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| Name | Symbol | Market | Type |
|---|---|---|---|
| Spdr DJ Wilshire Small Cap Value | NYSE:DSV | NYSE | Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 68.31 | 0 | 00:00:00 |
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RNS Number:7086S
Discovery Trust PLC
02 December 2003
To: RNS
Date: 2 December 2003
From: Discovery Trust plc
The Chairman, Sir James McKinnon, said:
I am pleased to report that the Company's net asset value per share rose by 37.8
per cent over the six months to 31 October 2003. The FTSE Fledgling (ex
Investment Companies) Index rose by 53.1 per cent, and the broader FTSE Small
Cap (ex Investment Companies) Index by 35.9 per cent.
Investment Management
The Board thoroughly reviewed the Company's investment management arrangements
in the first part of the year. That review gave rise to a number of positive
changes, in particular the Board approved the appointment of Robert Mitchell as
its Manager on 11 September 2003. The early indications on the effect of the
changes are encouraging.
The composition of the portfolio holdings has been changed and the number of
holdings has been increased to 65. These changes reflect both a heightened
awareness of risk and a more pragmatic approach to stock selection. The Manager
has also increased the Company's effective gearing, deploying the liquidity
maintained over recent years. This process continues and gearing stands at 7.5
per cent at 27 November 2003.
Earnings and Dividend
Earnings per share for the six months were 1.64 pence, compared with 1.28 pence
last year. As is customary, no interim dividend will be paid.
Shareholder value
The Company's share price rose by 43.8 per cent during the period, as the
discount to net asset value at which its ordinary shares trade narrowed from
27.4 to 24.3 per cent. The Board looks for this process to continue.
Outlook
For the first time in three years I am able to say that market conditions are
promising. It must be said that the smaller companies' market is reflecting some
reaction as investors take profits accrued during the strong run since Spring of
this year. However, corporate activity remains strong and there are interesting
investment opportunities available at this time.
I am cautiously optimistic as to the prospects for smaller companies in 2004,
and would look to see the Company make further progress on the back of a wider
recovery in equity markets.
For further information, please contact:
Robert Mitchell
ISIS Asset Management plc Tel: 0207 506 1100
Martin Cassels
ISIS Asset Management plc Tel: 0131 465 1000
Statement of Total Return (Unaudited)
Six months to 31 October 2003
Revenue Capital Total
# '000 #'000 #'000
Gains on investments - 9,894 9,894
Income 605 - 605
Investment management fee (71) (132) (203)
Other expenses (83) - (83)
_____ _____ _____
Net return before finance costs and tax 451 9,762 10,213
Interest payable (69) (129) (198)
_____ _____ _____
Return on ordinary activities before tax 382 9,633 10,015
Tax on ordinary activities - - -
_____ _____ _____
Return attributable to equity shareholders 382 9,633 10,015
Dividends in respect of equity shares - - -
_____ _____ _____
Transfer to/(from) reserves 382 9,633 10,015
_____ _____ _____
Return per ordinary share:
Basic 1.64p 41.29p 42.93p
Statement of Total Return (Unaudited)
Six months to 31 October 2002
Revenue Capital Total
# '000 #'000 #'000
Losses on investments - (11,821) (11,821)
Income 575 - 575
Investment management fee (80) (149) (229)
Other expenses (102) - (102)
_____ _____ _____
Net return before finance costs and tax 393 (11,970) (11,577)
Interest payable (68) (127) (195)
_____ _____ _____
Return on ordinary activities before tax 325 (12,097) (11,772)
Tax on ordinary activities (25) 25 -
_____ _____ _____
Return attributable to equity shareholders 300 (12,072) (11,772)
Dividends in respect of equity shares - - -
_____ _____ _____
Transfer to/(from) reserves 300 (12,072) (11,772)
_____ _____ _____
Return per ordinary share:
Basic 1.28p (51.47p) (50.19p)
Statement of Total Return (Unaudited)
Year to 30 April 2003
Revenue Capital Total
# '000 #'000 #'000
Losses on investments - (10,789) (10,789)
Income 1,104 - 1,104
Investment management fee (144) (267) (411)
Other expenses (220) - (220)
_____ _____ _____
Net return before finance costs and tax 740 (11,056) (10,316)
Interest payable (136) (253) (389)
_____ _____ _____
Return on ordinary activities before tax 604 (11,309) (10,705)
Tax on ordinary activities (50) 50 -
_____ _____ _____
Return attributable to equity shareholders 554 (11,259) (10,705)
Dividends in respect of equity shares (537) - (537)
_____ _____ _____
Transfer to/(from) reserves 17 (11,259) (11,242)
_____ _____ _____
Return per ordinary share:
Basic 2.37p (48.13p) (45.76p)
Group Balance Sheet (Unaudited)
As at As at As at
31/10/03 31/10/02 30/4/03
#'000 #'000 #'000
Fixed Assets
Investments 42,076 23,795 30,226
Current assets
Debtors 239 148 330
Cash at bank and on deposit 991 7,464 1,653
_____ _____ _____
1,230 7,612 1,983
Creditors: amounts falling due within one year (1,785) (431) (703)
_____ _____ _____
Net current (liabilities)/assets (555) 7,181 1,280
_____ _____ _____
Total assets less current liabilities 41,521 30,976 31,506
_____ _____ _____
Creditors: amounts falling due after more than one year (5,000) (5,000) (5,000)
_____ _____ _____
Net assets 36,521 25,976 26,506
_____ _____ _____
Capital and reserves
Called-up share capital 5,832 5,832 5,832
Share premium account 4,568 19,568 4,568
Other reserves -
Capital reserve - realised 8,155 18,025 12,396
- unrealised 1,416 (18,900) (12,458)
Capital redemption reserve 891 891 891
Special distributable reserve 15,000 - 15,000
Revenue reserve 659 560 277
_____ _____ _____
Equity Shareholders' funds 36,521 25,976 26,506
_____ _____ _____
Net asset value per share
Ordinary 156.56p 111.35p 113.63p
Group Consolidated Cash Flow Statement (Unaudited)
Six months to Six months to Year to
31 October 31 October 30 April
2003 2002 2003
#'000 #'000 #'000
Net cash inflow from operating activities 393 314 354
Servicing of finance (195) (193) (392)
Taxation - - -
Capital expenditure and financial investment (323) 4,737 (915)
Equity dividends paid (537) (402) (402)
--------- --------- ---------
Net cash (outflow)/inflow before financing (662) 4,456 (1,355)
Financing - 791 791
--------- --------- ---------
(Decrease)/increase in cash (662) 5,247 (564)
===== ===== =====
Reconciliation of net cash flow to movement in net (debt)/funds
Movement in net (debt)/funds (662) 5,247 (564)
Net debt at 1 May (3,347) (2,783) (2,783)
--------- --------- ---------
Net (debt)/funds at 31 October/30 April (4,009) 2,464 (3,347)
===== ===== =====
Reconciliation of operating profit to net cash flow from
operating activities
Net return before finance costs and taxation 451 393 740
Management fee charged to capital (132) (149) (267)
Changes in working capital and other non-cash items 74 70 (119)
--------- --------- ---------
Net cash inflow from operating activities 393 314 354
--------- --------- ---------
Notes
1. The revenue column of the statement of total return is the revenue account of
the Group. The unaudited interim results have been prepared on the basis of
the accounting policies set out in the statutory accounts of the Group for
the year ended 30 April 2003.
2. Earnings for the first six months should not be taken as a guide to the
results for the full year.
3. The basic return per ordinary share is based on a weighted average of
23,327,372 ordinary shares in issue during the period (2002 - 23,454,546).
4. There were 23,327,372 ordinary shares in issue at 31 October 2003 (2002 -
23,327,372).
5. In accordance with the Statement of Recommended Practice 'Financial
Statements of Investment Trust Companies' published by the Association of
Investment Trust Companies in January 2003, the corporation tax charge has
been calculated on the marginal basis. This is a change from the previous
basis and has had the effect of increasing the net revenue return for the
six months ended 31 October 2003 by #36,000 and decreasing the capital
return by the same amount.
6. The Group results consolidate those of Columbus Dealing Company, a
wholly-owned subsidiary which deals in securities.
7. These are not statutory accounts in terms of Section 240 of the Companies Act
1985 and are unaudited. Statutory accounts for the year to 30 April 2003,
which were unqualified, have been lodged with the Registrar of Companies. No
statutory accounts in respect of any period after 30 April 2003 have been
reported on by the Company's auditors or delivered to the Registrar of
Companies.
8. Copies of the Interim Report, which has been reviewed by the Company's
auditors, will shortly be mailed to shareholders and will be available for
inspection at the Registered Office of the Company at 80 George Street,
Edinburgh EH2 3BU.
Managed by ISIS Asset Management plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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