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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Leisure & Media | LSE:LEM | London | Ordinary Share | GB0030171937 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1976T Leisure & Media VCT PLC 19 March 2007 LEISURE & MEDIA VCT PLC PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS The Directors announce the statement of results for the year ended 31 December 2006 as follows: CHAIRMAN'S STATEMENT I am pleased to report to shareholders on the Company's progress during the financial year ended 31 December 2006. Four new investments were completed, in youth-orientated media, radio and TV production, freehold pubs and health & fitness clubs. At the year-end, the net asset value ("NAV") per share was 93.7 pence, compared with 103.8 pence at the end of 2005, with the decrease principally attributable to the 5.0 pence capital dividend paid in April, the write off of one stock and the write down of one media investment during the year. Adding dividends of 19.8 pence paid since inception, produces a total return of 113.5 pence per share, compared with the initial 95.0 pence raised (net of issue costs) in 2001. This places your Company's cumulative performance in the top quartile of its peer group of twelve private equity VCTs launched in 2001-2002. Since inception, the Company has realised the following investments, producing a combined Internal Rate of Return ("IRR") of 19.4%: Initial investment Date Net Gain/ date realised Cost proceeds (loss) IRR1 # # # Renowned Holiday Aug 2001 Mar 2004 333,000 403,000 70,000 7.6% Villages Limited Dolphin Nurseries Jan 2003 Dec 2004 700,000 1,436,000 736,000 46.2% Limited Odyssey Clubs Group Feb 2002 Dec 2004 739,000 401,000 (338,000) - Limited 2 XN Checkout Holdings plc 2 Oct 2001 Oct 2004 - 803,000 1,863,000 1,060,000 38.9% Mar 2005 Lindley Catering Limited Jul 2001 Jul 2005 604,000 1,727,000 1,123,000 32.0% Brodie & Knight Limited 2 Sep 2002 Jul 2005 656,000 320,000 (336,000) - Reformed Spirits Company Dec 2003 Jan 2006 755,000 1,344,000 589,000 35.9% Limited 2 Top Ten Holdings plc 3 Oct 2003 Feb 2006 32,000 42,000 10,000 24.3% Interactive Media Feb 2006 Dec 2006 300,000 - (300,000) - Developments Limited4 Total realised investments 4,922,000 7,536,000 2,614,000 19.4% Note: 1 Internal Rate of Return. 2 Cost and proceeds include equity, loans and interest thereon. 3 Partial realisation of AIM quoted shares. 4 Written off as winding-up proceedings begun in early 2007. During 2006, the Company completed the following new investments: * #300,000 in Interactive Media Developments Limited ("IMD"), a youth-orientated media business; * #750,000 in Somethin' Else Sound Directions Limited, a well-established and profitable radio production company that has expanded into TV and other media; * #502,000 in British Country Inns plc, for the development of a portfolio of freehold pubs; and * #301,000 (out of a total commitment of #520,000) in Fitspace Limited, for the development of the first two of a planned group of budget-priced health & fitness clubs. The Company also had the opportunity to make a number of smaller follow-on investments at attractive prices in Audio Network plc, Cross Border Limited, Echo Publishing Limited, Nu Nu plc, and Top Ten Holdings plc, which together reflected unrealised gains at the year-end of #29,000. Also during the year, the Company completed the funding of a #205,000 working capital commitment to Balance Leisure Limited, to reposition its health & fitness club in light of the ongoing redevelopment of Kettering Leisure Village. Following the year-end, the Company completed an investment of #500,000 in The Creative Experience Company Limited, as part of a #1.7 million fundraising for the production of a permanent multi-media tourist attraction based on the Carnival, which is expected to open in a theatre in Venice, Italy, by the Summer of 2007. In January 2006, the sale was completed of the Company's investment in Reformed Spirits Company Limited, realising the gain of #589,000 which was reported in the 2005 accounts. A small number of shares in the AIM quoted Top Ten Holdings plc were sold at a profit in February 2006. Except for IMD, which began winding-up proceedings in February 2007 and is treated as realised in the above table, there were no other realisations during the year. During 2006, uplifts were recorded in the valuation of two investments. However, as previously reported, our investment in Media Steps Group plc did not prove successful and, although it has retained its AIM quoting and attracted some new capital, we have written down the investment in this company to nil value pending further developments. Also, despite achieving a good increase in revenues, IMD's business was not able to achieve profitability, and we decided not to invest further. IMD is now disposing of its businesses and has begun winding-up proceedings. We have therefore written off this investment. Your Company holds a well-diversified portfolio; its ten leisure investments include three companies operating health & fitness clubs, one that is developing children's play centres, a children's nursery group, three pub operators, the Venice Carnival attraction and a bingo company. Excluding Media Steps Group plc, the media portfolio includes four companies, including publishers of music, sports magazines and financial magazines, and a radio and TV production company. At the end of 2006, four investments reflected unrealised gains, seven were unchanged, two reflected unrealised losses, and The Bar Group Limited reflected a partial write down. At 31 December 2006, a total of #1.356 million was held in cash and gilts. Of this sum, #500,000 was invested in February 2007 in The Creative Experience Company Limited and an aggregate of #550,000 was earmarked for investments in Kidspace Adventures Limited and Fitspace Limited. The changes in the 2006 Budget have limited the amount of cash that VCTs may hold for future investment, with the result that a portion of uninvested cash may need to be distributed as dividends if sufficient new investment opportunities are not identified. Of the funds raised in 2001, 78% was held at the year-end in VCT-qualifying investments; non-qualifying investments principally included cash from realisations temporarily invested in gilts, and loans to certain portfolio companies. None of the proceeds of the 2005 "C" Share issue had been invested at the end of 2006, but the investment in The Creative Experience Company Limited in February 2007 was made from these funds, accounting for 50% of the net "C" Share proceeds. It is expected that the funding commitments for Kidspace Adventures Limited and Fitspace Limited will also be made from these funds, so that the 70% VCT-qualifying minimum with respect to these be achieved, as required, by 31 December 2007. The Company is no longer raising new funds, and is almost fully-invested with the completion of a further investment in February 2007. The Investment Manager is not planning to make any new investments but will be actively pursuing realisations. It is expected that any proceeds from realisations will be distributed to shareholders in the form of capital dividends rather than being used for further investment purposes. The Board wishes to express its thanks to the Investment Manager and Humberts Leisure Limited for the success of the Company's investment portfolio. Since inception in 2001, the Company has invested in twenty-three leisure, media and brand development opportunities. In 2005, your Board initiated a programme of share buy-backs to provide a measure of liquidity to shareholders wishing to sell their shares. A total of approximately #355,000 was paid in 2006 to acquire and cancel approximately 388,000 shares. The average price of these buy-backs was 91.6 pence per share, resulting in a modest uplift in the underlying NAV held by the remaining shareholders. I am pleased to report that the effect of this share buy-back programme has been to further reduce the discount to NAV at which the Company's shares have traded, from 36.3% (restated) at 31 December 2004 and 12.8% at 31 December 2005, to 5.0% at 31 December 2006. I look forward to welcoming you to the Annual General Meeting of the Company, to be held on 15 May 2007 at 3:00 p.m., in the Board Room, Ryder Court, 14 Ryder Street, London, SW1Y 6QB. Andrew Wates Chairman 19 March 2007 INCOME STATEMENT for the year ended 31 December 2006 2005 Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 (Losses)/gains on investments - (249) (249) - 1,217 1,217 at fair value Dividends and interest 157 - 157 224 - 224 Investment management fees (62) (186) (248) (51) (153) (204) Operating expenses (160) - (160) (171) - (171) (Deficit)/return on ordinary (65) (435) (500) 2 1,064 1,066 activities before taxation Taxation on ordinary - - - - - - activities (Deficit)/return on ordinary (65) (435) (500) 2 1,064 1,066 activities after taxation Pence Pence Pence Pence Pence Pence (Deficit)/return per Ordinary (0.7) (4.7) (5.4) 0.0 11.3 11.3 Share The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies ("AIC"). There are no gains and losses for the year other than those passing through the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the year ended 31 December Capital Share Share Special redemption Capital Revenue capital premium reserve reserve reserve reserve Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 Year ended 31 December 2006 1 January 2006 95 960 6,869 5 2,199 (223) 9,905 Share buy-backs in the (4) - (355) 4 - - (355) year Net deficit after taxation - - - - (435) (65) (500) for the year Capital dividend paid - - (470) - - - (470) 31 December 2006 91 960 6,044 9 1,764 (288) 8,580 Capital Share Share Special redemption Capital Revenue capital premium reserve reserve reserve reserve Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 Year ended 31 December 2005 1 January 2005 91 - 7,265 - 1,135 (225) 8,266 Issue of shares via "C" 9 960 - - - - 969 Share issue Share buy-backs in the (5) - (396) 5 - - (396) year Net return after taxation - - - - 1,064 2 1,066 for the year 31 December 2005 95 960 6,869 5 2,199 (223) 9,905 BALANCE SHEET as at 31 December 2006 2005 #'000 #'000 Fixed assets Investments at fair value through profit or loss 8,448 7,254 Current assets Debtors 35 78 Investments - 119 Cash at bank 215 2,541 250 2,738 Creditors: amounts falling due within one year (118) (87) Net current assets 132 2,651 Total assets less current liabilities 8,580 9,905 Capital and reserves Called-up share capital 91 95 Share premium 960 960 Special reserve 6,044 6,869 Capital redemption reserve 9 5 Capital reserve - realised 1,668 1,634 - unrealised 96 565 Revenue reserve (288) (223) Equity shareholders' funds 8,580 9,905 Pence Pence Net asset value per Ordinary Share 93.7 103.8 CASHFLOW STATEMENT for the year ended 31 December 2006 2005 #'000 #'000 Operating activities Investment income received 80 111 Deposit interest received 20 59 Investment management fees paid (229) (149) Other expenses paid (160) (150) Net cash outflow from operating activities (289) (129) Capital expenditure and financial investment Purchases of fixed asset investments (2,405) (1,973) Purchases of Treasury Bills (6,595) (6,551) Proceeds from the sale of fixed asset investments 1,426 3,360 Proceeds from the sale of Treasury Bills 6,345 5,660 Net cash (outflow)/inflow from capital expenditure and financial investment (1,229) 496 Dividends paid Capital dividend paid (470) - Net cash (outflow)/inflow before financing (1,988) 367 Financing Net "C" Share proceeds - 939 Share buy-backs in year (338) (396) Net cash (outflow)/inflow from financing (338) 543 (Decrease)/increase in cash (2,326) 910 Notes: 1) The above results have been prepared using the accounting standards and policies adopted at the previous year-end. 2) The Board does not recommend the payment of a final dividend for the year ended 31 December 2006 (2005: capital dividend of 5.0 pence per share paid in April 2006). 3) The revenue return per Ordinary Share is based on the net deficit on ordinary activities after taxation for the year of #65,000 (2005: #2,000 gain) and on 9,300,777 (2005: 9,439,510) Ordinary Shares, being the weighted average number of Ordinary Shares in issue throughout the year. The capital return per Ordinary Share is based on the net capital loss for the year of #435,000 (2005: #1,064,000 gain) and on 9,300,777 (2005: 9,439,510) Ordinary Shares, being the weighted average number of Ordinary Shares in issue throughout the year. The total return per Ordinary Share is based on the net deficit for the year of #500,000 (2005: #1,066,000 gain) and on 9,300,777 (2005: 9,439,510) Ordinary Shares, being the weighted average number of Ordinary Shares in issue throughout the year. 4) The net asset value per Ordinary Share is based on net assets at 31 December 2006 of #8,580,000 (2005: #9,905,000) and on 9,158,072 (2005: 9,545,832) Ordinary Shares being the issued share capital at that date. 5) The financial information set out above does not constitute the Company's statutory financial statements for the year ended 31 December 2006, but is derived from and has been prepared on the same basis as those draft financial statements. The statutory accounts for the year ended 31 December 2006 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement, and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The Annual General Meeting will be held on Tuesday 15 May 2007 at 3:00pm in the Board Room, Ground Floor, Ryder Court, 14 Ryder Street, London, SW1Y 6QB. The Annual Report will be posted to shareholders and those individuals on the Company's mailing list as soon as practicable after printing and will also be available on request from the Company Secretary, J O Hambro Capital Management Limited, at Ground Floor, Ryder Court, 14 Ryder Street, London, SW1Y 6QB. The above results for the year ended 31 December 2005 are an abridged version of the statutory accounts for the year ended 31 December 2005 that have been delivered to the Registrar of Companies. The auditors have reported on the 31 December 2005 year-end accounts and their report was unqualified and did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain statements under section 237(2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR OKCKBDBKDQND
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