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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ethical | LSE:EAV | London | Ordinary Share | GB0009365254 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Half-yearly report The Ethical AIM VCT plc Interim Statement for the six months ended 31 March 2007 RECENT PERFORMANCE SUMMARY 31 Mar 30 Sept 31 Mar 2007 2006 2006 pence pence pence Net asset value per share 49.60 48.00 49.20 Cumulative dividends per ordinary share 7.75 6.75 5.75 Total return 57.35 54.75 54.95 CHAIRMAN'S STATEMENT I am pleased to present the interim report and accounts for the six months ended 31 March 2007. Net Asset Value At 31 March 2007, the Company's Net Asset Value per share ("NAV") stood at 49.6p, an increase of 2.6p (5.5%) since 30 September 2006, after taking account of the 1.0p dividend paid during the period. Venture capital investments As the Company is effectively fully invested, no significant new investments were made during the period. There was one major disposal. Blooms of Bressingham Holdings plc was the subject of a takeover offer, and your Company received £226,000 for its holding, realising a gain of £61,000 against the market value at the previous year end. The Investment Manager also made some smaller disposals, realising further gains of £7,000. Of the investments held at the period end, there were strong share price increases for AIM-quoted Oasis Healthcare and Computer Software Group. In addition, two unquoted companies, Core Control Limited and Breaking Views Limited, showed positive developments justifying significant increases to their carrying valuations. Overall, the venture capital portfolio produced an unrealised gain of £241,000 over the period. Listed fixed income securities The Company continues to hold a small portfolio of fixed income securities. This portfolio was valued at £493,000 at the period end and produced a small unrealised loss of £8,000 for the period. Ethical Committee The Committee has continued to monitor current portfolio companies for compliance with the Company's Ethical Policy and are pleased to report that no breaches of the policy were identified during the period. Results and dividend The gain on activities after taxation during the period was £254,000 comprising a revenue loss of £31,000 and a capital profit of £285,000. No interim dividend will be paid. Share repurchase The Directors are conscious that the Company's share price is affected by the lack of a strong secondary market in VCT shares arising from the fact that purchasers of VCT shares in the market do not receive income tax relief on their investment. The Company, therefore, has a policy of buying in shares for cancellation when they become available. During the period the Company purchased 176,800 of its own shares at an average price of 41.0p per share. The Directors continue to monitor the market in the Company's shares and will consider making share purchases when appropriate. Shareholders should note that, as a result of the discussions mentioned below, the Company may be prohibited from buying in shares until those discussions have reached a conclusion. Outlook and Future Since the period end, there has been some more positive news from the portfolio with a cash offer for Computer Software Group producing proceeds of £89,000 above the valuation at 31 March 2007. Despite the recent improvement in investment valuations, your Company remains very small for a VCT. With share buybacks continuing to shrink the Company, the fixed running costs are becoming an increasingly heavy burden and the Board is investigating possible strategies for the future. I can report that the Board is now in discussions with two other VCTs, exploring the possibility of merging the three companies together, by way of schemes of reconstruction under Section 110 of the Insolvency Act 1986, to create a single larger entity. These discussions may or may not lead to a formal proposal to merge, however I shall update Shareholders as soon as there are firm developments. Andrew Davison Chairman INCOME STATEMENT for the six months ended 31 March 2007 Six months ended 31 March 2007 Revenue Capital Total £'000 £'000 £'000 Income 40 - 40 Gains/(losses) on investments - - Realised - 68 68 - - Unrealised - 233 233 40 301 341 Investment management fees (5) (16) (21) Other expenses (66) - (66) Return on ordinary activities before (31) 285 254 taxation Taxation - - - Return attributable to equity shareholders (31) 285 254 Return per share (0.3p) 2.8p 2.5p Six months ended Year ended 31 March 2006 30 September 2006 Revenue Capital Total Total £'000 £'000 £'000 £'000 Income 57 - 57 136 Gains/(losses) on investments - - Realised - 76 76 147 - - Unrealised - 70 70 (33) 57 146 203 250 Investment management (6) (16) (22) (43) fees Other expenses (66) - (66) (133) Return on ordinary (15) 130 115 74 activities before taxation Taxation - - - - Return attributable to (15) 130 115 74 equity shareholders Return per share (0.1p) 1.2p 1.1p 0.7p A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement as noted above UNAUDITED SUMMARISED BALANCE SHEET as at 31 March 2007 31 Mar 2007 31 Mar 2006 30 Sept 2006 £'000 £'000 £'000 Fixed assets Investments 4,503 5,003 4,808 Net current assets 484 128 98 Net assets 4,987 5,131 4,906 Capital and reserves Called up share capital 503 521 511 Capital redemption reserve 50 32 42 Special reserve 4,058 4,341 4,226 Capital reserve - realised 861 901 855 Capital reserve - unrealised (457) (660) (731) Revenue reserve (28) (4) 3 Equity shareholders' funds 4,987 5,131 4,906 Net asset value per share 49.6p 49.2p 48.0p RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 Mar 2007 31 Mar 2006 30 Sept 2006 £'000 £'000 £'000 Opening shareholders' funds 4,906 5,263 5,263 Repurchase of own shares (73) (90) (170) Total recognised gains for 254 115 74 the period Distributions paid in period (100) (157) (261) Closing shareholders' funds 4,987 5,131 4,906 UNAUDITED CASH FLOW STATEMENT for the six months ended 31 March 2007 Six months Six Year ended ended months 30 September 31 March ended 2006 2007 31 March 2006 £'000 £'000 £'000 Cash (outflow)/inflow from operating activities and returns on investments (31) (12) (49) Capital expenditure Purchase of investments (2) (170) (275) Proceeds on disposal of 608 244 520 investments Net cash inflow from capital 606 74 245 expenditure Equity dividends paid (100) (157) (261) Net cash inflow/(outflow) 475 (95) (65) before financing Financing Purchase of own shares (66) (90) (170) Net cash outflow from (66) (90) (170) financing Increase/(decrease) in cash 409 (185) (235) Notes to the cash flow statement: 1 Cash (outflow)/inflow from operating activities and returns on investments Net revenue before taxation (31) (15) (8) Expenses charged to capital (16) (16) (32) Decrease/(increase) in other 22 26 (6) debtors Decrease in other creditors (6) (7) (3) Net cash outflow from (31) (12) (49) operating activities 2 Analysis of net funds Beginning of period 67 302 302 Net cash inflow/(outflow) 409 (185) (235) End of period 476 117 67 SUMMARY OF INVESTMENT PORTFOLIO as at 31 March 2007 Unrealised gain/(loss) Cost Valuation in period % of portfolio £'000 £'000 £'000 by value Top twenty venture capital investments SPC International 362 556 (41) 11.2% Limited * Oasis Healthcare Plc 270 517 217 10.4% Computer Software Group 115 370 76 7.4% plc Aero Inventory Plc 111 331 (16) 6.6% Synergy Healthcare plc 41 249 56 5.0% Core Control 114 234 24 4.7% International Ltd * FDM Group plc 100 160 58 3.2% Preston North End plc 250 149 32 3.0% Bioganix plc 102 136 25 2.7% Cadbury House Hotel and 100 136 6 2.7% Country Club Ltd * AT Communications Group 133 108 (22) 2.2% plc Supporta plc 70 98 (40) 2.0% Advance Media 171 97 - 1.9% Information Limited * Chelford Group plc 200 93 (25) 1.9% Straight plc 53 91 (18) 1.8% 1st Dental Laboratories 150 88 (3) 1.8% plc Breakingviews Limited 150 80 80 1.6% Forest Support Services 190 80 (20) 1.6% plc Sanastro plc * 100 75 (25) 1.5% Neutrahealth plc 86 74 (25) 1.5% 2,868 3,722 339 74.7% Other venture capital 1,594 288 (98) 5.8% investments Listed fixed income securities 498 493 (8) 9.9% Subtotal 4,960 4,503 233 90.4% Cash at bank and in hand 476 9.6% Total investments 4,979 100.0% All venture capital investments are quoted on AIM unless otherwise stated. * Unquoted NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. Accounting policies Basis of accounting The Company has prepared its financial statements under UK Generally Accepted Accounting Practice ("UK GAAP") and in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" revised December 2005 ("SORP"). The financial statements are prepared under the historical cost convention except for the revaluation of certain financial instruments. Presentation of Income Statement In order to better reflect the activities of a Venture Capital Trust and in accordance with guidance issued by the Association of Investment Companies ("AIC"), supplementary information which analyses the income statement between items of a revenue and capital nature has been presented alongside the income statement. The net revenue is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Section 842 Income and Corporation Taxes Act 1988. Investments All investments are designated as "fair value through profit or loss" assets and are initially measured at cost. Thereafter the investments are measured at subsequent reporting dates at fair value. Listed fixed income investments and investments quoted on AIM are measured using bid prices with illiquidity discounts applied where deemed appropriate. In respect of unquoted instruments, fair value is established by using International Private Equity and Venture Capital Valuation Guidelines. Where no reliable fair value can be estimated for such unquoted equity investments they are carried at cost, subject to any provision for impairment. Where an investee company has gone into receivership or liquidation the investment, although not physically disposed of, is treated as being realised. Gains and losses arising from changes in fair value are included in the income statement for the year as a capital item and transaction costs on acquisition or disposal of the investment expensed. It is not the Company's policy to exercise either significant or controlling influence over investee companies. Therefore the results of these companies are not incorporated into the revenue account except to the extent of any income accrued. Income Dividend income from investments is recognised when the shareholders' rights to receive payment has been established, normally the ex dividend date. Interest income is accrued on a timely basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount, and only where there is reasonable certainty of collection. Expenses All expenses are accounted for on an accruals basis. In respect of the analysis between revenue and capital items presented within the income statement, all expenses have been presented as revenue items except as follows: * Expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds of the investment. * Expenses are split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated. The Company has adopted the policy of allocating investment managers fees, 75% to the capital reserve and 25% to the revenue account as permitted by the SORP. The allocation is in line with the Board's expectation of long term returns from the Company's investments in the form of capital gains and income respectively. Taxation The tax effects on different items in the Income Statement are allocated between capital and revenue on the same basis as the particular item to which they relate using the Company's effective rate of tax for the accounting period. 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), no provision for taxation is required in respect of any realised or unrealised appreciation of the Company's investments which arises. Deferred taxation is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. 2. All revenue and capital items in the Income Statement derive from continuing operations. 3. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. 4. The comparative figures were in respect of the period ended 31 March 2006 and the year ended 30 September 2006 respectively. 5. Return per share for the period has been calculated on 10,162,285 shares, being the weighted average number of shares in issue during the period. 6. Dividends 31 March 2007 30 Sept 2006 Revenue Capital Total Total £'000 £'000 £'000 £'000 Paid in period 2006 Final - 102 102 - 2006 Interim - - - 104 2005 Final - - - 157 - 102 102 261 Proposed 2006 Final - - - 102 - - - 102 7. Reserves Capital Capital Capital Special redemption reserve reserve Revenue reserve reserve - unrealised - realised reserve £'000 £'000 £'000 £'000 £'000 At 1 October 2006 4,226 42 (731) 855 3 Purchase of (73) 8 - - - shares Expenses - - - (16) - capitalised Gains on - - 233 68 - investments Transfer between (95) - 41 54 - reserves Retained net - - - - (31) revenue for the year Distributions - - - (100) - paid in year At 31 March 2007 4,058 50 (457) 861 (28) The Special Reserve, Capital Reserve - Realised and Revenue Reserve are all distributable reserves. 8. The unaudited financial statements set out herein do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. The figures for the year ended 30 September 2006 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the auditors' report on those financial statements was unqualified. Copies of the unaudited interim results will be sent to shareholders shortly. Further copies can be obtained from the Company's Registered Office or will be available for download from www.downing.co.uk. - ---END OF MESSAGE---
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