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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% | 52.50 | 50.00 | 55.00 | 52.50 | 50.00 | 52.50 | 0.00 | 08:00:17 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 2.62M | 1.38M | 0.0443 | 11.85 | 16.38M |
TIDMLFI London Finance & Investment Group P.L.C. (the 'Company') Unaudited Interim Results for the six months ended 31st December 2016 and dividend declaration The Company today announces its unaudited interim results and dividend declaration for the six months ended 31st December 2016 (the 'Interim Statement'). Chairman's Statement Introduction As an investment company our target is to achieve growth in shareholder value in real terms over the medium to long term. In the short term our results can be influenced by overall stock market performance, particularly the valuation of our Strategic Investments. We continue to believe that a combination of Strategic Investments and a General Portfolio is the most effective way of achieving our aims. Strategic Investments are significant investments in smaller UK quoted companies where we have expectations of above average growth over the medium to longer term and these are balanced by a General Portfolio which consists of investments in major U.S., U.K. and European equities. At 31st December 2016, we held two Strategic Investments: Western Selection P.L.C., and Finsbury Food Group plc. Detailed comments on our Strategic Investments are given below. Change in accounting policies The Board have decided to early adopt IFRS 9 with effect from this accounting period, and the comparatives in the income statement have been restated to reflect the resulting change in accounting policy. Strategic investments are a fundamental part of the Company's investment strategy to secure long term capital appreciation and by their very nature the investments are largely illiquid. Consequently the directors have elected to present the unrealised changes in value of these specific investments as part of other comprehensive income as it better reflects the underlying performance of the Company within its primary statements. This does not change the basis of valuation or the amounts reported in the statement of financial position. The effect of the change in accounting policy is further described in Note 1 below. Results Our net assets per share increased 5.6% to 64.9p at 31st December 2016 from 61.4p at 30th June 2016. Our Strategic Investments, adjusting for the disposal of part of the investment in Finsbury Foods, which realised a profit of GBP 1,862,000, increased in value by 8% during the period. Our General Portfolio increased by 4.5%, compared with increases of 9.8% and 10.3% in the FTSE 100 index and the FTSEurofirst 300 Index respectively, over the half year. At the close of business on 15th February 2017, our net asset value was 66.1p per share. The Group profit before tax for the half year was GBP2,171,000 compared to a restated profit of GBP1,586,000 for the same period last year. The main differences between these two periods being in the amounts recognised as: profit realised from the disposal of part of the investment in Finsbury Food, and the unrealised changes in the value of General Portfolio investments. Our profit after tax and minority interest was GBP1,815,000 (2015: GBP1,315,000 restated) giving earnings per share of 5.8p (2015: 4.2p restated). Strategic Investments Western Selection P.L.C. ("Western") The Group owns 7,860,515 Western shares, representing 43.8% of Western's issued share capital. On 10th February 2017, Western announced a profit after tax of GBP455,000 for its half year to 31st December 2016 and earnings per share of 2.5p (2015: earnings per share of 0.4p). Western's net assets at market value were GBP15,018,000 equivalent to 84p per share, an increase of 6.3% from 75p at 30th June 2016. Western has announced an interim dividend of 1.1p per share (2015: 1.05p per share). The market value of the Company's investment in Western at 31st December 2016 was GBP3,694,000 representing 18% of the net assets of Lonfin. The underlying value of the investment in Western, valuing Western's own investments at market value, was GBP6,578,000 (30th June 2016: GBP6,227,000). I am the Chairman of Western and Mr. Michael Robotham and Mr Edward Beale are Non-Executive Directors. Western's principal core holdings are in Northbridge Industrial Services plc, Swallowfield plc, Bilby Plc and Tudor Rose International (previously Hartim Limited). Extracts from Western's announcement, on 10th February 2017, on its core holdings are set out below: Northbridge Industrial Service plc ("Northbridge") Northbridge hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the U.K., U.S.A., Dubai, Germany, Belgium, France, Australia, New Zealand, Singapore, Brazil and Korea, 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, generators, compressors, loadcells and oil tools. Further information about Northbridge is available on its website: www.northbridgegroup.co.uk Northbridge's latest results, for the half year to 30th June 2016, showed a loss after tax of GBP2,338,000 for the period (2015: loss after tax of GBP 1,936,000). No interim dividend was declared (2015: 1p per share). Western owns 3,223,632 Northbridge shares, representing 12.45% of [Northbridge's issued share capital. The market value of this investment at 31st December 2016 was GBP3,546,000 (30th June 2016: GBP2,772,000), representing 24% of Western's assets. I am 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 its website: www.swallowfield.com Swallowfield announced its annual results to 25th June 2016 in September 2016 showing a profit after tax of GBP2,001,000 compared to a profit of GBP746,000 for the prior year. We received a dividend from Swallowfield during the period of GBP52,000 (2015: GBP37,383). In September 2016, we disposed of 200,000 Swallowfield shares for GBP520,000 (before selling expenses) and in November 2016 we disposed of a further 50,000 shares for GBP135,000 (before selling expenses). The market value of the Company's holding of shares in Swallowfield on 31st December 2016 was GBP 4,550,000 (30th June 2016: GBP3,570,000), representing 30% of the Company's assets. In January this year, we disposed of a further 120,000 Swallowfield shares for GBP318,000 (before selling expenses). Western now owns 1,630,000 Swallowfield shares (representing 9.66% of Swallowfield's issued share capital). Mr Edward Beale is a Non-Executive Director of Swallowfield. Bilby Plc 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 Bilby announced its interim results for the six month period to 30th September 2016 on 16th December 2016 showing a loss after tax of GBP833,000. Bilby paid a final dividend of 2.00p per share in September 2016 which provided us with income of GBP47,000 and an interim dividend of 0.25p per ordinary share has been paid in February 2017 which provided us with further income of GBP6,000. At 30th June 2016, Western owned 2,337,088 Bilby shares. Further investments of GBP32,000 for 62,912 Bilby shares, and GBP58,000 for 100,000 Bilby shares, were made in December 2016 and February 2017 respectively. Western now holds 2,500,000 Bilby shares which represents 6.3% of Bilby's issued share capital. The market value of the Company's holding in Bilby on 31st December 2016 was GBP 1,344,000 representing 9% of the Company's assets. 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. Our share of Tudor Rose International's estimated results for the period ended 31st December 2016 is a profit after tax of GBP57,000 (2015 - profit after tax of GBP51,000). At 31st December 2016, Western owned 49.5% of Tudor Rose International. The carrying value of the Company's equity investment in Tudor Rose International on 31st December 2016 was GBP654,000 (2015: GBP613,000) representing 4% of the Company's assets. In addition, loans of GBP442,000 (equivalent to a further 3% of the Company's assets) were outstanding at 31st December 2016 from Tudor Rose International and its executive directors. GBP250,000 was repaid by Tudor Rose International in December and we have agreed that the balance of the loan to Tudor Rose International (GBP250,000) will be rolled over into preference shares. Subsequent to the period end we have advanced an additional GBP250,000 to subscribe for preference shares and agreed to invest a further GBP500,000 in preference shares to support the evolution of their business model. Mr. Edward Beale and I are Non-Executive Directors of Tudor Rose International. Finsbury Food Group plc ("Finsbury Food") Finsbury Food 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 Food is available on
its website: www.finsburyfoods.co.uk In September 2016, Finsbury Food announced audited profits on continuing operations after tax and minority interests of GBP8,504,000 for the 52 week period ended 2nd July 2016 (2015: GBP6,620,000). Finsbury Food paid a final dividend of 1.87p per share which provided us with income of GBP112,000. At 30th June 2016, the Group held 8,000,000 shares in Finsbury Food representing 6.1% of their then issued share capital. On 27th September 2016, we sold 1,000,000 Finsbury Food shares for GBP1,200,000 (before selling expenses) and, on 29th September 2016, we sold a further 1,000,000 Finsbury Food shares for GBP1,250,000 (before selling expenses). The Company now holds 6,000,000 Finsbury Food shares which represent 4.6% of Finsbury Food's issued share capital. The market value of our holding was GBP7,320,000 on 31st December 2016; this represents 36% of the net assets of Lonfin. Finsbury Food will be announcing their interim results in March 2017. Mr Beale was a Non-Executive Director of Finsbury Food until 24th November 2016. General Portfolio The list of investments included in the General Portfolio is set out at the end of this announcement. We continue to hold 26 investments, having invested a net GBP1,492,000 in the period, financed by funds from the sale of part of our investment in Finsbury Food. Lloyd Marshall It was with great sadness that we announced on 23rd November 2016, the death of Mr Lloyd Marshall. He was a highly valued member of the management team who brought a wealth of experience, knowledge and common sense to the Company along with strong principles. Outlook The Board expect to see a continuation of the volatility in equity and currency markets and remain cautious about the remainder of the year. The Board has declared an interim dividend of 0.55p per share (2015: 0.50p). 20th February 2017 D.C. MARSHALL Chairman Interim Dividend The declared interim dividend is 0.55p per share (9.09791 ZAR cents) (2015: 0.50p) and will be paid on Friday 7th April 2017 to those members registered at the close of business on Friday 17th March 2017 (SA and UK). Shareholders on the South African register will receive their dividend in South African Rand converted from sterling at the closing rate of exchange on Friday 3rd February 2017 being GBP 1 = ZAR 16.54165. 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 17th March 2017. All other shareholders are exempt. * The dividend has been declared from income reserves, which funds are sourced from the Company's main bank account in the UK and is regarded as a foreign dividend by South African shareholders. * The gross dividend in ZAR cents is 9.09791 cents. * The dividend withholding tax rate is 15% resulting in a net dividend of 0.46750 pence (7.73322 ZAR cents) per share to those shareholders who are not exempt from the dividend withholding tax. The issued number of shares as at the declaration date is 31,207,479. The Company's UK Income Tax reference number is 948/L32120. Salient dates for dividend: Last day to trade (SA) Tuesday 14th March 2017 Shares trade ex dividend (SA) Wednesday 15th March 2017 Shares trade ex dividend (UK) Thursday 16th March 2017 Record date (SA and UK) Friday 17th March 2017 Pay date Friday 7th April 2017 Share certificates may not be de-materialised or re-materialised between Wednesday 15th March 2017 and Friday 17th March 2017, both dates inclusive. Shares may not be transferred between registers during this period either. Statement of Directors' responsibility The Directors confirm that, to the best of their knowledge: - the unaudited interim results for the six months ended 31st December 2016, have been prepared in accordance with IAS 34 as adopted by the EU; and - the Interim Statement includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the Disclosure and Transparency Rules. The Directors accept responsibility for the contents of this Interim Statement. Neither this Interim Statement nor any future interim statements of the Company will be posted to shareholders. The Interim Statement is available as follows: * on the Company's website at www.city-group.com/london-finance-investment- group-plc/; and * by writing to City Group P.L.C., the Company Secretary, at 6 Middle Street, London EC1A 7JA This Interim Statement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. For further information, please contact: London Finance & Investment Group P.L.C. +44(0) 20 7796 9060 Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Half year ended Year ended 31st December 30th June Restated Restated 2016 2015 2016 GBP000 GBP000 GBP000 Operating Income Dividends received 265 270 550 Rental and other income 50 41 82 Profit on sales of investments, including 1,981 1,448 1,448 provisions 2,296 1,759 2,080 Management service fees 130 122 252 2,426 1,881 2,332 Administrative expenses Investment operations (190) (175) (345) Management services (168) (112) (304) Total administrative expenses (358) (287) (649) Operating profit 2,068 1,594 1,683 Unrealised changes in the carrying value of 219 39 39 General Portfolio investments Reversal of previously recognised unrealised (116) (31) (56) changes in the carrying value of investments on sale of General Portfolio investments 2,171 1,602 1,666 Interest payable - (16) (16) Profit on ordinary activities before taxation 2,171 1,586 1,650 Tax on result of ordinary activities (350) (246) (95) Profit on ordinary activities after taxation 1,821 1,340 1,745 Non-controlling interest (6) (25) (15) Profit attributable to shareholders 1,815 1,315 1,730 Other comprehensive income/(expense) - Items that may subsequently be reclassified to profit or loss Unrealised changes in the carrying value of 935 3,310 4,260 Strategic Investments Reversal of previously recognised unrealised (1,645) (1,600) (1,600) changes in the carrying value of investments on sale of Strategic Investments Deferred taxation on above items 142 (342) (532) Total other comprehensive income (568) 1,368 2,128 Total comprehensive income attributable to 1,247 2,683 3,858 shareholders Basic, Diluted and Headline earnings per share 5.8p 4.2p 5.5p Interim dividend 0.55p 0.50p 0.50p Final dividend 0.55p Total in respect of the year 1.05p Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity Half year ended Year ended 31st December 30th June 2016 2015 2016 GBP000 GBP000 GBP000 Total comprehensive income attributable to 1,247 2,683 3,858 shareholders Dividends paid to equity shareholders (171) (162) (312) 1,076 2,521 3,546 Equity shareholders' funds at start of period 19,168 15,622 15,622 Equity shareholders' funds at end of period 20,244 18,143 19,168 Unaudited Condensed Consolidated Statement of Financial Position 31st 30th June December 2016 2015 2016 GBP000 GBP000 GBP000 Non-current assets Tangible assets 18 26 22 Principal investments:- Finsbury Food Group Plc 7,320 9,040 8,880
Western Selection P.L.C. 3,694 3,537 3,537 11,032 12,603 12,439 Current assets Listed investments 8,836 6,040 7,125 Trade and other receivables 178 232 272 Cash, bank balances and deposits 1,588 649 588 10,602 6,921 7,985 Total Assets 21,634 19,524 20,424 Capital and Reserves Called up share capital 1,560 1,560 1,560 Share premium account 2,320 2,320 2,320 Unrealised profits and losses on investments 7,967 7,439 8,539 Share of undistributed profits and losses of 3,647 767 1,821 subsidiaries and associates Company's retained realised profits and losses 4,750 6,057 4,928 Equity shareholders funds 20,244 18,143 19,168 Trade and other payables falling due within one 479 256 316 year Deferred taxation 815 1,025 850 Non-controlling equity interest 96 100 90 21,634 19,524 20,424 Net assets per share 64.9p 58.1p 61.4p Number of shares in issue 31,207,479 31,207,479 31,207,479 Unaudited Condensed Consolidated Statement of Cash Flow Half year ended Year ended 31st December 30th June Restated Restated 2016 2015 2016 GBP000 GBP000 GBP000 Profit before taxation 2,171 1,586 1,650 Adjustments for non-cash and non-operating expenses:- Depreciation charges 4 3 9 Profit on disposal of non-current investment (1,862) (1,409) (1,408) Unrealised changes in the carrying value of General Portfolio investments (219) (39) (39) Reversal of previously recognised unrealised 55 changes in the carrying value of investments on 116 31 sale of General Portfolio investments Net interest paid - 16 16 (1,961) (1,398) (1,367) Taxation paid (7) (5) (29) Changes in working capital:- Decrease/(Increase) in debtors 97 (15) (54) (Decrease)/Increase in creditors (74) 39 97 (Increase)/Decrease in current asset (1,492) 20 20 investments (1,469) 44 63 Cash (outflow)/inflow on operating activities (1,266) 227 317 Investment activities Disposal of non-current investment 1,984 2,438 1,985 Net cash inflow from investment activities 2,438 1,985 1,984 Cash flows from financing Net interest paid - (16) (16) Drawdown of loan facilities - (1,500) (1,500) Equity dividends paid (172) (162) (312) Net cash outflow from financing (172) (1,678) (1,828) Increase in cash and cash equivalents 1,000 534 473 Cash and cash equivalents at start of period 588 115 115 Cash and cash equivalents at end of period 1,588 649 588 Reconciliation of net cash flow to movement in net debt At start Cash At end of of period Flow Period Half year ended 31st December GBP000 GBP000 GBP000 2016 Cash at bank 588 1,000 1,588 2015 Cash at bank 115 534 649 Bank loan (1,500) 1,500 - (1,385) 2,034 649 Year ended 30th June 2016 Cash at bank 115 473 588 Bank loan (1,500) 1,500 - (1,385) 1,973 588 Notes:- 1. Basis of preparation: The results for the half-year are unaudited. The information contained in this report does not constitute statutory accounts within the meaning of the Companies Act 2006. The statutory accounts of the Group for the year ended 30th June 2016 have been reported on by the Company's auditors and have been delivered to the Registrar of Companies. The report of the auditors was unqualified. The Company has early adopted IFRS 9 in this period, and the comparative amounts in the Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income have been restated on a comparable basis. Under IFRS 9, the Company has elected to classify its long term Strategic Investments as financial instruments which are held at fair value with unrealised changes in value taken directly to Other Comprehensive Income. General Portfolio investments are held at fair value with unrealised changes in fair value recognised in Profit or Loss. Strategic and General Portfolio investments are quoted investments, and their fair value continues to be calculated using quoted prices. This change in accounting policy has no effect on the Unaudited Condensed Consolidated Statement of Financial Position, and moves into Other Comprehensive Income certain amounts that were previously recognised as Profit or Loss. Prior to this change there were no amounts recognised in Other Comprehensive Income. This re-categorisation has changed Profit on ordinary activities after tax from GBP2,708,000 at 31st December 2015 and GBP 3,873,000 at 30th June 2016. Basic and Headline Earnings per Share have also been restated from 8.6p and 5.0p for the half year ended 31st December 2015, and 12.4p and 5.2p for the year ended 30th June 2016. Other than mentioned above this report has been prepared in accordance with the accounting policies contained in the Company's Annual Report and Accounts 2016. It has been prepared in accordance with International Financial Reporting Standards, and complies with IAS34. 2. Earnings per share: Earnings per share are based on the profit on ordinary activities after taxation and non-controlling interests of GBP1,815,000 (2015: GBP1,315,000) and on 31,207,479 (2015 - 31,207,479) shares being the weighted average of number of shares in issue during the year. There are options outstanding over 80,000 shares. The dilution effect of these options is negligible. Reconciliation of headline earnings Headline earnings are required to be disclosed by the JSE. Headline earnings per share are based on the profit on ordinary activities after taxation and non-controlling interests, of GBP1,815,000 (2015: GBP 1,315,000) and on 31,207,479 (2015 - 31,207,479) shares being the weighted average of number of shares in issue during the year. 3. Going Concern: After making enquiries, the Board is satisfied that the Group will be able to operate within the level of its facilities for the foreseeable future. For this reason the Board considers it appropriate for the Group to adopt the going concern basis in preparing its financial statements. 4. Principal risks and uncertainties: The principal risks and uncertainties which could impact the Group's long-term performance are disclosed on pages 8-9 of the Group's 2016 Annual Report and Accounts. The key risks and mitigating activities have not changed from these: - Stock market vulnerability and economic uncertainty; - Possible volatility of share prices of investments; - Dividend income; - Ability to make strategic investments; and - Liquidity of equity investments in strategic investments. Composition of General Portfolio Value GBP000 % British American Tobacco 453 5.2 Investor 417 4.8 Schindler-Holdings 407 4.6 Henkel 405 4.6 Philip Morris International 377 4.3 Chevron 371 4.2
Exxon 365 4.1 Diageo 357 4.0 Becton Dickenson 356 4.0 Nestle 351 4.0 Reckitt Benckiser 337 3.8 Unilever 332 3.8 Heineken 329 3.7 Anheuser Busch Inbev 322 3.6 BASF 318 3.6 3M 318 3.6 Imperial Tobacco 315 3.6 L'Oreal 312 3.5 Pernod-Ricard 305 3.4 Procter & Gamble 272 3.1 United Technologies 266 3.0 Danone 258 2.9 Linde 257 2.9 LVMH 248 2.8 ABB 226 2.6 Brown Forman B 190 2.1 Givaudan 186 2.1 Kimberley Clark Corp 185 2.1 8,835 100 END
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February 20, 2017 02:00 ET (07:00 GMT)
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