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Share Name | Share Symbol | Market | Type |
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Invicta Corp. | AMEX:IVI | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
INVESCO Income Growth Trust plc Unaudited Preliminary Announcement of Interim Results For the six months to 30 September 2003 Chairman's Statement Performance Following a significant fall during the early part of 2003, the UK stockmarket has recovered during the period under review. Global equity markets bounced sharply following the fall of the regime in Iraq, and have continued to rally over the summer. This increase has been supported by a recovery in US economic data and an improvement in corporate earnings. In the UK, meanwhile, we have seen continued firmness in consumer spending and further increases in house prices. Against this background it is pleasing to note that your Company has outperformed its benchmark index. The total return (comprising the movement in the Net Asset Value plus net dividends reinvested) was +26.8% compared with that of 19.0% for the FTSE Actuaries All Share Index. It is further pleasing to note that, for the period from 30 September 2003 to the time of writing on 10 December 2003, the total return was +8.4% compared with +7.2% for the FTSE Actuaries All Share Index. Market Background Following the ending of hostilities in Iraq, investors' attention once again focussed upon the outlook for the global economy and the US in particular. The prospect of subdued growth, has led central banks to reduce interest rates to their lowest levels for many years. In the UK, concerns over the economy led to the Bank of England's Monetary Policy Committee to reduce rates by 0.25% to 3.5% in July, the lowest rate for over 40 years. This cut gave a further boost to consumer spending, and supported the already buoyant housing market. The economy has also been strengthened by a significant increase in Government spending, particularly in areas such as health, education and housing. As a result, although the economy is expected to grow below trend this year, the outlook is much more positive. In November 2003, the Bank of England Monetary Committee responded to this, more positive outlook, by increasing interest rates by 0.25%. In terms of the stockmarket, this increased optimism has renewed investors' enthusiasm for `recovery' stocks, and economically sensitive areas of the market. As a result, cyclical sectors such as Steel and Other Metals, Mining and Construction have appreciated the most, while `defensive' sectors such as Tobacco, Food Manufacturing and Pharmaceuticals have lost ground. With investors also becoming less risk averse, the period has also been characterised by significant outperformance from the Technology sector and from "mid" and "smaller cap" stocks. Gearing The Board continues to monitor the Company's level of gearing which, when prudently used, should enhance the return to shareholders. During the period under review, borrowings decreased from £10,430,000 at the year-end to £ 8,425,000 at 30 September 2003. At close of business on 10 December 2003 the actual gearing had decreased to £5,000,000. Dividend The Board has declared an increased interim dividend of 2.0p (2002: 1.9p) per share in respect of the six months to 30 September 2003. The dividend is payable on 19 December 2003 to shareholders registered at the close of business on 21 November 2003. The Board currently anticipates that the final ordinary dividend for the year ending 31 March 2004 will at least be maintained at last year's level (2003: 2.7p). John J. McLachlan Chairman 15 December 2003 Performance Statistics At30 At 31 % September March 2003 2003 Change Capital Return Total net assets (£'000) 82,237 65,971 +24.7 Net asset value per ordinary share Basic 147.0p 117.9p +24.7 Fully diluted 147.4p 119.1p +23.8 Mid-market price per ordinary 135.5p 108.5p +24.9 share Discount per ordinary share 7.8% 8.0% Mid-market price of the CULS 96.5p 98.0p -1.5 Potential gearing 121 126 Actual gearing 113 119 Six months Six months ended ended 30September 30 September 2003 2002 Total Return Net asset value (£'000) (includes net dividends reinvested) - including proceeds from +26.8 -22.8 reconstruction - excluding proceeds from +26.8 -25.8 reconstruction FTSE-Actuaries All-Share Index +19.0 -28.4 Source: Datastream Revenue Net revenue after tax (£'000) 1,512 1,562 -3.2 Revenue return per ordinary 2.70p 2.90p -6.9 share Dividends per ordinary share - Interim 2.0p 1.90p +5.3 - Special - 0.50p Statement of Total Return (Incorporating the Revenue Account) Six months to 30 September 2003 (Unaudited) Revenue Capital Total £'000 £'000 £'000 Gains/(Losses) on investments - - (3,317) (3,317) realised - unrealised - 19,586 19,586 Income UK dividends 1,853 - 1,853 Deposit interest 3 - 3 Investment management fee - note 1 (118) (239) (357) Other expenses (148) - (148) Net return before finance costs and taxation 1,590 16,030 17,620 Interest payable and similar charges - note 1 (78) (157) (235) Return on ordinary activities before tax 1,512 15,873 17,385 Tax on ordinary activities - - - Return on ordinary activities after tax for the financial period (attributable to equity shareholders) 1,512 15,873 17,385 Dividends in respect of equity shares - note 2 (1,119) - (1,119) Transfer to/(from) reserves 393 15,873 16,266 Return per ordinary share - note 3 2.70p 28.38p 31.08p The Revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. Statement of Total Return (Incorporating the Revenue Account) Year ended 31 March Six months to 30 2003 September 2002 (Unaudited) (Audited) Revenue Capital Total Total £'000 £'000 £'000 £'000 Losses on investments - - (2,663) (2,663) (9,103) realised - unrealised - (27,633) (27,633) (28,428) Income UK dividends 1,912 - 1,912 3,781 UK unfranked investment - - - - income Deposit interest 2 - 2 4 Investment management fee - (129) (263) (392) (730) note 1 Other expenses (135) (10) (145) (272) Net return before finance costs and taxation 1,650 (30,569) (28,919) (34,748) Interest payable and similar charges - note 1 (88) (171) (259) (565) Return on ordinary activities before tax 1,562 (30,740) (29,178) (35,313) Tax on ordinary activities - - - - Return on ordinary activities after tax for the financial period (attributable to equity shareholders) 1,562 (30,740) (29,178) (35,313) Dividends in respect of equity shares - note 2 (1,288) - (1,288) (2,798) Transfer to/(from) reserves 274 (30,740) (30,466) (38,111) Return per ordinary share - 2.90p (57.07)p (54.17)p (64.33)p note 3 Balance Sheet 30 31 March 30 September September 2003 2003 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Fixed Assets Investments 92,860 79,777 87,017 Current assets Amounts due from brokers 831 477 264 Prepayments and accrued 645 1,076 770 income Cash at bank 11 102 9 1,487 1,655 1,043 Creditors: amounts falling due within one year Bank overdraft and 3,425 5,430 5,675 short-term loans Amounts due to brokers - 964 - Proposed dividends 1,119 1,510 1,288 Accruals and deferred income 117 103 85 Interest on loans 83 88 31 4,744 8,095 7,079 Net current liabilities (3,257) 6,440 6,036 Total assets less current 89,603 73,337 80,981 liabilities Creditors: amounts falling due after more than one year Bank loan 5,000 5,000 5,000 4.75% Convertible Unsecured Loan Stock 2009 2,366 2,366 2,366 Total net assets 82,237 65,971 73,615 Capital and reserves Called-up share capital - note 13,984 13,984 13,984 4 Share premium account 23,200 23,200 23,200 Other reserve Capital redemption reserve 50 50 50 Special reserve share 19,728 19,728 19,728 buy-back Capital reserve - realised 20,936 24,649 31,025 Capital reserve - unrealised 1,260 (18,326) (17,038) Revenue reserve 3,079 2,686 2,666 Equity Shareholders' funds 82,237 65,971 73,615 Net asset value per ordinary 147.0p 117.9p 131.6p share - note 4 Cash Flow Statement Six months Year to Six months to to 30 31 March 30 September September 2003 2003 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Cash flow from operating 1,796 2,805 1,687 activities Servicing of finance (241) (504) (255) Taxation - - - Capital expenditure and financial investment Purchase of investments (14,037) (32,316) (15,450) Investments received from INVESCO Convertible Trust - - (2,107) plc Sale of investments 15,906 27,447 11,932 Equity dividends paid (1,510) (2,736) (1,448) Net cash (outflow)/inflow before management of liquid resources and 1,914 (5,304) (5,641) financing Management of liquid resources - Cash recalled from - 2,700 - short-term deposits Financing Movement in debt (2,005) 1,560 865 Cash and time deposits received from INVESCO Convertible Trust - - 3,639 plc (Decrease)/increase in cash (91) (1,044) (1,137) in the period Cash (inflow)/outflow from 2,005 (2,986) (3,231) (increase)/decrease in debt Movement in net (debt)/funds 1,914 (4,030) (4,368) in the period Net debt at beginning of (12,694) (8,664) (8,664) period Net debt at end of period (10,780) (12,694) (13,032) Reconciliation of Operating Profit to Operating Cash Flows Six months Year to Six months to to 30 31 March 30 September September 2003 2003 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Net revenue before finance 1,590 3,282 1,650 costs and tax Decrease/(increase) in debtors 431 68 374 Decrease in creditors 14 (46) (64) Investment management fee (239) (489) (263) charged to capital Other expenses charged to - (10) (10) capital Net cash inflow from operating 1,796 2,805 1,687 activities Reconciliation of Movement in Shareholders' Funds Six months Year to Six months to to 30 31 March 30 September September 2003 2003 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Net revenue retained for the 393 294 274 period Capital return for the period 15,873 (38,405) (30,740) Proceeds from issue of shares - 3,381 3,380 Net movement in Shareholders' 16,266 (34,730) (27,086) funds Opening Shareholders' funds 65,971 100,701 100,701 Closing Shareholders' funds 82,237 65,971 73,615 Notes to the interim accounts 1. Investment management fees and interest payable on borrowings are allocated 67% to capital reserve and 33% to revenue reserve. 2. The Directors have declared an interim dividend of 2.0p (2002: 1.9p plus a special dividend of 0.5p) per ordinary share in respect of the six months ending 30 September 2003 payable on 19 December 2003 to ordinary shareholders registered on 21 November 2003. 3. Basic revenue return per ordinary share is based on the net revenue on ordinary activities after taxation and on 55,935,724 (31 March 2003: 54,897,476; 30 September 2002: 53,866,067) ordinary shares, being the weighted average number of shares in issue during the period. Basic capital return per ordinary share is based on net capital gains on ordinary activities after taxation and on 55,935,724 (31 March 2003: 54,897,476; 30 September 2002: 53,866,067) ordinary shares, being the weighted average number of shares in issue during the period. 4. The net asset value per ordinary share of 25p has been calculated on 55,935,724 (31 March 2003: 55,935,724; 30 September 2002: 55,935,724) ordinary shares in issue. 5. The financial information for the period to 30 September 2003 has been prepared on the basis consistent with the accounting policies adopted by the Company in its statutory accounts for the year ended 31 March 2003. 6. The foregoing financial information at 31 March 2003 is an abridged version of the Company's full accounts which carry an unqualified Auditors' Report and which have been filed with the Registrar of Companies. By order of the Board INVESCO Asset Management Limited Secretaries 15 December 2003 END
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