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| Name | Symbol | Market | Type |
|---|---|---|---|
| Rex Gold Hedged Ftse Emerging Markets Etf | AMEX:GHE | AMEX | Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 26.95 | 0 | 00:00:00 |
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RNS Number:5461K
Gresham House PLC
30 April 2003
GRESHAM HOUSE plc
36 Elder Street, London E1 6BT
Telephone: 020 7588 7352, Facsimile: 020 7377 2946
CHAIRMAN'S STATEMENT
As all our shareholders will be aware 2002 has been a difficult year for
virtually all Investment Trusts and all companies involved in unquoted
investments or start up situations.
The investment environment has been the most difficult since the traumatic
period around 1974. The three years to 31st December 2002 has seen the FTSE All
Share Index fall from 3125, which was close to its peak, to 1895, a drop of
39.4%.
Our results for the year to 31st December 2002 show an increased loss per
ordinary share from 1.5p, for the previous year, to 56.3p. This is largely a
reflection of falling markets, combined with a 5.7% fall in income and an
increase in other expenses.
The basic net asset value per ordinary share however has been relatively
resilient, having fallen 11.6% during the year to 488.3p as against the FTSE All
Share Index, which in the same period fell from 2558 to 1895, a drop of 25.9%.
Put in an overall three-year context your Company's net asset value per ordinary
share increased over these same three years from 291.4p to 488.3p, an increase
of 67.5%.
The share price, despite its recent fall, has increased over the same three-year
period by 364.3%.
Your Company's share performance has in the past largely reflected that of its
better known small company investments. A prime example is that of Transense
Technologies, which in recent years has been our largest investment but now
represents only 7.7% of the share portfolio, primarily as a result of the drop
in its share value resulting from the delay in its flow of royalty income.
Consequently Image Scan Holdings, which is also quoted on AIM, becomes our
largest holding representing 17.5% of the portfolio.
Image Scan's core technology relates to innovative imaging techniques, their
interpretation and application. It has developed an expertise, supported by
patent applications, in multi-view X-Ray imaging, where it is possible to
extract three-dimensional information from objects under inspection. It has
particular relevance in the field of security, such as airport baggage
inspection, and in industrial inspection, evidenced by in-line and on-line 3D
X-Ray inspection of assembled high value and safety critical components.
Continuing our strategy of seeking innovative early stage investments we
subscribed for an equity interest in the formation of SpaceandPeople Limited at
the beginning of 2001.
SpaceandPeople Limited specialises in the marketing of promotional areas of the
UK's leading shopping centres. In its first two years of trading it increased
the portfolio of shopping centres under its management to seventy leading
centres addressing a weekly footfall of over fifteen million people. This new
form of highly economic advertising and customer communication media shows every
prospect of offering substantial potential growth.
The performance of the property portfolio has remained steady. A number of
renovations have been carried out to older buildings and in one case we have
completely rebuilt one of our large warehouse units. The costs of these
improvements, which have increased the value of the portfolio, have been
reflected by a similar increase in the related borrowings.
The performance of your Company will of course largely reflect that of the
economy as a whole and in particular the general economic sentiment, in that it
materially affects the fortunes of young companies. We continue to see a number
of potentially attractive investments but we remain cautious as to growth in the
short term.
In consequence your Board proposes that the final dividend be maintained at its
present level of 3.1p.
A P Stirling
29th April, 2003
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--------
GRESHAM HOUSE plc
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--------
PRELIMINARY FINAL STATEMENT
----------- ------- ------- ------ ----- ------------------ ---- ------ ------
--------
CONSOLIDATED STATEMENT OF TOTAL RETURN
for the Year ended 31st December, 2002
2002 2001
Revenue Capital Total Revenue Capital Total
#' 000 #' 000 #' 000 #' 000 #' 000 #' 000
Losses on Investments - (3,497) (3,497) - (2,270) (2,270)
Income:
Dividend and Interest Income 276 - 276 557 - 557
Rental Income 2,908 - 2,908 3,008 - 3,008
Other operating income 1,056 - 1,056 933 - 933
------- ------ ------ ------ ------ ------
4,240 (3,497) 743 4,498 (2,270) 2,228
Other expenses (1,767) (1,767) (1,019) - (1,019)
------- ------ ------ ------ ------ ------
Net return before finance costs and 2,473 (3,497) (1,024) 3,479 (2,270) 1,209
taxation
Interest payable and similar charges (1,450) - (1,450) (1,277) - (1,277)
------- ------ ------ ------ ------ ------
Return on ordinary activities before 1,023 (3,497) (2,474) 2,202 (2,270) (68)
taxation
Taxation - - - - -
------- ------ ------ ------ ------ ------
Return on ordinary activities after
taxation attributable to equity 1,023 (3,497) (2,474) 2,202 (2,270) (68)
shareholders
Dividend - Equity shares (141) - (141) (136) - (136)
------- ------ ------ ------ ------ ------
Transfer to 882 (3,497) (2,615) 2,066 (2,270) (204)
reserves ======= ====== ====== ====== ====== ======
Basic return per Ordinary Share 23.2p (79.5) p (56.3) p 50.8p (52.3)p (1.5)p
======= ====== ====== ====== ====== ======
Diluted return per Ordinary Share 21.6p (73.9)p (52.3)p 47.8p (49.3)p (1.5)p
======= ====== ====== ====== ====== ======
Statement of Total Recognised Gains and Losses
Group
2002 2001
#'000 #'000
Profit for the financial 1,023 2,202
year
Net movement on capital reserves (3,497) (2,270)
Revaluation of investment properties - 235
------ ------
Total net (losses) / gains recognised in the (2,474) 167
year ====== ======
Notes
(i) The revenue column of this statement is the consolidated profit and loss
account of the group.
(ii) In accordance with the Company's accounting policies the above figures take into account the results of
significant investments only to the extent of dividends received
amounting to #1,717 .
(iii) Dividends - Ordinary 2002 2001
shares:
#'000 #'000
- proposed final dividend of 3.1p per share (2001: 3.1p)
payable on 25th June, 2003 to shareholders on the register at 16th 141 136
May, 2003. ----- ------
(iv) The summary of results for the year ended 31st December, 2002 does not constitute statutory accounts
within the meaning of s240 of the Companies Act 1985. The full statutory accounts which will be available
to shareholders by 16th May, 2003 have not been reported on by the Company's auditors and have not been
delivered to the Registrar of Companies. Full accounts in respect of the year ended 31st December, 2001
have been delivered to the Registrar of Companies and the Auditor's Report on those accounts was
unqualified.
(v) Basic revenue and capital returns per ordinary share are based on the net revenue return on ordinary
activities before deduction of dividends of #1,023,000 (2001: #2,202,000) and on the net capital return
of #(3,497,000) (2001: #2,270,000) respectively, and on 4,396,526 (2001: 4,337,288) ordinary shares being
the weighted average number of those in issue
during the year.
The diluted revenue per ordinary share is based on the net revenue return on ordinary activities before
deduction of dividends of #1,023,000 (2001: #2,202,000) and on 4,729,490 (2001: 4,608,876) shares. The
number of shares is based upon the weighted average number of shares in issue during the year together
with 332,964 (2001: 271,588) shares deemed to have been issued at nil consideration pursuant to
(i) options outstanding and (ii) the maximum number of shares that can be issued under the terms of the
8% Secured Loan Stock issued by Gresham House Finance plc.
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-------
GRESHAM HOUSE plc
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-------
PRELIMINARY FINAL STATEMENT
------- ------- ------- ------ ----- ------------------ ------ ------ ------
-------
CONSOLIDATED BALANCE SHEET
as at 31st December, 2002
2002 2001
#'000 #'000
Investments
Securities 6,649 10,203
Properties 30,976 28,883
Tangible assets 382 406
------ ------
38,007 39,492
------ ------
Current assets 7,087 7,315
Creditors - amounts falling due
within one year (5,346) (3,771)
------ ------
-----
Net current assets 1,741 3,544
------ -----
-----
Total assets less current liabilities 39,748 43,036
Creditors - amounts falling due
after more than one year (17,860) (18,671)
Deferred income (245) (245)
------ ------
21,643 24,120
====== ------
------
Capital and reserves
Called up share capital 1,108 1,092
Share premium account 364 242
Other reserves
Revaluation reserve 8,064 8,064
Capital reserve - realised 22,403 22,875
Capital reserve - (57) 2,968
unrealised
Revenue reserves (10,239) (11,121)
------
------ ------
Equity shareholders' funds 21,643 24,120
====== ------
------
Basic Net Asset Value per ordinary share 488.3p 552.2p
====== ------
------
Diluted Net Asset Value per ordinary share 454.2p 519.9p
====== =====
Notes
Basic net asset value per ordinary share is based on the net assets at 31st December, 2002 of
#21,643,000 (2001: #24,120,000) and 4,432,700 (2001: 4,368,000) ordinary shares being the number of ordinary
shares in issue at the year end.
Diluted net asset value per ordinary share is based on the net assets at the year end of #21,643,000
(2001: #24,120,000) and 4,765,644 (2001: 4,639,589) ordinary shares. The number of shares is based upon the
number of shares in issue at the year end together with 332,964 (2001:271,588) shares deemed to have been
issued at nil consideration pursuant to (i) the options outstanding at the year end and (ii) the maximum
number of shares that can be issued under the terms of the 8% Secured Loan Stock issued by Gresham House
Finance plc in accordance with Financial Reporting Standard No. 14.
GRESHAM HOUSE plc
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-------
GRESHAM HOUSE plc
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-------
PRELIMINARY FINAL STATEMENT
------- ------- ------- ------ ----- ------------------ ------ ------ ------
-------
CONSOLIDATED CASH FLOW STATEMENT
for the Year ended 31st December, 2002
2002 2001
Notes #'000 #'000
Cashflow from operating activities
Investment income received 106 92
Interest received 166 464
Rental income received 3,479 2,742
Other cash (743) (656)
payments
----- ------
Net cash inflow from operating 1 3,008 2,642
activities ====== ======
Returns on investment and servicing of
finance
Interest paid on 2.5%
Secured
Redeemable Loan Stock, 2001 (6) (177)
Interest paid on 8% Secured
Redeemable Loan Stock, 2006 (243) -
Interest paid on property (1,183) (1,246)
loans
Net cash outflow from Investments
------ ------
and servicing of finance (1,432) (1,423)
====== ======
Capital expenditure and financial
investment
Sale of tangible fixed 10 63
assets
Purchase of investments (1,633) (6,244)
Sales of 1,690 2,426
investments
Net loans repaid 483 192
Purchase of investment properties (2,093) (1,477)
Government grants received - 245
Sale of investment - 560
properties
Purchase of developments in hand (822) (46)
Net cash outflow from
capital
------ ------
expenditure and financial (2,365) (4,281)
investment ====== ======
====== ======
Corporation tax paid - -
====== ======
Equity dividends paid (136) (64)
====== ======
Cash outflow before use of liquid
resources
and financing (925) (3,126)
====== ======
Management of liquid resources
Acquisition of listed securities held for (36) (181)
dealing
Financing
Repayment of loans (1,238) (6,367)
Receipt of loans 1,929 3,662
Share capital issued at par 138 19
------ ------
Net cash inflow/(outflow) from 829 (2,686)
financing ====== ======
Decrease in cash 3 (132) (5,993)
====== ======
GRESHAM HOUSE plc
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-------
PRELIMINARY FINAL STATEMENT
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-------
------- ------- ------- ------ -----
-------------------------- ------
-------
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
------- ------- ------- ------ ----- -------------------------- ------
-------
2002 2001
#'000 #'000
Issue of ordinary shares at 138 19
par
Retained profit for the 882 2,066
year
Revaluation - 235
surplus
Net movement on capital reserves (3,497) (2,270)
------ ------
(2,477) 50
Shareholders' funds at 1st January 24,120 24,070
------ ------
Shareholders' funds at 31st 21,643 24,120
December ====== ======
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year ended 31st December, 2002
1 Reconciliation of operating profit to operating
cash flows.
2002 2001
#'000 #'000
Return on ordinary
activities
before taxation 1,023 2,202
Interest 1,450 1,277
payable ------ ------
2,473 3,479
Depreciation 14 17
Loan provision charged /(written 4 (130)
back)
Adjustment on disposal of - (24)
subsidiary
(Decrease)/increase in debtors 467 (103)
Increase/(decrease) in 50 (597)
creditors
------ ------
Net cash flow from operating 3,008 2,642
activities ====== ======
2002 2001
#'000 #'000
2 Reconciliation of net cash flow to movement in
net debt
Decrease in cash for the year (132) (6,083)
Cash outflow from repayment of 1,238 6,457
debt
Cash inflow from loans (1,929) (3,662)
received
Cash outflow from
increase
in liquid 36 181
resources
------ ------
Change in net debt resulting from (787) (3,107)
cash flows
Net debt at 1st January (17,053) (13,946)
------ ------
Net debt at 31st (17,840) (17,053)
December ====== ======
GRESHAM HOUSE plc
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-------
GRESHAM HOUSE plc
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-------
PRELIMINARY FINAL STATEMENT
------- ------- ------- ------ ----- ------------------ ------ ------ ------
-------
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Cont'd
for the Year ended 31st December, 2002
3 Analysis of net debt
At 1st Cash Other At 31st
January flow non-cash December
2002 changes 2002
#'000 #'000 #'000 #'000
Cash in hand and at bank / 2,724 (132) 2,592
brokers
Debt due within one (1,416) (691) (811) (2,918)
year
Debt due after one year (18,671) - 811 (17,860)
------- ------ ------ ------
(20,087) (691) - (20,778)
Current asset 310 36 346
investments
------- ------ ------ ------
(17,053) (787) - (17,840)
======= ====== ====== ======
This information is provided by RNS
The company news service from the London Stock Exchange
END
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