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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Finance & Investment Group Plc | LSE:LFI | London | Ordinary Share | GB0002994001 | 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.00 | 45.00 | 55.00 | 50.00 | 50.00 | 50.00 | 0.00 | 08:00:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 2.62M | 1.38M | 0.0443 | 11.29 | 15.6M |
TIDMLFI Friday 30th September 2016 LONDON FINANCE & INVESTMENT GROUP P.L.C. ("Lonfin", "the Company" or "the Group") Unaudited Preliminary results for the year ended 30th June 2016 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 2016. Strategy and Business Model 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 Company invests in other companies in accordance with the Company's Investment Policy. In the short term, the performance of the Company can be influenced by overall stock market performance and to ameliorate this short term risk the Company has a combination of Strategic Investments together with a General Portfolio. 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. Results * Net assets have increased over the year by 22.6% from 50.1p per share to 61.4p per share. * Strategic investments have increased in value over the year by 6.0%, from GBP11,694,000 to GBP12,417,000 largely due to the increase in value of our investment in Finsbury Food Group Plc. * Strategic investments are yielding 2.9% (2015 - 2.7%) * The General Portfolio has increased over the year by 22.8% from GBP 5,801,000 to GBP7,125,000 * The General Portfolio is yielding 2.4% (2015 - 2.9%) * No borrowings at 30th June 2016, compared with GBP1,385,000 at 30th June 2015 * Operating cost were broadly in line with 2015 The Company and its subsidiaries ("Group") achieved a profit for the year, before tax and changes to the fair value adjustments of investments, of GBP 1,683,000 (2015- GBP334,000). The profit, after positive fair value adjustments, tax and non-controlling interest was GBP3,873,000 (2015 - GBP1,978,000) giving a headline earnings per share of 5.2p (2015 -headline earnings per share of 0.8p). Strategic Investments Western Selection P.L.C. ("Western") The Group owns 7,860,515 shares, being 43.8%, of the issued share capital of Western. On 30th September 2016, Western announced unaudited preliminary results showing a profit before exceptional items of GBP64,000 for the year to 30th June 2016 (2015 - profit before exceptional items of GBP159,000). Including associates and after exceptional items and tax, earnings per share were 0.4p (2015 - earnings per share - 15.5p). Western has paid an interim dividend of 1.05p and proposes a final dividend of 1.05p making 2.1p for the year (2015 - 2.1p). Western's net assets at market value as at 30th June 2016 were GBP14,217,000 equivalent to 79p per share, an increase of 5.3% from 75p last year. Our share of the net assets of Western, including the value of Western's investments at market value, was GBP6,627,000 (2015 - GBP5,907,000). The fair value recorded in the Statement of Financial Position is the market value of GBP 3,537,000 (2015 - GBP3,694,000). This represents 26% (2015 - 24%) 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 then 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. Mr. D. C. Marshall is the Chairman of Western and Mr L.H. Marshall, Mr. J.M. Robotham and Mr. E.J. 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: Northbridge Industrial Services plc ("Northbridge") Northbridge hires and sells specialist industrial equipment to a global customer base. It has offices or agents in the U.K., U.S.A., Dubai, Germany, Belgium, France, Australia, Singapore, India, Brazil, Korea and Azerbaijan. Customers include utility companies, the oil and gas sector, shipping, construction and the public sector. The product range includes loadbanks, transformers, generators, compressors, loadcells and oil tools. Further information about Northbridge is available on their website: www.northbridgegroup.co.uk Northbridge announced its unaudited interim results for the six months ended 30th June 2016 on 29th September 2016 and recorded a loss after tax of GBP 2,338,000 for the period. Western acquired a further 1,323,632 Northbridge shares during the year for GBP 964,000 bringing its holding to 3,223,632 shares. Western's holding is now 12.45% of Northbridge's issued share capital. The value of this investment at 30th June 2016 was GBP2,772,000 (2015 - GBP3,895,000) being 19% (2015 - 29%) of Western's net assets. Mr D. C. 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 announced its annual results to 25th June 2016 on 20th September 2016 and recorded a profit after tax of GBP2,001,000 compared to a profit of GBP 746,000 for the comparable period last year. Dividends of GBP52,000 were received from Swallowfield during the year (2015 - nil). A final dividend of 2.3p per share has been declared and Western will receive a further GBP46,000. Western acquired a further 130,851 Swallowfield shares during the year for GBP 203,000. At the reporting date, Western owned 2,000,000 Swallowfield shares which was 11.9% of Swallowfield's issued share capital. The market value of this investment on 30th June 2016 had increased to GBP3,400,000 from the value at 30th June 2015 of GBP2,019,000. The value of this investment is 24% (2015 - 15%) of Western's net assets. On 23rd September 2016, Western sold 200,000 Swallowfield shares for GBP520,000 (before selling expenses). Mr E. J. 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. In July 2015, the Company invested GBP1,500,000 in acquiring 1,875,000 shares in Bilby and in April 2016, a further investment of GBP545,000 for 462,088 Bilby shares. Western now holds 2,337,088 shares, which is 5.9% of Bilby's issued share capital. The market value of this investment on 30th June 2016 was GBP 2,968,000 which is 21% of Western's net assets. Bilby announced its results for the year ended 31st March 2016 on 14th July 2016 showing a profit after tax of GBP954,000 compared to a profit of GBP1,426,000 for the 14 month period ended 31st March 2015. Dividends of GBP58,000 were received from Bilby during the year. Bilby announced a final dividend of 2.00p per share which was paid in September 2016 which provided Western with further income of GBP46,700. 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 49.5% of the issued share capital of Tudor Rose International, which has a 31st December year end and which generated trading profits before tax in the year to 30th June 2016 of GBP71,000. Turnover in the period was GBP 18,542,000 (2015 - GBP18,022,000). Western's share of a profit after tax, including a charge for disallowed tax losses, for the twelve months to 30th June 2016 was 35,000 (2015 - loss of GBP 5,000) and the book value of the investment at 30th June 2016 was GBP1,290,000 (2015 - GBP1,223,000) being 9% (2015 - 9%) of Western's net assets. Western has two nominees on the Board of Tudor Rose International: Mr E. J. Beale and Mr L. H. 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 is available on its website: www.finsburyfoods.co.uk During the year Lonfin disposed of 2,000,000 shares in Finsbury for GBP1,984,000
realising a profit of GBP1,408,000. At 30th June 2016, Lonfin held 8,000,000 Finsbury shares, representing 6.1% of Finsbury's issued share capital. The market value of the holding was GBP8,880,000 as at 30th June 2016 (cost - GBP 2,300,000) and represents 46% (2015 - 51%) of Lonfin's net assets. On 19th September 2016, Finsbury announced audited profits on continuing operations after tax and minority interests of GBP8,504,000 for the 52 weeks period ended 2 July 2016 (2015 - GBP6,620,000). Finsbury paid an interim dividend of 0.93p and has recommended to its shareholders a final dividend of 1.87p per share, making 2.80p for the year (2015 - 2.5p). On 27th September 2016, Lonfin sold 1,000,000 Finsbury shares for GBP1,200,000 (before selling expenses) and, on 29th September 2016, Lonfin sold a further 1,000,000 Finsbury shares for GBP1,250,000 (before selling expenses). Lonfin now holds 6,000,000 Finsbury shares which represent 4.6% of Finsbury's issued share capital. .Mr. Beale is a non-executive director of Finsbury. General Portfolio 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 the year end the number of holdings in the General Portfolio was 26. We have decreased the amount invested in the General Portfolio over the year by GBP20,000 (2015 - increased by GBP100,000). Operations and Employees All of our operations and those of our associated company, Western, except investment selection, are outsourced to our subsidiary, City Group Limited ("City Group"). City Group also provides office accommodation, company secretarial and head office finance services to a number of other U.K. and Jersey 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. Save for the appointment of Mr E.J. Beale in April 2016, all directors of the Company and the directors of its subsidiaries are unchanged from last year and are male. The Group has set a target of 25% female members of the Company's Board and female candidates will be considered on their merits when vacancies arise. The Board has enlarged during the year through the appointment of Mr E.J. Beale, the chief executive of City Group, and since this was an internal appointment, no female candidates were considered. Excluding directors, 4 of the 6 other employees of the Group at 30th June 2016 were female (30th June 2015 - 4 of 6). 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. 30th September 2016 The annual report and accounts will shortly be finalised 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 2016 2015 Notes GBP000 GBP000 Dividends - Listed investments 550 487 Rental and other Income 82 82 Profits realised on sales of 1,448 175 investments Management service fees 252 233 Operating income 2,332 977 Administration expenses (649) (643) Operating Profit 1,683 334 Unrealised changes in the carrying value of investments 2,643 2,049 Interest payable (16) (48) Profit on ordinary activities before taxation 4,310 2,335 Tax on result of ordinary (437) (357) activities Profit on ordinary activities after taxation 3,873 1,978 Non-controlling interest (15) (10) Profit for the financial year attributable to members of the holding company 3,858 1,968 Other comprehensive Income - - Total comprehensive income attributable to shareholders 3,858 1,968 Reconciliation of headline earnings Basic earnings per share 1 12.4p 6.3p Adjustment for the unrealised changes in the carrying value of investments, net of tax (7.2)p (5.5)p Headline earnings per share 1 5.2p 0.8p All profits and losses are on continuing activities Consolidated Statement of Changes in Shareholders' Equity Share of Retained Ordinary Share Un-realised Undistributed realised Non-controlling Share Premium Profit on Results of Profits Interests Total capital GBP Account Investments Subsidiaries & Losses Total GBP000 Equity 000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Year ended 30th June 2015 Balances at 1st July 2014 1,560 2,320 4,585 (294) 5,779 13,950 65 14,015 Total Comprehensive Income - - 1,719 320 (71) 1,968 10 1,978 Dividends paid - - - - (296) (296) - (296) Total transactions - - - - (296) (296) - (296) with shareholders Balances at 30th June 2015 1,560 2,320 6,304 26 5,412 15,622 75 15,697 Year ended 30th June 2016 Balance a 1st July 2015 1,560 2,320 6,304 26 5,412 15,622 75 15,697 Total Comprehensive Income - 2,235 1,795 (172) 3,858 15 3,873 - Dividends paid - - - - (312) (312) - (312) Total transactions - - - - (312) (312) - (312) with shareholders Balance at 30th June 2016 1,560 2,320 8,539 1,821 4,928 19,168 90 19,258 Consolidated Statement of Financial Position 2016 2015 GBP000 GBP000 At 30th June Non-current Assets Tangible assets 22 31 Investments 12,417 11,694 12, 439 11,725 Current Assets Listed Investments 7,125 5,801 Trade and other receivables 272 218 Cash at bank 588 115 7,985 6,134 Current Liabilities Trade and other payables falling due within the year (316) (1,720) Net Current Assets 7,669 4,414 Deferred Taxation (850) (442) Total Assets less Current Liabilities 19,258 15,697 Capital and Reserves Called up Share Capital 1,560 1,560 Share Premium account 2,320 2,320 Un-realised profits and losses on investments 8,539 6,304 Share of retained realised profits and losses of 1,821 26 subsidiaries Company's retained realised profits and losses 4,928 5,412 19,168 15,622 Non-controlling equity 90 75 interests 19,258 15,697 All profits and losses are on continuing activities Company Statement of Financial Position 2016 2015 At 30th June 2016 GBP000 GBP000 Non-current Assets Investments in Group companies 3,847 6,203
3,847 6,203 Current Assets Listed investments 7,125 5,801 Trade and other receivables 27 19 Cash at bank 451 71 7,603 5,891 Current Liabilities Trade and other payables: falling due within the (93) (1,597) year Net Current Assets 7,510 4,294 Deferred Taxation (330) (442) Total Assets less Current Liabilities 11,027 10,055 Capital and Reserves Called up share capital 1,560 1,560 Share premium account 2,320 2,320 Unrealised profits and losses on investments 2,219 763 Realised profits and losses 4,928 5,412 Equity shareholders' funds 11,027 10,055 Consolidated Statement of Cash Flow Notes 2016 2015 GBP000 GBP000 Cash flows from operating activities Profit/(Loss) before tax 4,310 2,335 Adjustments for non-cash and non-operating activities - Finance expense 16 48 Depreciation charges 9 8 Profit on non-current investment (1,408) - Unrealised changes in the fair value of investments (2,643) (2,049) 284 342 Taxes paid (28) (26) Changes in working capital (Increase)/decrease in trade and other receivables (54) 27 Increase/(decrease) in trade and other payables 96 (5) Decrease in current asset investments 20 100 62 122 Cash flows from investment activity Disposal/(Purchase) of strategic investment 1,984 (593) Net cash outflow from investment activity 1.984 (593) Cash flows from financing Interest paid (16) (48) Equity dividends paid (312) (296) Net drawdown/(repayment) of loan facilities (1,500) 575 Net cash inflow/(outflow) from financing (1,828) 231 Decrease in cash and cash equivalents 473 76 Cash and cash equivalents at the beginning of the 115 39 year Cash and cash equivalents at end of the year 588 115 Notes: 1. Basic earnings per share are based on the profit on ordinary activities after taxation and non-controlling interests and on 31,207,479 shares (2015 - 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 ordinary activities after taxation and non-controlling interests, before unrealised changes in the fair value of investments net of tax, of GBP1,623,000 (2015 - GBP250,000) and on 31,207,479 (2015 - 31,207,479) shares being the weighted average of number of shares in issue during the year. 2. The net assets per share are calculated taking investments at market value and on 31,207,479 shares (2015 - 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 2016 or 30th June 2015 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 2015 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. END
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October 03, 2016 02:00 ET (06:00 GMT)
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