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| Name | Symbol | Market | Type |
|---|---|---|---|
| Yieldmax Abnb Option Income Strategy ETF | AMEX:ABNY | AMEX | Exchange Traded Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.1545 | 1.05% | 14.80 | 14.835 | 14.6915 | 14.75 | 5,469 | 18:05:22 |
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RNS Number:8839Q
Albany Investment Trust PLC
14 October 2003
ALBANY INVESTMENT TRUST PLC
INTERIM REPORT
FOR THE PERIOD ENDED
31 AUGUST 2003
The unaudited results of the company for the half year ended 31 August 2003 are
attached. The company carried on the normal business of an Investment Trust as
defined by Section 266 of the Companies Act 1985, and the company is approved by
the Inland Revenue as an Investment Trust for the purpose of Section 842 of the
Income and Corporation Taxes Act 1988.
When I issued my Annual Statement last June, world markets had substantially
recovered from the low point in March and since then, the recovery has
continued. In the six months to 30 September this year, the FTSE World Market
Index recorded the best performance for that period for 20 years!
In this country, the FT All-Share Index during the current financial period, ie
since 28 February 2003, rose by 17.4% for the period to the end of August. Over
this period, Albany progressed by 15.7%, a slightly lower performance than the
All-Share Index, reflecting our temporary degree of liquidity.
The Directors propose an interim dividend on the Ordinary Shares for the year
ending 28 February 2004 of 2.35p per share, to be paid to the shareholders on
the Share Register at the close of business on 22 October 2003. Dividend
warrants will be posted on 18 November 2003.
In my Statement in the Annual Report of 9 June 2003, I mentioned that the Board
would continue to look for opportunities of widening the asset base of the
company, whether by merger or acquisition, or possibly an increase in capital.
We also said we would like to widen our market to include more of the
professional sector.
Shortly afterwards, we notified the Stock Exchange that we were looking at
various possibilities, including unitisation, with a view to reducing the
element of discount in the market price. We now wish to inform our shareholders
that we have had a number of discussions and received some very detailed
presentations from other financial institutions. None of these provided
compelling alternatives to the existing structure of Albany.
Following a change in the listing rules we would also like to confirm our
investment policy of not investing more than 15% of our gross assets in other
listed investment companies.
May I conclude by congratulating our Managing Director, Mark Leather for his
highly successful management of our investments. I would also like to thank my
colleagues on the Board and our Secretary, Tom Evans for their continued
diligence in the pursuit of our shareholders' best interests.
ON BEHALF OF THE BOARD
D G Hanson
Chairman
14 October 2003
A copy of this statement is available at the company's registered office at Port
of Liverpool Building, Pier Head, Liverpool, L3 1NW. Copies of this report have
been sent to shareholders.
INDEPENDENT REVIEW REPORT TO
ALBANY INVESTMENT TRUST PLC
Introduction
We have been instructed by the company to review the financial information for
the six months ended 31 August 2003 which comprises the summarised statement of
total return, the balance sheet, the summarised cash flow statement and notes 1
to 9. We have read the other information contained in the interim report, which
comprises only the Chairman's statement, and considered whether it contains any
apparent misstatements or material inconsistencies with the financial
information. Our responsibilities do not extend to any other information.
This report is made solely to the company, in accordance with guidance contained
in APB Bulletin 1999/4 "Review of Interim Financial Information". Our review
work has been undertaken so that we might state to the company those matters we
are required to state to it in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company, for our review work, for this report, or for the
conclusion we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
"Review of Interim Financial Information" issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data and, based thereon, assessing whether the
accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly, we do not express an audit opinion on the financial
information.
INDEPENDENT REVIEW REPORT TO
ALBANY INVESTMENT TRUST PLC
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 August 2003.
GRANT THORNTON
CHARTERED ACCOUNTANTS
LIVERPOOL
14 October 2003
Note 6 months to 6 months to 12 months to
31 August 31 August 28 February
2003 2002 2003
#'000 #'000 #'000
Income 2 535 581 1,015
Expenses (121) (103) (168)
Return on revenue 414 478 847
Return on capital 5 2,743 (2,345) (4,660)
Return on ordinary 3,157 (1,867) (3,813)
activities before
taxation
Taxation on ordinary - - -
activities
Return on ordinary 3,157 (1,867) (3,813)
activities after
taxation
Dividends 3 (236) (225) (752)
Transfer to/(from) 2,921 (2,092) (4,565)
reserves
Return per ordinary 4
share:
Basic -
Revenue 4.13p 4.77p 8.45p
Capital 27.37p (23.39p) (46.49p)
Total 31.50p (18.62p) (38.04p)
Note 31 August 28 February
2003 2003
#'000 #'000
Fixed assets
Investments at valuation 22,428 20,163
Current assets
Debtors 103 122
Cash at bank and in hand 700 317
803 439
Creditors: amounts falling due within (248) (540)
one year
Net current assets/(liabilities) 555 (101)
Total assets less current liabilities 22,983 20,062
Capital and reserves
Called up share capital 2,005 2,005
Other reserves
Capital reserve - realised 5 16,748 17,062
Capital reserve - unrealised 5 3,217 160
Revenue reserve 5 1,013 835
Total shareholders' funds 22,983 20,062
Net asset value per ordinary share:
Ordinary - Basic 6 229.29p 200.15p
Note 6 months to 12 months to
31 August 28 February
2003 2003
#'000 #'000
Net cash inflow from operating 8 397 681
activities
Capital expenditure and financial
investment
Purchase of investments (8,069) (19,524)
Disposal of investments 8,581 17,181
Net cash inflow/(outflow) from 512 (2,343)
capital expenditure and
financial investment
Acquisitions and disposals
Purchase of subsidiary undertaking - (1)
Equity dividends paid (526) (712)
Increase/(decrease) in cash 7 383 (2,375)
1. BASIS OF PREPARATION
The interim financial information has been prepared under the historical
cost convention, modified to include the revaluation of investments. The
financial information has been prepared in accordance with applicable
accounting standards.
The principal accounting policies of the company have remained unchanged
from those set out in the company's 2003 annual report and financial
statements.
The interim financial information has been reviewed by the company's
auditors. A copy of the auditors' review is attached to this interim report.
2. INCOME
6 months to 6 months to 12 months to
31 August 31 August 28 February
2003 2002 2003
#'000 #'000 #'000
Income from investments
Franked investment
income
- Ordinary dividends 478 502 752
UK unfranked investment 29 - 141
income
Overseas dividends 20 50 81
527 552 974
Other income
Bank and other interest 8 29 41
Total income 535 581 1,015
Income from investments
Listed UK 507 502 889
Listed overseas 20 50 81
Unlisted - - 4
527 552 974
3. DIVIDENDS
6 months to 6 months to 12 months to
31 August 31 August 28 February
2003 2002 2003
#'000 #'000 #'000
Dividends on equity
shares
Ordinary - interim 236 225 225
dividend of 2.35p per
share (2002: 2.25p)
Ordinary - final dividend - - 527
of 5.25p per share
236 225 752
4. RETURN PER ORDINARY SHARES
Basic revenue return per ordinary share is based on the revenue return on
ordinary activities after taxation of #414,000 (2002: #478,000) and on
10,023,750 ordinary shares.
Basic capital return per ordinary share is based on capital return on
ordinary activities after taxation of #2,743,000 (2002: #2,345,000 deficit)
and on 10,023,750 ordinary shares.
5. RETURN PER ORDINARY SHARES
Capital Capital
reserve reserve Revenue
- realised - unrealised reserve
#'000 #'000 #'000
At 1 March 2003 17,062 160 835
Net loss on (280) - -
realisation of
investments
Expenses allocated (34) - -
to capital
Increase in - 3,057 -
unrealised
appreciation
Net revenue for the - - 414
period after tax
Dividends - - (236)
At 31 August 2003 16,748 3,217 1,013
Return on capital
6 months to 6 months to 12 months to
31 August 31 August 28 February
2003 2002 2003
#'000 #'000 #'000
Net (loss)/gain on (280) 1,688 826
realisation of
investments
Expenses allocated to (34) (54) (101)
capital
Increase/(decrease) in 3,057 (3,979) (5,385)
unrealised appreciation
2,743 (2,345) (4,660)
6. NET ASSET VALUE PER SHARE
Net asset value per share Net asset values
attributable attributable
31 August 28 February 31 August 28 February
2003 2003 2003 2003
#'000 #'000
Ordinary 229.29p 200.15p 22,983 20,062
shares (basic)
Basis net asset value per ordinary share is based on net assets and on
10,023,750 ordinary shares.
7. ANALYSIS OF CHANGES IN NET DEBT DURING THE PERIOD
6 months to 12 months to
31 August 28 February
2003 2003
#'000 #'000
At 1 March 2003 317 2,692
Net cash inflow/(outflow) 383 (2,375)
At 31 August 2003 700 317
Analysis of balances:
Cash at bank and in hand 700 317
8. RECONCILIATION OF NET REVENUE RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION
TO NET CASH INFLOW FROM OPERATING ACTIVITIES
6 months to 12 months to
31 August 28 February
2003 2003
#'000 #'000
Net revenue return on ordinary 414 847
activities before taxation
Expenses charged to capital (34) (101)
Decrease/(increase) in debtors 19 (67)
(Decrease)/increase in other (2) 2
creditors
Net cash inflow from operating 397 681
activities
9. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985. The
figures for the year ended 28 February 2003 have been extracted from the
statutory financial statements which have been filed with the Registrar of
Companies. The auditors report on those financial statements was unqualified and
did not contain a statement under Section 237(2) of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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