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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Phoenix Vct'c' | LSE:PHXC | London | Ordinary Share | GB00B0672L99 | 'C' SHS 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 45.00 | 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:7998G
Phoenix VCT PLC
27 July 2006
PHOENIX VCT PLC
27 July 2006
Financial Summary
For the six months ended 30 April 2006
Ordinary Shares Ordinary Shares Ordinary Shares
30 April 2006 30 April 2005 31 October 2005
(restated)* (restated)*
Net assets #11,547,000 #13,177,000 #10,942,000
Net profit/(loss) before tax #726,000 #1,047,000 (#773,000)
Earnings/(loss) per share 6.5p 9.4p (6.9)p
Net asset value per share 104.6p 118.2p 97.9p
Dividends per share (proposed and paid) 1.0p 2.5p 6.5p
Cumulative dividends 7.65p 2.65p 6.65p
'C' Shares 'C' Shares 'C' Shares
30 April 2006 30 April 2005 31 October 2005
(restated)* (restated)*
Net assets #5,248,000 #2,691,000 #4,917,000
Net profit/(loss) before tax #307,000 (#2,000) (#43,000)
Earnings/(loss) per share 6.5p (1.0)p (1.3)p
Net asset value per share 100.1p 94.9p 94.2p
Phoenix VCT plc ("Phoenix") or ("Company") is a Venture Capital Trust ("VCT").
The Investment Manager is Octopus Investments Limited ("Octopus"). The Company
was launched in November 2002 and raised over #11.3 million (#10.8 million net
of expenses) through an offer for subscription. The Company invests in
AIM-quoted companies and aims to generate attractive long-term returns to
shareholders.
Phoenix raised more money in 2005 in the form of a 'C' Share issue (i.e. the
issue for subscription of a new class of share referred to a "'C' shares"). In
total, Phoenix raised #5.1 million (#5 million net of expenses) by the closing
date of the offer on 30 June 2005.
* Comparative figures have been extracted from the interim results for the
period ended 30 April 2005 and the statutory accounts for the period ended 31
October 2005 and have been restated in accordance with FRS21 in respect of
declared dividends and FRS26 in respect of the valuation of quoted investments
and the treatment of investments as at fair value through profit and loss as
disclosed in note 1.
Chairman's statement
I am pleased to be able to report good progress in both the Ordinary share
portfolio and the 'C' share portfolio during the six-month period to 30 April
2006.
Change in accounting standards
Following the introduction of new UK Financial Reporting Standards, we are now
required to value the investments held by Phoenix using the bid price for each
holding. This compares with the previous accounting convention, used in our
previous announcements of results for Phoenix, under which we had valued the
investments using the mid-market price. The introduction of the new accounting
standards has resulted in a net asset value at 30 April that is approximately
2.2p lower for Ordinary shares and 0.9p lower for 'C' shares than it would have
been under previous accounting standards. Further details of this change and the
effect of the restatement are explained in note 1 to the financial statements.
In the interests of clarity, I will first discuss the performance of the
Ordinary share portfolio, before moving on to discuss the 'C' share portfolio.
Ordinary Share Portfolio
At 30 April 2006, the Ordinary share portfolio was comprised of investments in
36 AIM-quoted companies with a total value of #9.74 million and was 84% (by net
assets) invested in qualifying holdings at the end of the period under review.
During the period, we sold, either partially or wholly, several holdings,
generating a net realised profit of #138,000. Consequently, the Board proposes
that an interim dividend of 1p per Ordinary share be paid on 7 September 2006 to
shareholders on the register on 11 August 2006. This dividend will be paid out
of capital reserves and will take the total tax-free dividends paid to
shareholders to 7.65p per Ordinary share since the company's launch.
Before providing for the proposed dividend, the Net Asset Value ("NAV") per
Ordinary share increased by 6.7p (after restatement of prior period figures due
to the accounting convention as discussed) to 104.6p during the period, notably
as a result of good performance by a number of the holdings in the portfolio.
The table below shows the movement in the NAV of the Ordinary shares and lists
the dividends that have been paid since the launch of the fund.
Period ended NAV Dividend NAV + cumulative dividends
31 October 2003 100.7p 0.15p 100.85p
30 April 2004 111.7p - 111.85p
31 October 2004 110.9p - 111.05p
30 April 2005 118.2p* 2.50p 120.85p
31 October 2005 97.9p* 4.00p 104.55p
30 April 2006 104.6p - 111.25p
*restated NAV to reflect changes in accounting policies as set out in Note 1.
At 30 April 2006, the share price was 97p. During the period, 436,652 Ordinary
shares were bought back at an average price of 96.7p. In addition, 296,543
Ordinary shares were issued at a price of 106.1p.
'C' share Portfolio
At 30 April 2006, the 'C' share portfolio contained investments in 16 AIM-quoted
companies, with a total value of #1.78 million and was 33% (by net assets)
invested in qualifying holdings at the end of the period under review.
I am pleased to be able to report that the NAV rose by 5.9p (after restatement
of prior period figures due to the accounting convention as discussed) to 100.1p
during the period, driven by good performance from a number of the investments.
The table below shows the movement in the NAV of the 'C' shares since the
completion of the fundraising for this class of share.
Period ended NAV
30 April 2005* 94.9p
31 October 2005* 94.2p
30 April 2006 100.1p
*restated NAV to reflect changes in accounting policies as set out in Note 1.
At this early stage of the development of the 'C' share portfolio, it is not
appropriate to propose the payment of an interim dividend.
At 30 April 2006, the price per 'C' share was 100p. During the period, 104,250
'C' shares were bought back at a price of 95p per share. In addition, 127,567 '
C' shares were issued at an average price of 99p.
VCT status
The Directors believe that the Company continues to comply with the conditions
laid down by HM Revenue & Customs for maintaining its approval as a VCT.
PricewaterhouseCoopers LLP has been retained by the Company to work closely with
the Investment Manager to ensure that Phoenix continues to meet the criteria of
a qualifying VCT.
Outlook
Since the end of the period the AIM market has been impacted by the volatility
that has hit global financial markets. However, the recent downward movement in
AIM has been led by the natural resources sector, which is a sector we do not
invest in, and the performance of the holdings in Phoenix has been much better
than the overall market. Going forward, the Investment Manager will continue to
look for new investment opportunities and focus on established businesses with
either a niche or proprietary product or service.
Stephen Hazell-Smith
Chairman
27 July 2006
Investment Manager's Review
Personal Service
At Octopus, we pride ourselves not only on our team's track record but also on
our personalised customer service. We believe in open communication and our
regular updates are designed to keep you involved and informed.
If you have any questions about this review, or if it would help to speak to one
of the fund managers, please do not hesitate to contact us on 020 7710 2800.
The AIM Market
The AIM market continued to increase in size in early 2006, reaching almost 1500
companies at 30 April 2006. However, many of the companies that took advantage
of buoyant market conditions to float on AIM were overseas companies or were in
sectors such as natural resources which we do not invest in. Our focus remains
on investing in those businesses which we believe have the appropriate
characteristics to generate attractive medium-term returns for shareholders.
We have set out below a review of the Ordinary share portfolio, including
details of our new investments and the portfolio's ten largest holdings, and
then following this an equivalent review for the 'C' share portfolio.
Review of Ordinary Share Portfolio
As at 30 April 2006, the Ordinary share portfolio comprised investments in 36
companies, accounting for 84% of the Ordinary share portfolio by net assets.
During the period, we disposed of two holdings: Armour Group and Air Music &
Media Group, both of which were sold in early 2006 in order to reduce the
portfolio's exposure to companies which are dependent on the level of consumer
spending. In addition, we took advantage of share price appreciation to reduce
our holdings in a further five companies: TRL Electronics, Sovereign Oilfield
Group, Bond International Software, Zetar, and Tanfield Group. In total, we
generated a net realised profit of #138,000 from the disposal of investments
during the six-month period to 30 April 2006.
Seven new investments were made during the period:
Autoclenz Holdings plc
Autoclenz, founded in 1990, is the UK's leading provider of valeting services to
automotive retailers, auction houses, rental companies and car supermarkets.
The company floated on AIM in December 2005, having previously been a subsidiary
of Yule Catto, the chemical company.
Clarity Commerce Solutions plc
Clarity is a leading supplier of management software solutions for the
entertainment, ticketing, hospitality, retail and leisure sectors. The company
has won large contracts from companies such as Sodexho, the global catering
company.
Plethora Solutions Holdings plc
Plethora is a speciality pharmaceutical company that is focused on the
development of products that are targeted at a range of urological disorders.
Jelf Group plc
Jelf provides commercial insurance, healthcare cover and financial services to
small-and medium-sized businesses. The company was founded in 1989 and floated
on AIM during 2004. Phoenix participated in a #4 million fundraising in
February 2006 at the time of Jelf's acquisition of Goss Group, an established
independent insurance broking and financial services business with four regional
offices.
Ovum plc
Ovum is a leading information, communication and technology research
consultancy. The company acts as a source of industry data, knowledge and
expertise on the commercial impact of technology, regulatory and market changes.
This data is packaged into detailed research documents and distributed through a
range of bespoke and tailored products. Current clients include IBM, BT, and
Vodafone as well as Government bodies such as the Department of Trade and
Industry.
Invocas plc
Invocas is the leading provider of personal insolvency solutions in Scotland
with a 16% share of the Protected Trust Deed market. The company has been
profitable and cash generative for the past seven years. Demand in Scotland for
Protected Trust Deeds, which help individuals who are having difficulty
servicing their debt, grew by 14% in 2005 and is expected to grow by 20% in
2006.
Cohort plc
Cohort was incorporated to acquire Systems Consultants Services (SCS), a UK
based company providing training support and equipment trials to the defence
sector. The market for technical services, outside of the recently privatised
Government agency Qinetiq, is largely fragmented but has been consolidating.
Cohort's strategy is to acquire complementary technical services companies and
position them alongside the fast-growing SCS business.
The combined book cost of these seven investments was #1.36 million and the
market value at 30 April 2006 was #1.48 million.
The Ordinary share portfolio is at an investment level of approximately 84%
which is well above the HM Revenue & Customs requirement to remain at least 70%
invested in VCT qualifying companies after the initial investment period of
three years.
A full list of the VCT qualifying investments is set out below. There were no
non-qualifying investments as 30 April 2006.
AIM quoted Qualifying Investments Book cost Valuation Unrealised
at Bid Price gain/(loss)
#'000 #'000 #'000
Tanfield Group plc 285 656 371
Cello Group plc 500 635 135
BBI Holdings plc 248 555 307
TRL Electronics plc 188 501 313
Staffline Recruitment Group plc 300 491 191
Media Square plc 303 458 155
Disperse Group plc 500 444 (56)
Autoclenz Holdings plc 425 435 10
Augean plc 500 436 (64)
Strategic Thought Group plc 194 409 215
Clarity Commerce Solutions plc 367 367 -
Access Intelligence plc 500 375 (125)
Concateno plc 500 350 (150)
Bond International Software plc 120 348 228
Zetar plc 158 296 138
Real Good Food Company plc 500 274 (226)
Sovereign Oilfield Group plc 140 265 125
SectorGuard plc 200 243 43
Brooks Macdonald Group plc 156 251 95
Top Ten Holdings plc 200 260 60
Tissue Science Laboratories plc 246 238 (8)
Ovum plc 150 156 6
Cohort plc 135 156 21
Public Recruitment Group plc 500 132 (368)
fountains plc 240 134 (106)
Invocas Group plc 80 131 51
Abcam plc 89 129 40
Plethora Solutions Holdings plc 122 117 (5)
Jelf Group plc 78 116 38
Inditherm plc 200 80 (120)
Belgravium Technologies plc 67 80 13
Asfare Group plc 95 69 (26)
4Less Group plc 200 57 (143)
Dawmed Systems plc 79 42 (37)
Screen FX plc 244 33 (211)
Bright Futures Group plc 125 21 (104)
Total Qualifying Investments 8,934 9,740 806
Ten largest holdings in Ordinary share portfolio
Tanfield Group plc
Tanfield has a range of subsidiaries that are focused on providing zero emission
vehicles and industrial products. Smith Electric Vehicles is one of the largest
manufacturers of electric vehicles in the world with more than 500 customers
operating both in the private and public sectors. Norquip is one of the world's
leading providers of ground support equipment in the form of airport service
vehicles and passenger transfer units. Another Tanfield division, Aerial
Access, is a manufacturer of electrically powered aerial lifts and access
platforms.
Initial Investment December 2004
Cost (#'000) 285
Valuation at 30.04.06 (#'000) 656
Equity Held 1.11%
Cello Group plc
Cello Group was created as a vehicle to identify and acquire well-established
media services companies operating in niche markets. In October 2004 the company
raised #15 million to complete three acquisitions, provide working capital for
further growth and to float on AIM. Since November 2004, Cello has successfully
completed the acquisition of further companies.
Initial Investment October 2004
Cost (#'000) 500
Valuation at 30.04.06 (#'000) 635
Equity Held 1.59%
BBI Holdings plc
BBI develops and manufactures diagnostic tests for the point of care market. The
company derives income from the manufacture and supply of gold colloids, bespoke
product development for third parties and the manufacture of diagnostic tests
for industry partners. In April 2006, the company acquired Alchemy Laboratories
Ltd, a Dundee based company with operations in similar fields to BBI.
Initial Investment April 2004
Cost (#'000) 248
Valuation at 30.04.06 (#'000) 555
Equity Held 2.34%
TRL Electronics plc
TRL Electronics, a former division of Telematrix plc, floated on AIM in July
2004 at a price of 130p per share. The company is a specialist defence
electronics group focused on the protection against terrorism and subversive
threats, organised crime and drug trafficking. It designs and develops a range
of intercept, surveillance, electronic warfare and communications products,
which are supplied to military and Government security organisations around the
world. In May 2006 the company received an agreed bid from L-3 Communications, a
US company, at a price of 350p per share.
Initial Investment July 2004
Cost (#'000) 188
Valuation at 30.04.06 (#'000) 501
Equity Held 0.58%
Staffline Recruitment Group plc
Staffline is a specialist supplier of blue collar contract staff to industry. It
operates 21 branches throughout the UK and through "OnSite" operations located
in customers' premises. The company also runs a division called Techsearch
which specialises in temporary and permanent placements in the engineering,
manufacturing, IT and technical sectors.
Initial Investment December 2004
Cost (#'000) 300
Valuation at 30.04.06 (#'000) 491
Equity Held 1.77%
Media Square plc
Media Square is the holding company for a group of businesses engaged in a
diverse range of marketing communications, retail marketing services, specialist
advertising services and on-line advertising. Since it floated on AIM in 2000
the company has acquired more than 16 others and is now the fifth largest quoted
marketing communications and marketing services business based in the UK.
Initial Investment December 2003
Cost (#'000) 303
Valuation at 30.04.06 (#'000) 458
Equity Held 0.69%
Disperse Group plc
Disperse Group operates in the branded cosmetics industry and comprises several
divisions. One of the divisions, Disperse Technology, owns patents associated
with technology concerning the absorption of cosmetic and pharmaceutical creams
and lotions into the skin. Disperse also owns Elizabeth French, a designer,
importer and distributor of branded cosmetic products. In June 2005 Disperse
acquired Woods of Windsor, an established operator in the premium quality
toiletry and home fragrance market.
Initial Investment July 2004
Cost (#'000) 500
Valuation at 30.04.06 (#'000) 444
Equity Held 3.25%
Autoclenz Holdings plc
Autoclenz is a leading provider of valet services to automotive retailers, car
auction houses, car supermarkets and car rental companies in the UK. The company
also provides specialist deep cleaning and decontamination services to rail
companies, prisons and the police.
Initial Investment December 2005
Cost (#'000) 425
Valuation at 30.04.06 (#'000) 435
Equity Held 3.22%
Augean plc
Augean was incorporated in September 2004 in order to acquire assets in the
waste sector. The company raised a further #100 million on AIM in November 2004
to fund the purchase of two hazardous waste landfill sites: Atlantic Waste
Holdings and Zero Waste Holdings. Over the last twelve months the company has
acquired Proactive Waste Solutions and Credential Hazardous Waste, both of which
are leading hazardous waste treatment operators.
Initial Investment December 2004
Cost (#'000) 500
Valuation at 30.04.06 (#'000) 436
Equity Held 0.67%
Strategic Thought Group plc
Strategic Thought is a technology and services company specialising in risk
management. The company's enterprise risk management system is used by a number
of leading companies and organisations such as NASA, Boeing, and BAE Systems.
The company also has a division which is focused on the provision of high
quality solutions and consultancy associated with the IBM WebSphere family of
products. The company floated on AIM in July 2005 after raising #3 million.
Since then the company has won a number of significant new contracts.
Initial Investment July 2005
Cost (#'000) 194
Valuation at 30.04.06 (#'000) 409
Equity Held 0.61%
Review of 'C' share Portfolio
At 30 April 2006, the 'C' share portfolio comprised investments in 16 companies,
an increase of eight compared with the figure at 31 October 2005. The portfolio
of investments in AIM quoted companies at the end of the period represented a
total of 33% of the 'C' share fund by net assets, with the remainder being held
in money market securities. This is in line with our expectations for the
portfolio at this stage. We expect to make a number of further investments in
AIM quoted companies in the coming months as we progress towards the HM Revenue
& Customs requirement to invest 70% of the 'C' share fund in VCT qualifying
investments by 31 October 2007.
We did not dispose of any holdings over the period, although we did take
advantage of an increase in the share price to reduce the holding in Sovereign
Oilfield Services, which was sold at a 42% premium to the purchase price.
Eight new investments were made during the period:
Autoclenz Holdings plc
Autoclenz, founded in 1990, is the UK's leading provider of valeting services to
automotive retailers, auction houses, rental companies and car supermarkets.
The company floated on AIM in December 2005, having previously been a subsidiary
of Yule Catto, the chemical company.
Clarity Commerce Solutions plc
Clarity is a leading supplier of management software solutions for the
entertainment, ticketing, hospitality, retail and leisure sectors. The company
has won large contracts from companies such as Sodexho, the global catering
company.
Plethora Solutions Holdings plc
Plethora is a speciality pharmaceutical company that is focused on the
development of products that are targeted at a range of urological and sexual
disorders.
Jelf Group plc
Jelf provides commercial insurance, healthcare cover and financial services to
small-and medium-sized businesses. The company was founded in 1989 and floated
on AIM during 2004. Phoenix participated in a #4 million fundraising in
February 2006 at the time of Jelf's acquisition of Goss Group, an established
independent insurance broking and financial services business with four regional
offices.
Ovum plc
Ovum is a leading information, communication and technology research
consultancy. The company acts as a source of industry data, knowledge and
expertise on the commercial impact of technology, regulatory and market changes.
This data is packaged into detailed research documents and distributed through a
range of bespoke and tailored products. Current clients include IBM, BT, and
Vodafone as well as Government bodies such as the Department of Trade and
Industry.
Invocas plc
Invocas is the leading provider of personal insolvency solutions in Scotland
with a 16% share of the Protected Trust Deed market. The company has been
profitable and cash generative for the past seven years. Demand in Scotland for
Protected Trust Deeds, which help individuals who are having difficulty
servicing their debt, grew by 14% in 2005 and is expected to grow by 20% in
2006.
Cohort plc
Cohort was incorporated to acquire Systems Consultants Services (SCS), a UK
based company providing training support and equipment trials to the defence
sector. The market for technical services, outside of the recently privatised
government agency Qinetiq, is largely fragmented but has been consolidating.
Cohort's strategy is to acquire complementary technical services companies and
position them alongside the fast-growing SCS business.
BBI Holdings plc
BBI develops and manufactures diagnostic tests for the point of care market.
BBI has also established a healthcare division, the lead product of which is
GlucoGel, a dextrose gel that is used by diabetics. BBI completed a #3 million
fund raising in May 2006 in order to complete the acquisition of its main
competitor, Alchemy.
The combined book cost of these eight investments was #825,000 and the market
value as at 30 April 2006 was #916,000.
A full list of the 'C' share qualifying investments is set out below. There
were no non-qualifying investments at 30 April 2006.
AIM Listed Qualifying Investments Book cost Valuation Unrealised
at Bid Price gain/(loss)
#'000 #'000 #'000
Tanfield Group plc 160 184 24
Clarity Commerce Solutions plc 183 183 -
Autoclenz Holdings plc 169 173 4
Disperse Group plc 160 160 -
Strategic Thought Group plc 68 143 75
SectorGuard plc 100 121 21
Sovereign Oilfield Group plc 62 118 56
BBI Holdings plc 93 108 15
Ovum plc 94 97 3
Cohort plc 85 98 13
Invocas Group plc 50 82 32
Plethora Solutions Holdings plc 81 78 (3)
InterQuest Group plc 75 72 (3)
Jelf Group plc 51 76 25
Abcam plc 44 65 21
Belgravium Technologies plc 23 26 3
Total Qualifying Investments 1,498 1,784 286
Ten largest holdings in 'C' share Portfolio
Tanfield Group plc
Tanfield has a range of subsidiaries that are focused on providing zero emission
vehicles and industrial products. Smith Electric Vehicles is one of the largest
manufacturers of electric vehicles in the world with more than 500 customers
operating both in the private and public sectors. Norquip is one of the world's
leading providers of ground support equipment in the form of airport service
vehicles and passenger transfer units. Another Tanfield division, Aerial
Access, is a manufacturer of electrically powered aerial lifts and access
platforms.
Initial Investment May 2005
Cost (#'000) 160
Valuation at 30.04.06 (#'000) 184
Equity Held 0.31%
Clarity Commerce Solutions plc
Clarity Commerce's principal activities encompass system solutions, software
tools for business management, marketing and decision support applications, and
IT support services. The company has secured contracts with cinema operators,
hotel and restaurant networks, bar operators, sport and leisure facilities and
high street retailers. The #1.95 million raised through a placing in April 2006
will be used to acquire Matra Systems, a global software and solutions provider
to the retail sector, and to provide further working capital.
Initial Investment April 2006
Cost (#'000) 183
Valuation at 30.04.06 (#'000) 183
Equity Held 1.46%
Autoclenz Holdings plc
Autoclenz is a leading provider of valet services to automotive retailers, car
auction houses, car supermarkets and car rental companies in the UK. The company
also provides specialist deep cleaning and decontamination services to rail
companies, prisons and the police.
Initial Investment December 2005
Cost (#'000) 169
Valuation at 30.04.06 (#'000) 173
Equity Held 1.27%
Disperse Group plc
Disperse Group operates in the branded cosmetics industry and comprises several
divisions. One of the divisions, Disperse Technology, owns patents associated
with technology concerning the absorption of cosmetic and pharmaceutical creams
and lotions into the skin. Disperse also owns Elizabeth French, a designer,
importer and distributor of branded cosmetic products. In June 2005 Disperse
acquired Woods of Windsor, an established operator in the premium quality
toiletry and home fragrance market.
Initial Investment June 2005
Cost (#'000) 160
Valuation at 30.04.06 (#'000) 160
Equity Held 1.17%
Strategic Thought Group plc
Strategic Thought is a technology and services company specialising in risk
management. The company's enterprise risk management system is used by a number
of leading companies and organisations such as NASA, Boeing, and BAE Systems.
The company also has a division which is focused on the provision of high
quality solutions and consultancy associated with the IBM WebSphere family of
products. The company floated on AIM in July 2005 after raising #3 million.
Since then the company has won a number of significant new contracts.
Initial Investment July 2005
Cost (#'000) 68
Valuation at 30.04.06 (#'000) 143
Equity Held 0.21%
SectorGuard plc
Sectorguard operates in the security industry, providing businesses with manned
guarding solutions, mobile patrols, key holding/alarm response and electronic
security services. The company floated on AIM in March 2002 and raised
additional funds in order to pursue further acquisitions in the manned guarding
industry.
Initial Investment August 2005
Cost (#'000) 100
Valuation at 30.04.06 (#'000) 121
Equity Held 0.92%
Sovereign Oilfield Services plc
Sovereign Oilfield Group is an Aberdeen-based oil services group. The company
provides engineering, fabrication and drilling services to a number of oil and
gas companies in the UK and internationally. In addition, the company offers
high-technology solutions that can enhance the level of oil and gas drilling and
production.
Initial Investment September 2005
Cost (#'000) 62
Valuation at 30.04.06 (#'000) 118
Equity Held 0.27%
BBI Holdings plc
BBI develops and manufactures diagnostic tests for the point of care market. The
company derives income from the manufacture and supply of gold colloids, bespoke
product development for third parties and the manufacture of diagnostic tests
for industry partners. In April 2006, the company acquired Alchemy Laboratories
Ltd, a Dundee based company with operations in similar fields to BBI.
Initial Investment December 2005
Cost (#'000) 93
Valuation at 30.04.06 (#'000) 108
Equity Held 0.45%
Ovum plc
Ovum is a leading information, communication and technology research
consultancy. The company acts as a source of industry data, knowledge and
expertise on the commercial impact of technology, regulatory and market changes.
The data is packaged into detailed research documents and distributed through a
range of bespoke and tailored products. The company floated on AIM in March 2006
having raised #7 million to fund product development and acquisitions.
Initial Investment March 2005
Cost (#'000) 94
Valuation at 30.04.06 (#'000) 97
Equity Held 0.40%
Cohort plc
Cohort was incorporated to acquire Systems Consultants Services (SCS), a UK
based company providing training support and equipment trials to the defence
sector. The company's strategy is to acquire complementary technical services
companies and position them side by side with the fast-growing SCS business. The
company floated on AIM in February 2006 having raised #5 million.
Initial Investment February 2006
Cost (#'000) 85
Valuation at 30.04.06 (#'000) 98
Equity Held 0.31%
If you have any questions about the information set out in this review, please
contact one of the team on 020 7710 2800.
Profit and loss account
for the six months to 30 April 2006 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Gain on disposal of investments held at fair 138 6 144
value
Unrealised gain on fair value of investments 712 248 960
Investment income 92 143 235
Investment management fees (133) (59) (192)
Other expenses (83) (31) (114)
Profit on ordinary activities before taxation 726 307 1,033
Taxation on profit on ordinary activities - - -
Profit on ordinary activities after taxation 726 307 1,033
Earnings per share 6.5p 6.5p
Profit and loss account (restated)* (restated)* (restated)*
for the period to 30 April 2005 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Gain on disposal of investments held at fair 450 - 450
value
Unrealised gain on fair value of investments 710 - 710
Investment income 105 5 110
Investment management fees (145) (4) (149)
Other expenses (73) (3) (76)
Profit/(loss) on ordinary activities before 1,047 (2) 1,045
taxation
Taxation on profit on ordinary activities - - -
Profit/(loss) on ordinary activities after 1,047 (2) 1,045
taxation
Earnings/(loss) per share 9.4p (1.0)p
Profit and loss account (restated)* (restated)* (restated)*
for the period to 31 October 2005 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Gain on disposal of investments held at fair 104 - 104
value
Unrealised loss on fair value of investments (574) (17) (591)
Investment income 165 74 239
Investment management fees (291) (54) (345)
Other expenses (177) (46) (223)
Loss on ordinary activities before taxation (773) (43) (816)
Taxation on loss on ordinary activities - - -
Loss on ordinary activities after taxation (773) (43) (816)
Loss per share (6.9)p (1.3)p
* Comparative figures have been extracted from the interim results for the
period ended 30 April 2005 and the statutory accounts for the period ended 31
October 2005 and have been restated in accordance with FRS21 in respect of
declared dividends and FRS26 in respect of the valuation of quoted investments
and the treatment of investments as at fair value through profit and loss as
disclosed in note 1.
Note of historical cost profits and losses
for the six months ended 30 April 2006 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Profit on ordinary activities before taxation 726 307 1,033
Realisation of prior years' net unrealised (loss)/gains on 18 2 20
investment
Historical cost (loss)/profit on ordinary activities before taxation 744 309 1,053
Historical cost (loss)/profit on ordinary activities after taxation 744 309 1,053
Note of historical cost profits and losses (restated)* (restated)* (restated)*
for the period ended 30 April 2005 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Profit/(loss) on ordinary activities before taxation 1,047 (2) 1,045
Realisation of prior years' net unrealised gains on investment 390 - 390
Historical cost profit/(loss) on ordinary activities before taxation 1,437 (2) 1,435
Historical cost profit/(loss)on ordinary activities after taxation 1,437 (2) 1,435
Note of historical cost profits and losses (restated)* (restated)* (restated)*
for the period ended 31 October 2005 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Loss on ordinary activities before taxation (773) (43) (816)
Realisation of prior years' net unrealised gains on investment 680 - 680
Historical cost profit/(loss) on ordinary activities before taxation (93) (43) (136)
Historical cost profit/(loss) on ordinary activities after taxation (93) (43) (136)
Balance Sheet as at 30 April 2006
Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Fixed asset investments 9,740 1,784 11,524
Current assets:
Investments 1,665 2,976 4,641
Debtors 252 136 388
Cash (96) 385 289
1,821 3,497 5,318
Creditors: amounts falling due within one (14) (33) (47)
year
Net current assets 1,807 3,464 5,271
Total assets less current liabilities 11,547 5,248 16,795
Capital and reserves:
Share capital 1,104 524 1,628
Share premium 323 4,550 4,873
Special distributable reserve 9,168 - 9,168
Capital redemption reserve 52 10 62
Revaluation reserve 806 229 1,035
Profit and loss account 94 (65) 29
Shareholders' funds 11,547 5,248 16,795
Net asset value per share 104.6p 100.1p
Balance Sheet as at 30 April 2005
(restated)* (restated)* (restated)*
Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Fixed asset investments 10,056 - 10,056
Current assets:
Investments 2,668 - 2,668
Debtors 9 - 9
Cash 474 2,691 3,165
3,151 2,691 5,842
Creditors: amounts falling due within one (30) - (30)
year
Net current assets 3,121 2,691 5,812
Total assets less current liabilities 13,177 2,691 15,868
Capital and reserves:
Share capital 1,115 260 1,375
Share premium - 2,213 2,213
Special distributable reserve 9,615 - 9,615
Shares to be issued - 220 220
Capital redemption reserve 7 - 7
Revaluation reserve 1,668 - 1,668
Profit and loss account 772 (2) 770
Shareholders' funds 13,177 2,691 15,868
Net asset value per share 118.2p 94.9p
The interim accounts were approved by the Directors on 27 July 2006 and signed
on their behalf by:
Director
Balance Sheet as at 31 October 2005
(restated)* (restated)* (restated)*
Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Fixed asset investments 8,422 690 9,112
Current assets:
Investments 1,865 4,030 5,895
Debtors 19 5 24
Cash 745 287 1,032
2,629 4,322 6,951
Creditors: amounts falling due within one (109) (95) (204)
year
Net current assets 2,520 4,227 6,747
Total assets less current liabilities 10,942 4,917 15,859
Capital and reserves:
Share capital 1,118 522 1,640
Share premium 54 4,438 4,492
Special distributable reserve 9,587 - 9,587
Capital redemption reserve 9 - 9
Revaluation reserve 94 (17) 77
Profit and loss account 80 (26) 54
Shareholders' funds 10,942 4,917 15,859
Net asset value per share 97.9p 94.2p
* Comparative figures have been extracted from the interim results for the
period ended 30 April 2005 and the statutory accounts for the period ended 31
October 2005 and have been restated in accordance with FRS21 in respect of
declared dividends and FRS26 in respect of the valuation of quoted investments
and the treatment of investments as at fair value through profit and loss as
disclosed in note 1.
Cash Flow Statement
for the six months to 30 April 2006 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Net cash outflow from operating activities (452) (139) (591)
Financial investment:
Purchase of listed securities (1,356) (806) (2,162)
Sale of listed securities 889 22 911
Net cash outflow from financial investment (467) (784) (1,251)
Management of liquid resources:
Return of cash investments 199 996 1,195
Financing:
Issue of own shares 308 125 433
Purchase of own shares (420) (100) (520)
Share issue expenses (9) - (9)
(Decrease)/increase in cash resources (841) 98 (743)
Cash Flow Statement (restated)* (restated)* (restated)*
for the period ended 30 April 2005 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Net cash outflow from operating activities (8) (2) (10)
Financial investment:
Purchase of listed securities (4,070) - (4,070)
Sale of listed securities 1,637 - 1,637
Net cash outflow from financial investment (2,433) - (2,433)
Equity dividends paid (280) - (280)
Management of liquid resources:
Return of cash investments 3,173 - 3,173
Financing:
Issue of own shares - 2,693 2,693
Purchase of own shares (40) - (40)
Increase in cash resources 412 2,691 3,103
Cash Flow Statement (restated)* (restated)* (restated)*
for the period ended 31 October 2005 Ordinary Shares 'C' Shares Total
#'000 #'000 #'000
Net cash (outflow)/inflow from operating activities (129) 64 (65)
Financial investment:
Purchase of listed securities (4,798) (707) (5,505)
Sale of listed securities 2,368 - 2,368
Net cash outflow from financial investment (2,430) (707) (3,137)
Equity dividends paid (726) - (726)
Management of liquid resources:
Return/(purchase) of cash investments 3,976 (4,030) (54)
Financing:
Issue of own shares 59 5,112 5,171
Purchase of own shares (67) - (67)
Share issue expenses - (152) (152)
Increase in cash resources 683 287 970
Reconciliation of operating profit to cash flow from
operating activities for the six months to 30 April
2006
Ordinary Shares 'C' Shares Total
Profit on ordinary activities before tax 726 307 1,033
Gain on disposal of fixed asset investments (138) (6) (144)
Unrealised gain on fair value of investments (712) (248) (960)
Increase in debtors (233) (131) (364)
Decrease in creditors (95) (61) (156)
Net cash outflow from operating activities (452) (139) (591)
Reconciliation of operating profit to cash flow from (restated)* (restated)* (restated)*
operating activities for the period ended 30 April
2005
Ordinary Shares 'C' Shares Total
Profit on ordinary activities before tax 1,047 (2) 1,045
Gain on disposal of fixed asset investments (450) - (450)
Unrealised gain on fair value of investments (710) - (710)
Decrease in debtors 97 - 97
Increase in creditors 8 - 8
Net cash outflow from operating activities (8) (2) (10)
Reconciliation of operating profit to cash flow from (restated)* (restated)* (restated)*
operating activities for the period ended 31 October
2005
Ordinary Shares 'C' Shares Total
Loss on ordinary activities before tax (773) (43) (816)
Gain on disposal of fixed asset investments (104) - (104)
Unrealised loss on fair value of investments 574 17 591
Decrease in debtors 87 (5) 82
Increase in creditors 87 95 182
Net cash (outflow)/inflow from operating activities (129) 64 (65)
Reconciliation of Movements in Shareholders' Funds
Ordinary Shares 'C' Shares Total
Equity shareholders' funds as at 1 November 2005 #'000 #'000 #'000
As previously reported 11,229 4,946 16,175
Prior year adjustment:
Adjustment in valuation of quoted investments to bid price (287) (29) (316)
As restated 10,942 4,917 15,859
Return on ordinary activities after tax 726 307 1,015
Net proceeds of share issue 299 124 423
Shares purchased for cancellation (420) (100) (520)
Equity shareholders funds at 30 April 2006 11,547 5,248 16,795
Reconciliation of Movements in Shareholders' Funds
Ordinary Shares 'C' Shares Total
Equity shareholders' funds as at 1 November 2004 #'000 #'000 #'000
As previously reported 12,405 - 12,405
Prior year adjustment:
Adjustment in valuation of quoted investments to bid price (236) - (236)
Proposed dividend not accounted for until declared and paid 281 - 281
As restated 12,450 - 12,450
Return/(loss) on ordinary activities after 1,047 (2) 1,045
tax
Dividends recognised in (280) - (280)
period
Shares awaiting issue 220 220
Net proceeds of share issue 0 2,473 2,473
Shares purchased for cancellation (40) - (40)
Equity shareholders funds at 30 April 2005 13,177 2,691 15,868
Reconciliation of Movements in Shareholders' Funds
Ordinary Shares 'C' Shares Total
Equity shareholders' funds as at 1 November 2004 #'000 #'000 #'000
As previously reported 12,405 - 12,405
Prior year adjustment:
Adjustment in valuation of quoted investments to bid price (236) - (236)
Proposed dividend not accounted for until declared and paid 281 - 281
As restated 12,450 - 12,450
Loss on ordinary activities after tax (773) (43) (816)
Dividends recognised in (726) - (726)
period
Net proceeds of share issue 59 4,960 5,019
Shares purchased for cancellation (68) - (68)
Equity shareholders funds at 31 October 2005 10,942 4,917 15,859
Notes to the interim financial statements
1. Accounting policies
The Company is required to comply with a number of new UK Financial Reporting
Standards (FRSs) in presenting its financial statements for the year ending 31
October 2006. These standards have been introduced as part of the process of
converging UK standards with International Financial Reporting Standards (IFRS).
The financial information provided in the unaudited interim results for the
six months ended 30 April 2006 has been prepared on a consistent basis with the
accounting policies as disclosed in the Company's annual report and accounts for
the period ended 31 October 2005 except for such changes as are required by the
new FRSs. These changes arise from the adoption of FRS21 "Events after the
Balance Sheet Date" and FRS26 "Financial Instruments: Measurement".
The nature and effect of these changes are explained below and the comparative
figures for the period ended 30 April 2005 and the year ended 31 October 2005
have been restated accordingly.
Under FRS21, dividends to shareholders are accounted for in the period in which
the company is liable to pay them rather than in the period in respect of which
they are declared. Therefore, the dividend of #446,000 that was shown as
proposed in the 2005 Interim Report and Accounts has been added back to the
profit and loss account and deducted from creditors in the comparative figures
for the period ended 30 April 2005, and has been recognised as paid in the six
months ended 31 October 2005. Also the dividend of #281,000 that was proposed in
the Annual Report and Accounts for the period to 31 October 2004 has been added
back to the profit and loss account and deducted from creditors and recognised
as paid in the six months ended 30 April 2005.
Under FRS26, quoted investments are valued at bid price rather than mid-market
price. The effect of this is to decrease the valuations at which such
investments are stated in the balance sheet and to decrease the unrealised gains
on investments shown in the capital column of the statement of total return.
This change resulted in reductions of #329,000 and #287,000 in the valuation of
Ordinary share fixed asset investments at 30 April 2005 and 31 October 2005
respectively and a corresponding decrease in the unrealised revaluation reserve
at those dates. This change also resulted in a reduction of #29,000 in the
valuation of 'C' share fixed asset investments at 31 October 2005 and a
corresponding decrease in the unrealised revaluation reserve at these dates.
The Company invests in financial assets with a view to profiting from their
total return through income and capital growth. These investments are managed
and their performance is evaluated on a fair value basis in accordance with a
documented investment strategy. Accordingly as permitted by FRS 26, the
investments are designated as at fair value through profit and loss. Unrealised
gains or losses on valuation are now recognised through the profit and loss
account.
The interim results for the six months ended 30 April 2006 and the period ended
30 April 2005 do not constitute statutory accounts within the meaning of Section
240 of the Companies Act 1985 and have not been audited or delivered to the
Registrar of Companies. The comparative figures for the period ended 31 October
2005 have been extracted, before restatement, from the audited financial
statements for that year, which have been delivered to the Registrar of
Companies. The independent auditors' report on those financial statements under
Section 235 of the Companies Act 1985 was unqualified.
2. Earnings per share
Ordinary Share
The earnings per share is based on a profit from ordinary activities after tax
of #726,000 and on 11,116,657 shares, being the weighted-average number of
shares in issue during the period (31/10/05 -#(773,000) and 11,171,000 shares &
30/04/2005 - #1,047,000 and 11,188,361 shares).
'C' Share
The earnings per share is based on a profit from ordinary activities after tax
of #307,000 and on 4,699,457 shares, being the weighted-average number of shares
in issue during the period (31/10/2005 - #(43,000) and 3,436,012 shares & 30/04/
2005 - #(2,000) and 193,521 shares).
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted return per share figures are relevant.
3. Net asset value per share
The calculation of net asset value per ordinary share is based on
the net assets at 30 April 2006 and on 11,036,298 (30 April 2005:11,186,882 and
31 October 2005:11,176,407) being the number of shares in issue at the same
date. It should be noted that the value of shares awaiting issue are excluded
from this calculation.
The calculation of net asset value per 'C' share is based on the
net assets at 30 April 2006 and on 5,244,505 (30 April 2005:2,603,275 and 31
October 2005:5,221,188) being the number of shares in issue at the same date. It
should be noted that the value of shares awaiting issue are excluded from this
calculation.
4. The proposed interim dividend of 1.0p per share for the year
ending 31 October 2006 will be paid on 7 September 2006 to shareholders on the
register at the close of business on 11 August 2006.
5. Copies of this statement are being sent to all shareholders. Copies
are available from the registered office of the Company at 8 Angel Court,
London, EC2R 7HP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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