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RNS Number:3507S
Schroder UK Mid & Small Cap Fd PLC
21 November 2003
Press Release
21 November 2003
Schroder UK Mid and Small Cap Fund plc
Unaudited Preliminary Results For The Year Ended 30 September 2003
The Directors of Schroder UK Mid and Small Cap Fund plc announce the unaudited
preliminary results for the year ended 30 September 2003:
Statement of Total Return Year ended Year ended
30 September 2003 30 September 2002
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Gains/(losses) on investments - 7,777 7,777 - (16,078) (16,078)
Income 255 - 255 333 - 333
Investment management fees (28) (255) (283) (37) (329) (366)
Administrative expenses (305) (155) (460) (448) - (448)
Net (deficit)/return before (78) 7,367 7,289 (152) (16,407) (16,559)
finance costs and taxation
Interest payable (3) (31) (34) (12) (106) (118)
(Deficit)/return on ordinary (81) 7,336 7,255 (164) (16,513) (16,677)
activities before taxation
Taxation on ordinary activities - - - - - -
(Deficit)/return on ordinary (81) 7,336 7,255 (164) (16,513) (16,677)
activities after taxation
attributable to equity shareholders
Dividends - - - - - -
Transfer (from)/to reserves (81) 7,336 7,255 (164) (16,513) (16,677)
Return per ordinary share (0.3)p 27.1p 26.8p (0.6)p (62.4)p (63.0)p
Summary Balance Sheet 30 September 2003 30 September 2002
Assets #'000 #'000
Investments 31,080 23,161
Borrowings (981) -
Other net current assets/(liabilities) 409 92
Net assets 30,508 23,253
Shareholders' funds 30,508 23,253
Net asset value per share 112.5p 85.7p
Abridged Cash Flow Statement Year ended Year ended
30 September 2003 30 September 2002
#'000 #'000
Net cash (outflow)/inflow from operating activities (458) 48
Total interest paid (31) (148)
Net cash outflow from financial investment (981) (467)
Equity dividends paid - (511)
Net cash inflow from financing 981 745
Net cash outflow (489) (333)
Reconciliation of net cash flow to Year ended Year ended
movement in net funds 30 September 2003 30 September 2002
#'000 #'000
Net cash outflow (489) (333)
Loan and overdraft movements (981) 3,000
Change in net debt (1,470) 2,667
Net funds/(debt) brought forward 489 (2,178)
Net (debt)/funds carried forward (981) 489
The above financial information is unaudited and does not constitute statutory
accounts under Section 240 of the Companies Act 1985 (as amended). Statutory
accounts for the financial year ended 30 September 2002 have been reported on by
the Company's auditors and delivered to the Registrar of Companies. The report
of the auditors was unqualified and did not contain a statement under Section
237(2) or (3) of the Companies Act 1985.
The statutory accounts for the year ended 30 September 2003 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.
This announcement is prepared on the basis of the accounting policies as set out
in the most recent published set of annual financial statements.
This statement was approved by the Board of Directors on 21 November 2003.
CHAIRMAN'S STATEMENT
Background
The year under review has seen significant change for the Company. As indicated
in my statement in the interim report earlier this year, the Board decided to
bring forward its review of proposals to enhance shareholder value as previously
announced in December 2002. Following this review, the Board decided to appoint
Schroder Investment Management Limited as the new Investment Manager with effect
from 1 May 2003.
During the last 6 months of the year the new Manager has begun the process of
realignment of the portfolio towards a mid and small cap focus. However, the
realignment of the portfolio, previously anticipated to take place before the
end of September 2003, was deliberately slowed down to capture the rally in
technology stocks. It is anticipated that the realignment of the portfolio will
be substantially complete before the end of the calendar year.
Performance
Stock markets were extremely volatile and difficult to predict during the first
half of the year ended 30 September 2003. However, market sentiment subsequently
improved and the modest decrease in net asset value reported for the first half
was offset by a significant rally during the second half of the year.
During the year, the Company's net asset value increased by 31.2% compared to a
33.3% increase in our new benchmark, the FTSE All-Share, ex Investment
Companies, ex FTSE100 Total Return Index, over the same period.
During the year under review, the share price has undergone a re-rating by the
market. The discount has narrowed from 28.8% at the end of September 2002 to
5.8% at the end of September 2003. A combination of the increase in net assets
and this re-rating have resulted in an increase of 73.8% in the share price
during the year under review.
Dividends
As in the previous year, the yields from the portfolio have been relatively low
and the Company has incurred a revenue deficit. The Directors are not therefore
recommending the payment of a final dividend for the year ended 30 September
2003. Although dividends are not expected to form a significant part of the
total return to shareholders, the yield on the portfolio is expected to increase
once the realignment of the portfolio has been completed. Dividends might need
to be paid to ensure that the Company continues to satisfy the conditions to
continue to qualify as an investment trust.
Corporate Governance
Two significant governance codes were published in the summer. The first,
published by the Financial Reporting Council, will form the new Combined Code
and will apply to all UK listed companies, for accounting periods beginning on
or after 1 November 2003. The Association of Investment Trust Companies'
("AITC") Code of Corporate Governance, published in July, applies to AITC member
companies.
In addition, new UKLA listing rules for investment companies were published in
October 2003. In the light of amendments to the UKLA Listing Rules which came
into force on 1 November 2003, the Company announced on 30 October 2003 that for
the purposes of new Listing Rule 21.9(l) its investment policy is to invest no
more than 15 per cent. of its gross assets in other listed investment companies
(including listed investment trusts).
These codes and regulations will together create a new governance environment
for investment trusts, and the Board has commenced a review of all aspects of
corporate governance.
Purchase of Shares for Cancellation
At the Company's last Annual General Meeting on 29 January 2003, the Company was
given the authority to purchase up to 14.99% of the Company's issued share
capital for cancellation. The share buy-back facility is one of a number of
tools that may be used to enhance shareholder value. During the year ended 30
September 2003, the Directors adopted other measures to enhance shareholder
value and have not utilised the authority given to them and no purchases were
made for cancellation.
The Board continues to consider whether purchases should be made on a regular
basis, and therefore proposes that the authority be renewed at the forthcoming
Annual General Meeting.
Annual General Meeting
The Annual General Meeting will be held at 12.00 noon on Monday 26 January 2004,
and shareholders are encouraged to attend. The meeting will include a
presentation by the Investment Manager on the prospects for the UK market and
the Company's investment strategy.
Outlook
Progress has been made during the year under review. Sentiment has improved and
stock markets around the world have rallied strongly since the spring as
investors have grown more confident of a global economic recovery led by the US.
We believe that, in Schroders, we have a first class manager with a proven track
record in investment in the mid and small cap sectors. The enhanced rating for
the Company's shares, as demonstrated by the narrowing of the discount, has been
significant and the Board continues to hope that the change in direction will
offer the prospect of improved returns.
Professor P K Timms, CBE
Chairman
The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in December 2003 and copies of the Annual Report and
Accounts will be available to the public at the Company's registered office: 31
Gresham Street, London, EC2V 7QA.
Enquiries:
Schroder Investment Management Limited
John Spedding (020 7658 3206)
21 November 2003
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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