fair value of the investment at 30th June 2017 was £1,647,000 (2016 - £1,290,000)
being 10% (2016 – 9 %) of Western’s net assets.
Western has two nominees on the board of Tudor Rose
International: Edward Beale and
David Marshall.
Finsbury Food Group plc
(“Finsbury”)
Finsbury is one of the largest producers and suppliers of
premium cakes, bread and morning goods in the UK and currently
supplies most of the UK's major supermarket chains. Further
information about Finsbury, which is admitted to trading on AIM, is
available on its website: www.finsburyfoods.co.uk
During the year, Lonfin disposed of 2,000,000 shares in Finsbury
for £2,438,000, realising an historic cost profit of £1,861,700. At
30th June 2017, Lonfin
held 6,000,000 Finsbury shares, representing approximately 4.6% of
Finsbury’s issued share capital. The market value of the
holding was £6,900,000 as at 30th June 2017 (cost - £1,724,000) and represents
approximately 34% (2016 – 46%) of Lonfin’s net assets.
On 18th September 2017,
Finsbury announced audited profits on continuing operations after
tax and minority interests of £12,958,000 for the 52 weeks ended
1st July 2017 (2016 -
£12,754,000).
Finsbury paid an interim dividend of 1.0p and has recommended to
its shareholders a final dividend of 2.0p per share, making 3.0p
for the year (2016 – 2.8p). The final dividend, if approved, will
be paid in December and will provide the Company with further
income of £120,000.
Edward Beale was a non-executive
director of Finsbury up until 23rd November 2016.
General Portfolio
The investments comprising the General Portfolio at
30th June 2017 are listed
below.
Composition of General Portfolio
At 30th June 2017
|
£000 |
|
% |
British American
Tobacco |
513 |
|
4.8 |
Investor |
503 |
|
4.7 |
Phillip Morris
International Inc |
460 |
|
4.3 |
Schindler |
459 |
|
4.3 |
Henkel |
437 |
|
4.1 |
Unilever |
419 |
|
3.9 |
Nestle |
405 |
|
3.8 |
Heineken
Holding |
404 |
|
3.6 |
HSBC Holding |
391 |
|
3.6 |
Diageo |
386 |
|
3.6 |
LVMH Moet
Hennessey |
383 |
|
3.6 |
Reckitt Benckiser
Group |
381 |
|
3.5 |
Pernod Ricard |
356 |
|
3.3 |
3M Co |
353 |
|
3.3 |
Danone |
347 |
|
3.2 |
Kimberley Clark
Corp |
338 |
|
3.1 |
L'Oreal |
338 |
|
3.1 |
ABB Zurich |
338 |
|
3.1 |
Linde |
335 |
|
3.1 |
Givaudan |
324 |
|
3.0 |
United Technologies
Corp |
319 |
|
3.0 |
Anheuser Busch
Inbev |
317 |
|
2.9 |
Chevron Corp |
313 |
|
2.9 |
Exxon Mobil Corp |
311 |
|
2.9 |
Brown Forman (B) |
308 |
|
2.9 |
Imperial Brands |
307 |
|
2.9 |
Procter & Gamble
Co |
303 |
|
2.8 |
BASF |
299 |
|
2.8 |
Becton Dickinson &
Co |
210 |
|
2.0 |
Compagnie Financiere
Richemont |
209 |
|
1.9 |
|
10,766 |
|
100.0 |
Analysis by
currency |
£000 |
|
% |
Euro |
3,215 |
|
29.8 |
Sterling |
2,398 |
|
22.3 |
US Dollar |
2,915 |
|
27.1 |
Swiss Franc |
1,735 |
|
16.1 |
Swedish Kroner |
503 |
|
4.7 |
|
10,766 |
|
100.0 |
The portfolio is diverse with material interests in Food and
Beverages, Natural Resources, Chemicals and Tobacco. We
believe that the portfolio of quality companies we hold has the
potential to outperform the market in the medium to long term.
At 30th June 2017, the
number of holdings in the General Portfolio was 30 (2016 – 26). We
have increased the amount invested in the General Portfolio over
the year by £2,767,000 (2016 - decreased by £20,000).
The opening value of our General Portfolio investments at
30th June 2016 was
£7,124,863 which compared with a cost of such investments at the
same date of £3,285,706. After investment purchases
(including purchase costs) during the year of £2,854,593 and
investment sales (including selling expenses) during the same
period of £206,560, the value of the General Portfolio investments
as at 30th June 2017 had
increased by 51% to £10,765,695.
Directorate Change
Michael Robotham, a non-executive
director, will be retiring from the Board of Lonfin at the
Company’s forthcoming Annual General Meeting (“AGM”) to be held on
5th December 2017.
For itself and on behalf of the shareholders, the Board would
like to thank Michael for his considerable dedication and service
to the Company.
Notwithstanding the loss to the Board of Lloyd Marshall, who passed away last November,
and Michael Robotham, after he has
retired at the AGM, the Board is satisfied that it has, for the
time being, a sufficient spread of skills, experience and support
to operate the Company.
Operations and Employees
All of our operations and those of Western, except investment
selection, are outsourced to our subsidiary, City Group PLC (“City
Group”). City Group also provides office accommodation, company
secretarial and head office finance services to a number of other
companies. City Group has responsibility for the initial
identification and appraisal of potential new strategic investments
for the Company and the day to day monitoring of existing strategic
investments and employs 8 people.
Significant Events since the end of
the financial year
On 30th August 2017, a
new relationship agreement between the Company and Coutts & Co
was signed in relation to the Company’s existing credit revolving
facility. This extended the available facilities to 30th
September 2022 and set an interest
rate of 2.75% per annum above the bank’s base rate (3% as at
30th August 2017).
On 20th September 2017,
Western made available to Tudor Rose International a working
capital facility of £500,000 bearing interest at a rate of 6% per
annum which has been fully drawn down.
Dividend
The Board recommends a final dividend of 0.55p per share, making
a total of 1.1p per ordinary share for the year (2016 –
1.05p). Subject to shareholders’ approval at the Company’s
AGM to be held on 5th December
2017, the dividend will be paid on 15th
December 2017 to those shareholders
on the register at the close of business on 24th
November 2017. Shareholders on the South African register
will receive their dividend in South African rand converted from
sterling at the closing rate of exchange on 19th
September 2017 being GBP1=
ZAR 18.0089.
In respect of the normal gross cash dividend, and in terms of
the South African Tax Act, the following dividend tax ruling only
applies to those shareholders who are registered on the South
African register on Friday 15th September 2017.
All other shareholders are exempt.
- The number of shares in issue now and as at the dividend
declaration date is 31,207,479;
- The dividend has been declared from income reserves, which
funds are sourced from the Company’s main bank account in
London and is regarded as a
foreign dividend by South African shareholders; and
- The Company’s UK Income Tax reference number is
948/L32120.
Dividend dates:
Last date to trade (SA) |
Tuesday, 21st November
2017 |
|
|
|
|
Shares trade ex-dividend (SA) |
Wednesday, 22nd November
2017 |
Shares trade ex-dividend (UK) |
Thursday, 23rd November
2017 |
Record date (UK and SA) |
Friday, 24th November
2017 |
Pay date |
Friday, 15th December
2017 |
The JSE Listings Requirements require disclosure of additional
information in relation to any dividend payments.
Shareholders registered on the South African register are
advised that the dividend withholding tax will be withheld from the
gross final dividend amount of 9.90489 SA cents per share at a rate
of 20% unless a shareholder qualifies for an exemption;
shareholders registered on the South African register who do not
qualify for an exemption will therefore receive a net dividend of
7.92392 SA cents per share. The dividend withholding tax and
the information contained in this paragraph is only of direct
application to shareholders registered on the South African
register, who should direct any questions about the application of
the dividend withholding tax to Computershare Investor Services
(Pty) Limited, Tel: +27 11 370 5000.
Share certificates may not be de-materialised or re-materialised
between Wednesday, 22nd November
2017 and Friday, 24th November 2017, both days inclusive. Shares
may not be transferred between the registers in London and South
Africa during this period either.
Outlook
We believe our mix of Strategic Investments and a General
Portfolio gives us every chance of outperforming the broader market
in the medium to long term notwithstanding any short term
volatility in markets, currencies and commodities.
Future Developments
The future development of the Group is dependent on the success
of the Group’s Investment Strategy in the light of economic and
equity market developments and the continued support of its
Shareholders. The Board will maintain the current Investment Policy
for the foreseeable future and has no plans to change the
policy.
28th September 2017
The annual report and accounts will be finalised shortly and
sent to shareholders.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The directors of the Company accept responsibility for the
contents of this announcement.
For further information, please contact:
London Finance & Investment Group
P.L.C.:
020 7796 9060
(David Marshall/Edward Beale)
Johannesburg Sponsor:
Sasfin Capital (a division of Sasfin Bank Limited)
Consolidated Statement of Total
Comprehensive Income
For the year ended 30th
June
|
|
Restated |
Operating Income |
|
2017 |
|
2016 |
|
|
£000 |
|
£000 |
|
|
|
|
|
Dividends received |
|
608 |
|
550 |
Rental and other income |
|
109 |
|
82 |
Profits on sales of investments |
|
3 |
|
4 |
Management service fees |
|
296 |
|
252 |
|
|
1,016 |
|
888 |
Administrative expenses |
|
|
|
|
Investment operations |
|
(352) |
|
(346) |
Management services |
|
(389) |
|
(303) |
Total administrative expenses |
|
(741) |
|
(649) |
Operating profit |
|
275 |
|
239 |
|
|
|
|
|
Unrealised changes in the carrying
value of General Portfolio investments |
|
989 |
|
1,379 |
Interest payable |
|
(33) |
|
(16) |
Profit before taxation |
|
1,231 |
|
1,602 |
Tax expense |
|
(121) |
|
106 |
Profit after taxation |
|
1,110 |
|
1,708 |
Non-controlling interest |
|
(7) |
|
(15) |
Profit attributable to
shareholders |
|
1,103 |
|
1,693 |
|
|
|
|
|
Other comprehensive
income/(expense) |
|
|
|
|
Unrealised changes in the carrying
value of Strategic investments |
|
477 |
|
2,323 |
Profit on sale of investments |
|
217 |
|
385 |
Other taxation - |
|
|
|
|
Deferred
tax |
|
99 |
|
(543) |
Corporation
tax |
|
(238) |
|
- |
Total Other Comprehensive
Income |
|
555 |
|
2,165 |
|
|
|
|
|
Total Comprehensive Income
attributable to owners of the parent |
|
1,658 |
|
3,858 |
|
|
|
|
|
Reconciliation of headline
earnings |
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per
share |
|
3.5p |
|
5.4p |
Adjustment for the unrealised
changes in the carrying value of investments, net of tax |
|
(2.5)p |
|
(3.5)p |
Headline earnings per share |
|
1.0p |
|
1.9p |
|
|
|
|
|
Consolidated Statement of Financial
Position
At 30th June
|
|
2017 |
|
2016 |
|
|
£000 |
|
£000 |
Non-current Assets |
|
|
|
|
Property, Plant and Equipment |
|
14 |
|
22 |
Investments |
|
10,673 |
|
12,417 |
|
|
10,687 |
|
12,439 |
Current Assets |
|
|
|
|
Listed investments |
|
10,766 |
|
7,125 |
Trade and other receivables |
|
220 |
|
272 |
Cash at bank |
|
222 |
|
588 |
|
|
11,208 |
|
7,985 |
Current Liabilities |
|
|
|
|
Trade and other payables after
tax |
|
(486) |
|
(316) |
|
|
|
|
|
Net Current Assets |
|
10,722 |
|
7,669 |
|
|
|
|
|
Deferred Taxation |
|
(829) |
|
(850) |
Total Assets less Current
Liabilities |
|
20,580 |
|
19,258 |
|
|
|
|
|
Capital and Reserves |
|
|
|
|
Called up share capital |
|
1,560 |
|
1,560 |
Share premium account |
|
2,320 |
|
2,320 |
Unrealised profits and losses on
investments |
|
8,265 |
|
8,539 |
Share of retained realised profits
and losses of subsidiaries |
|
3,794 |
|
1,821 |
Company’s retained realised profits
and losses |
|
4,544 |
|
4,928 |
Capital and reserves attributable to
owners |
|
20,483 |
|
19,168 |
Non-controlling equity
interests |
|
97 |
|
90 |
Total Capital and
Reserves |
|
20,580 |
|
19,258 |
|
|
|
|
|
Company Statement of Financial
Position
At 30th June
|
|
2017 |
|
2016 |
|
|
£000 |
|
£000 |
Non-current Assets |
|
|
|
|
Investments in Group companies |
|
1,071 |
|
3,847 |
|
|
|
|
|
Current Assets |
|
|
|
|
Listed investments |
|
10,766 |
|
7,125 |
Trade and other receivables |
|
26 |
|
27 |
Cash and cash equivalents |
|
101 |
|
451 |
|
|
10,893 |
|
7,603 |
Current Liabilities |
|
|
|
|
Trade and other payables: falling
due within the year |
|
(117) |
|
(93) |
Net Current Assets |
|
10,776 |
|
7,510 |
Deferred Taxation |
|
(408) |
|
(330) |
Total Assets less Current
Liabilities |
|
11,439 |
|
11,027 |
Capital and Reserves |
|
|
|
|
Called up share capital |
|
1,560 |
|
1,560 |
Share premium account |
|
2,320 |
|
2,320 |
Unrealised profits and losses on
investments |
|
3,015 |
|
2,219 |
|
|
6,895 |
|
6,099 |
Realised Profit and Loss |
|
|
|
|
Balance at 1st July |
|
4,928 |
|
5,412 |
Net Loss for the period |
|
(41) |
|
(172) |
Dividends paid |
|
(343) |
|
(312) |
Balance at
30th June |
|
4,544 |
|
4,928 |
Equity shareholders’
funds |
|
11,439 |
|
11,027 |
|
|
|
|
|
.
Registered in England and Wales – Number 201151 |
|
|
|
|
Consolidated Statement of Cash
Flows
For the year ended 30th
June
|
|
|
|
Restated |
|
|
2017 |
|
2016 |
|
|
£000 |
|
£000 |
Cash flows from operating
activities |
|
|
|
|
|
|
|
|
|
Profit before tax |
|
1,231 |
|
1,602 |
Adjustments for non-cash - |
|
|
|
|
Finance expense |
|
33 |
|
16 |
Depreciation charges |
|
8 |
|
9 |
Unrealised changes in the fair value
of investments |
|
(989) |
|
(1,379) |
Decrease/(Increase)in trade and
other receivables |
|
52 |
|
(55) |
(Decrease)/Increase in trade and
other payables |
|
(66) |
|
96 |
Overseas Taxes paid |
|
(45) |
|
(28) |
Net cash inflow from operating
activities |
|
224 |
|
261 |
|
|
|
|
|
Cash flows from investment
activity |
|
|
|
|
|
|
|
|
|
(Increase)/Decrease in current asset
investments |
|
(2,652) |
|
56 |
Disposal of investment |
|
2,438 |
|
1,984 |
Net cash inflow/(outflow) from
investment activity |
|
(214) |
|
2,040 |
|
|
|
|
|
Cash flows from
financing |
|
|
|
|
|
|
|
|
|
Interest paid |
|
(33) |
|
(16) |
Equity dividends paid |
|
(343) |
|
(312) |
Net drawdown/(repayment) of loan
facilities |
|
- |
|
(1,500) |
Net cash outflow from
financing |
|
(376) |
|
(1,828) |
|
|
|
|
|
(Decrease)/Increase in cash and
cash equivalents |
|
(366) |
|
473 |
Cash and cash equivalents at the
beginning of the year |
|
588 |
|
115 |
Cash and cash equivalents at end
of the year |
|
222 |
|
588 |
|
|
|
|
|
Consolidated Statement of Changes in
Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
Ordinary Share
Capital |
Share Premium
Account |
Restated Unrealised
Profits on Investments |
Restated Share of
Undistributed Results of Subsidiaries |
Restated Retained
RealisedProfits & Losses |
Restated
Total |
Non-Controlling
Interests |
Total
Equity |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
Year ended
30th June 2016 |
|
|
|
|
|
|
|
|
Balances at
1st July 2015 |
1,560 |
2,320 |
6,304 |
26 |
5,412 |
15,622 |
75 |
15,697 |
Profit for the
Year |
- |
- |
1,180 |
685 |
(172) |
1,693 |
15 |
1,708 |
Other Comprehensive
Income/(Expense) |
- |
- |
1,055 |
1,110 |
- |
2,165 |
- |
2,165 |
Total comprehensive
income |
- |
- |
2,235 |
1,795 |
(172) |
3,858 |
15 |
3,873 |
Dividends paid and
total transactions with shareholders |
- |
- |
- |
- |
(312) |
(312) |
- |
(312) |
Balances at
30th June 2016 |
1,560 |
2,320 |
8,539 |
1,821 |
4,928 |
19,168 |
90 |
19,258 |
Year ended
30th June 2017 |
|
|
|
|
|
|
|
|
Balances at
1st July 2016 |
1,560 |
2,320 |
8,539 |
1,821 |
4,928 |
19,168 |
90 |
19,258 |
Profit for the
Year |
- |
- |
913 |
231 |
(41) |
1,103 |
7 |
1,110 |
Other Comprehensive
Income/(Expense) |
- |
- |
(1,187) |
1,742 |
- |
555 |
- |
555 |
Total comprehensive
income |
- |
- |
(274) |
1,973 |
(41) |
1,658 |
7 |
1,665 |
Dividends paid and
total transactions with shareholders |
- |
- |
- |
- |
(343) |
(343) |
- |
(343) |
Balances at
30th June 2017 |
1,560 |
2,320 |
8,265 |
3,794 |
4,544 |
20,483 |
97 |
20,580 |
Notes:
1. Basic earnings per share
and Headline earnings per share
Basic earnings per share, based on the profit attributable to
the shareholders after tax and non-controlling interests of
£1,103,000 (2016 restated - £1,693,000) and on 31,207,479 shares
(2016 – 31,207,479) being the weighted average of the number of
shares in issue during the year.
Headline earnings are required to be disclosed by the
JSE.
Headline earnings per share are based on the profit attributable
to the shareholders after tax and non-controlling interests,
before unrealised changes in the fair value of investments net of
tax, of £309,000 (2016 - £589,000) and on 31,207,479 (2016 –
31,207,479) shares being the weighted average of the number of
shares in issue during the year.
The adjustments for the unrealised changes in the carrying value
of investments, net of tax of £(794,000) and 2016 restated
£(1,104,000)
2. Net assets per
share
The net assets per share are calculated taking investments at
fair value and on 31,207,479 shares (2016 – 31,207,479) being the
weighted average of the number of shares in issue during the
year.
3. The financial information
in this preliminary announcement of audited group results does not
constitute the company’s statutory accounts for the years ended
30th June 2017 or
30th June 2016 but is
derived from those accounts. The accounts have been prepared
in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union and with those parts of the
Companies Act 2006 applicable to companies reporting under
IFRS. The accounts are prepared on the historical cost bases,
except for certain assets and liabilities which are measured at
fair value, in accordance with IFRS and comply with IAS 34.
The audited accounts for the group for the year ended
30th June 2016 were
reported on with an unqualified audit report and have been
delivered to the Registrar of Companies.
Copies of this notification are held at the Company’s office, 6
Middle Street, London, EC1A 7JA
(tel. 020 7796 9060) and are available for a period of 14 days from
the date of this announcement.