![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Admiral Group | TG:FLN | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.30 | 31.06 | 31.50 | 0.00 | 07:35:48 |
The issuer advises that the following replaces the Final Results announcement released yesterday at 17.27 under PR Newswire reference ID PRNUK-1111031725-844F. The record date at the end of the first paragraph of the Chairman's Report should have read 21 November 2003 and not 14 November 2003. All other details remain unchanged and the full amended text appears below. FALCON INVESTMENT TRUST PLC PRELIMINARY ANNOUNCEMENT OF AUDITED ANNUAL RESULTS The Directors announce the audited statement of results for the year to 30 September 2003 as follows: John Moxon, Chairman of Falcon Investment Trust PLC, commented: During the period under review, the Company's net asset value ("NAV") appreciated by 22.1% to 94.12p. The Company's benchmark, the Hoare Govett Smaller Companies Index (excluding Investment Companies), increased by 30.4% and the FTSE All Share Index rose by 12.6%. The company generated income of £ 1.283m and revenue after taxation of £0.850m. The Directors recommend a final dividend of 2.4p, payable on 31 January 2004 to Shareholders on the register as at 21 November 2003. Stock Market conditions remained extremely testing during the Company's financial year. The deteriorating situation in Iraq weighed heavily on sentiment, delayed recovery and led to increased share price volatility. Share prices recovered during the second half of the period under review and it appears that investors are now more willing to extend their investment time horizons. Even so, economic conditions are likely to remain challenging and UK interest rates look set to rise further. As explained in the Manager's overview, the Company's investment portfolio has little exposure to the debt-driven sectors of the economy that have been the beneficiaries of an unprecedented consumer boom. This spend, spend, spend mentality has been fuelled by increasingly high levels of personal borrowings and record levels of mortgage equity withdrawal. In a period of rising interest rates and increasing personal taxation the Board do not believe that this situation is sustainable. During the period the Company purchased 4,050,000 Ordinary shares for cancellation at a total cost of £2,509,000 (including expenses) at an average price of 61.9p. As at 30 September 2003, £5.408 million of the Company's £10 million borrowing facility was utilised, reflecting a reasonably cautious approach and providing flexibility to increase the Company's equity exposure should suitable investment opportunities arise in the coming months. MANAGER'S OVERVIEW At the time of the last annual report we believed that share price valuations offered considerable scope for improvement. Notwithstanding the destabilising effects of war in Iraq and other geopolitical uncertainties, our belief that it would be possible to make positive progress in the year under review was justified. It is disappointing to report that this progress has not matched the growth in the Company's benchmark. However, we believe that our contrarian stance and the greater number of investment opportunities that have arisen as the Stock Market has stabilised has provided a solid foundation from which strong relative out-performance can be achieved. We continue to believe that our commitment to the industrial and business services sectors of the market will benefit from a cyclical improvement in demand and that the profitability of many of the companies within the portfolio will improve significantly. As mentioned at the interim stage, we have been seriously concerned about the sustainability of growth in consumer expenditure and the excesses of the investment led boom in the commercial and residential property markets. This prompted us to sell our investments in consumer sensitive companies such as Wolverhampton & Dudley, Findel and Vardy (Reg) and our property related exposure via Mowlem, Marshalls and Heywood Williams Group. In the second half of the financial year we sold our investments in Securicor, DS Smith and ebookers and reduced our exposure to Pendragon. Our choice of new investment opportunities has increased greatly in recent months as sentiment has improved and more companies have become eligible for inclusion in the portfolio. Our investment universe, which had included a number of relatively uninspiring companies when the Stock Market was depressed, has been refreshed by more dynamic growth companies at the lower end of our market capitalisation range. New investments have been made in McBride, ISIS Asset Management, BSS Group, Incepta, Liontrust, Informa and ITNET. Although the economic environment remains challenging we believe that the recent recovery in Stock Markets is not without foundation. There is encouraging evidence to support our view that a cyclical recovery in the industrial and business services sectors is underway. There has been a significant improvement in the trading environment for recruitment shares, where industry statistics confirm that activity has increased in recent months. Prospects for the electronics sector also appear to be improving as industry begins to invest in inventory for the next cycle. As confidence in the trading outlook for companies that have been de-rated improves we would expect corporate activity to play a major role in unlocking value in the market. Peter Webb Unicorn Asset Management Limited STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account*) of the Company 1 October 2002 to 24 August 2001 to 30 September 2003 30 September 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains/(losses) on - 5,595 5,595 - (8,104) (8,104) investments Dividends and interest 1,283 - 1,283 1,477 - 1,477 Investment management (192) (193) (385) (228) (227) (455) fee Other expenses (186) - (186) (181) - (181) Net return on ordinary 905 5,402 6,307 1,068 (8,331) (7,263) activities before finance costs and taxation Interest payable and (55) (55) (110) (77) (78) (155) similar charges Return on ordinary 850 5,347 6,197 991 (8,409) (7,418) activities before and after taxation Dividend proposed (841) - (841) (977) - (977) Transfer to/(from) 9 5,347 5,356 14 (8,409) (8,395) reserves pence pence pence pence pence pence Return per Ordinary 2.26 14.24 16.50 2.55 (21.61) (19.06) share *The revenue column of this statement is the revenue account of the Company. The accounts have been prepared on the basis of the accounting policies at the previous period end. All revenue and capital items in the above statement derive from continuing operations. BALANCE SHEET As at 30 September As at 30 September 2003 2002 £'000 £'000 (audited) (audited) Fixed assets Investments 39,132 31,239 Current assets Debtors 170 213 Cash at bank 12 17 182 230 Creditors - amounts falling due (6,343) (1,342) within one year Net current liabilities (6,161) (1,112) Net assets 32,971 30,127 Represented by Share capital 350 391 Capital redemption reserve 41 - Special reserve 35,619 38,131 Capital reserve - realised (3,930) (392) - unrealised 868 (8,017) Revenue reserve 23 14 Shareholder' funds - equity 32,971 30,127 interests pence pence Net asset value per Ordinary share 94.12 77.09 SUMMARISED STATEMENT OF CASH FLOWS 1 October 2002 24 August 2001 to 30 September 2003 to 30 September 2002 Net cash inflow from operating 765 705 activities Net cash outflow from servicing of (117) (141) finance Capital expenditure and financial investment Purchases of investments (23,593) (55,664) Sales of investments 21,295 16,321 Net cash outflow from capital (2,298) (39,343) expenditure and financial investment Equity dividends paid (977) - Net cash outflow before financing (2,627) (38,779) Financing Gross proceeds of share issue - 39,200 Share issue expenses paid (3) (678) Purchase of shares for cancellation (2,509) - Net cash (outflow)/inflow from (2,512) 38,522 financing Decrease in cash (5,139) (257) NOTES 1 The Company was incorporated on 24 August 2001 and commenced operations on 31 October 2001. 2 The audited financial information set out above does not constitute the Company's statutory accounts as defined in section 240 of the Companies Act 1985. Statutory accounts for the period ended 30 September 2002 have been delivered to the Registrar of Companies. The Auditors have reported on those accounts; their report was unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act 1985. The statement of total return, balance sheet and summarised statement of cashflows have been prepared using the accounting standards and policies adopted at 30 September 2002. Statutory accounts for the year ended 30 September 2003 will be filed with the Registrar of Companies following the Company's Annual General Meeting. 3 The Directors recommend the payment of a final dividend of 2.4p per share, payable on 31 January 2004, to the holders on the Register as at 21 November 2003. 4 The revenue and capital return per Ordinary share is based on earnings of £850,000 (2002: £991,000) and net capital gains of £5,347,000 (2002: losses £8,409,000) respectively, and on 37,559,568 (2002: 38,907,451) Ordinary shares being the weighted average number of Ordinary shares in issue during the year. 5 An amount of £248,000 (2002: £305,000) has been charged to capital in respect of management fees and finance costs in accordance with the Company's accounting policy. 6 It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company set out in section 842 of the Income and Corporation Taxes Act 1988. J Moxon Chairman 11 November 2003 END
1 Year Admiral Chart |
1 Month Admiral Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions