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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| BR.Smlr Tec Vct | LSE:BSR | London | Ordinary Share | GB0004907316 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 31.49 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2451Q
British Smaller Tech Cos VCT PLC
18 August 2005
18 August 2005
BRITISH SMALLER TECHNOLOGY COMPANIES VCT PLC
Unaudited interim results for the 6 months to 30 June 2005
British Smaller Technology Companies VCT plc ("the Company"), the venture
capital trust specialising in growing smaller technology companies across a
range of industrial sectors, today announces its unaudited interim results for
the six months to 30 June 2005.
Chairman's Statement
The first half of the year has seen a generally steady performance from the
investment portfolio. The increase in valuation has been sufficient to result in
a small increase in the like-for-like net asset value from the last year end.
The Board remains confident of the potential for further capital appreciation of
the portfolio in the longer term.
Operations
During the six month period under review, #150,000 was invested in two existing
portfolio businesses. A further #100,000 was invested in Digital Healthcare
Limited as part of a #3 million funding round. Encouragingly, this was supported
to a significant degree by new investors. The other investment was #50,000 into
Vibration Technology Limited. This company continues to show signs of progress
having recently completed a trial of its Infinite Telemetry System with NASA in
Arizona, USA.
During the period, your Board took the opportunity to realise approximately 10%
of your Company's holding in Cozart plc. The disposals were realised at an
average value of 42.8 pence per share compared to the average acquisition cost
of 13.3 pence per share. The stock price of Cozart has been quite volatile in
the period which, given the relative size of your Company's holding in this
stock, can have a material affect on net asset value. At 30 June 2005, the
valuation of Cozart was based on a quoted bid price of 38 pence per share.
Within the unquoted portfolio, the main valuation increases have been in Digital
Healthcare Limited, based on the increased valuation of the latest funding
round, and Sarian Systems Limited, reflecting the continued progress of that
business. The one significant valuation reduction was in Primal Pictures Limited
where a refocusing of the business, although now beginning to bear fruit, has
affected the expected sales cycle.
Across the portfolio, we are still seeing the potential for exit opportunities,
although none materialised to any significant degree in the first half of the
year. Nevertheless, this continues to provide optimism for the attractiveness of
the remaining portfolio as it continues on the road to maturity.
Following the period end, your Company's investment in Tamesis Limited was
realised through the acquisition of that company by Patsystems plc, an AIM
quoted company whose business is the global supply of electronic trading
technology. Consideration is by way of a small initial cash payment, with
further consideration in the form of Patsystems' shares based on profit
performance over the next two years. Mr Last, a director of this Company and
your Board's representative non-executive director on the board of Tamesis, is
also a director of Patsystems plc. Mr Last played no part in any Board
discussions about the transaction and had no involvement in the due diligence
process.
Financial Results
The introduction of new Financial Reporting Standards (FRS), and particularly
FRS 26 which concerns the measurement of financial assets, has had an effect on
these interim results. The main difference is that all valuation movements,
including unrealised gains above cost that were previously taken to the
revaluation reserve, are now taken through the profit and loss account. The
revaluation reserve no longer exists. These changes have no effect on the
Company's distributable reserves and its ability to pay dividends in the future.
FRS 21, which concerns the accounting treatment of events after the balance
sheet date, means that dividends proposed are recognised in the period in which
the obligation arises. Therefore, the prior year period has now been restated
with the 2004 dividend now accounted for in the current year. The restated 2004
net asset value is 57.1 pence per share. There is no net effect on the current
year net asset value.
The result for the period was a small loss of #9,000. Net asset value increased
to 54.7 pence per share from the equivalent 54.6 pence per share at 31 December
2004. No interim dividend has been declared.
Cash and liquid investments, in the form of UK Government gilts, totalled #1.47
million at the period end. These resources are required both to support the
current portfolio and to meet the foreseeable operating costs of the Company.
The Board considers this to be a satisfactory level.
General
The dividend reinvestment scheme was introduced earlier this year and directors
were authorised at the Extraordinary General Meeting on 27 May 2005 to implement
the scheme. This scheme enables shareholders to reinvest their dividend
entitlement to take advantage of the tax relief available to investors in VCTs,
currently at a rate of 40%. I can report that, of the dividend distribution
approved in respect of the year to 31 December 2004, a total of 98,589 shares
were subscribed for at a price of 46.5 pence per share.
A total of 325,000 shares were purchased by the Company in the market for
cancellation during the six month period at an average cost of 45.9 pence per
share.
Outlook
The businesses within the current portfolio continue to perform, on the whole,
satisfactorily. Your Board remains encouraged by the performance of the
portfolio.
Sir Andrew Hugh Smith
18 August 2005
Profit and Loss Account
Unaudited Restated Restated
6 months Unaudited Year
ended 6 months ended
30 June ended 31 December
2005 30 June 2004
2004
#000 #000 #000
Notes
Income 82 12 114
------ ------ ------
Administrative expenses:
Investment advisory fee (118) (118) (235)
Other expenses (103) (105) (263)
------ ------ ------
(221) (223) (498)
(Loss) gain on realisation of (3) 149 1,365
investments
Impairment of investments 133 212 (185)
------ ------ ------
(Loss) profit on ordinary
activities before taxation (9) 150 796
Tax on (loss) profit on ordinary
activities - - -
------ ------ ------
(Loss) profit for the financial period (9) 150 796
Dividends 1 (344) - -
------ ------ ------
(Deficit) retained profit for the period (353) 150 796
===== ===== =====
Basic and diluted (loss) earnings
per Ordinary share 3 (0.07)p 1.09p 5.79p
===== ===== =====
Statement of Total Recognised Gains and Losses
Unaudited Restated Audited
6 months Unaudited Year
ended 6 months ended
30 June ended 31 December
2005 30 June 2004
2004
#000 #000 #000
(Loss) profit for the financial period (9) 150 796
Unrealised gain on valuation of investments - 611 1,059
Realisation of Warrant reserve on lapse of
unexercised Warrants - - 335
------ ------ ------
Total recognised (losses) gains for the
period (9) 761 2,190
===== ===== =====
Note of Historical Cost Profits and Losses
Unaudited Restated Restated
6 months Unaudited Year
ended 6 months ended
30 June ended 31 December
2005 30 June 2004
2004
#000 #000 #000
(Loss) profit on ordinary activities
before taxation (9) 150 796
Realisation of investment gains of
previous periods 123 22 22
------ ------ ------
Historical cost profit on ordinary
activities before taxation 114 172 818
===== ===== =====
Historical cost (loss) profit on ordinary
activities after taxation and dividends (230) 172 818
===== ===== =====
Notes
All activity has arisen from continuing operations.
Balance Sheet
Notes Unaudited Restated Restated
30 June Unaudited 31 December
2005 30 June 2004
2004
#000 #000 #000
Fixed assets
Investment portfolio 5,726 6,442 5,617
------ ------ ------
Current assets
Debtors 298 99 159
Investments 1,370 340 2,085
Cash 103 157 99
------ ------ ------
1,771 596 2,343
Creditors: amounts payable within
one year (103) (96) (109)
------ ------ ------
Net current assets 1,668 500 2,234
------ ------ ------
Total net assets 7,394 6,942 7,851
===== ===== =====
Capital and reserves
Called-up share capital 1,353 1,375 1,375
Share premium account 43 10 9
Capital redemption reserve 36 2 3
Revaluation reserve - 1,831 2,279
Special reserve 2,879 11,873 3,028
Other reserve 4 2 4
Profit and loss account 3,079 (8,151) 1,153
------ ------ ------
Equity shareholders' funds 7,394 6,942 7,851
===== ===== =====
Net asset value per Ordinary share 4 54.7p 50.5p 57.1p
===== ===== =====
Summarised Cash Flow Statement
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
#000 #000 #000
Net cash outflow from operating activities (120) (224) (444)
Financial investment (150) 161 2,057
Equity dividend paid to shareholders (298) - -
------ ------ ------
Net cash (outflow) inflow before
management of liquid resources and financing (568) (63) 1,613
Management of liquid resources 721 193 (1,541)
------ ------ ------
Net cash inflow before financing 153 130 72
Financing (149) 8 8
------ ------ ------
Increase in cash in the period 4 138 80
===== ===== =====
Notes to the Financial Statements
1. The Company has adopted a number of new Financial Reporting Standards in
these interim results. The Company has taken advantage of the exemption
available to it under paragraph 108D of FRS 26 'Financial Instruments:
Measurement' not to restate the prior year comparative figures on adoption of
FRS 26. FRS 26 requires the Company to recognise and measure its investments at
fair value. The Company has measured its investments at fair value applying the
International Private Equity and Venture Capital Valuation Guidelines with
effect from 1 January 2005 to the extent that those requirements do not conflict
with FRS 26, the main difference being in respect of the non-application of
marketability discounts. Where a conflict exists, the requirements of FRS 26 are
followed. The new valuation guidelines superseded the British Venture Capital
Association Valuation Guidelines which have historically been applied by the
Company.
FRS 21 'Events after the Balance Sheet Date' has been adopted in these interim
results. The main change is that dividends are only recorded where an obligation
exists at the period end date. Consequently dividends which the Company proposes
after the balance sheet date are no longer accrued but are required to be
disclosed in the notes to the financial statements. The prior year comparative
figures have been restated to reflect adoption of FRS 21. The prior year
adjustment solely relates to the adoption of FRS 21.
The adoption of both FRS 22 'Earnings per share' and FRS 23 'The Effects of
Changes in Foreign Exchange Rates' has resulted in no changes in the accounting
policies of the Company. Consequently, the prior year comparative figures have
not been revised.
The requirements of the disclosure standard FRS 25 'Financial Instruments:
Disclosure and Presentation' whilst being applicable for the year ending 31
December 2005, do not impact the interim results. The requirements of FRS 25
will be reflected in the Company's annual report and accounts expected to be
published in March 2006.
The interim financial statements, which have been approved by the directors, are
unaudited and do not constitute full financial statements as defined in section
240 of the Companies Act 1985. The comparative figures for the year ended 31
December 2004 do not constitute full financial statements and, with the
exception of the effects of the prior year adjustment arising on adoption of
FRS 21 referred to above, have been extracted from the Company's financial
statements for the year ended 31 December 2004. Those accounts were reported
upon without qualification by the auditors and have been delivered to the
Registrar of Companies.
On 12 November 2004, the Company revoked its investment company status and,
consequently, now prepares its financial statements in compliance with Schedule
4 of the Companies Act 1985. The unaudited interim results to 30 June 2004,
which were originally prepared in accordance with the provisions of the
Statement of Recommended Practice, Financial Statements of Investment Trust
Companies, have been restated for comparative purposes.
2. Taxation charge
Unaudited Restated Audited
6 months Unaudited Year
ended 6 months ended
30 June ended 31 December
2005 30 June 2004
2004
#000 #000 #000
(Loss) profit on ordinary
activities multiplied by standard
small company rate of corporation
tax in the UK of 19% (2004:19%) (2) 29 151
Effect of:
Non taxable losses (profits) on
investments (i) (25) (68) (224)
Dividends receivable - - (2)
Excess management expenses (ii) 27 39 75
------ ------ ------
Current tax charge for period - - -
===== ===== =====
(i)Venture Capital Trusts are not subject to corporation tax on these items
(ii)The Company has no deferred tax liability
Deferred tax assets in respect of losses have not been recognised as management
do not currently believe that it is more likely than not sufficient taxable
profits will be available against which the assets can be recovered.
Due to the Company's status as a venture capital trust, and the continued
intention to meet the conditions required to comply with Section 842AA of the
Income and Corporation Taxes Act 1988, the Company has not provided deferred tax
on any capital gains and losses on the revaluation or disposal of investments.
3. The basic (loss) earnings per share is based on the net loss from ordinary
activities after tax attributable to shareholders of #9,000 (30 June 2004: net
profit #150,000 and 31 December 2004: net profit #796,000) and on 13,651,000
shares (30 June 2004: 13,752,000 and 31 December 2004: 13,752,000), being the
weighted average number of shares in issue during the period. The Company has no
securities that would have a dilutive effect and hence basic and diluted return
per share are the same.
4. The net asset value per Ordinary share is calculated on attributable assets
of #7,394,000 and 13,525,145 shares in issue at the period end (30 June 2004:
assets of #6,942,000 and 13,751,576 shares, 31 December 2004: assets of
#7,851,000 (as restated) and 13,751,576 shares).
5. Copies of the interim report can be obtained from the Company's registered
office: Saint Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ.
For further information, please contact:
Alan Davies, YFM Private Equity Limited Tel: 0113 294 5000
David Hall, YFM Private Equity Limited Tel: 0161 832 7603
Jonathan Becher, Teather & Greenwood Limited Tel: 0207 426 3269
Michael Bellamy, Teather & Greenwood Limited Tel: 0207 426 9547
This information is provided by RNS
The company news service from the London Stock Exchange
END
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