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| 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 | 31.08 | 31.54 | 0.00 | 11:27:06 |
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FALCON INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
The Directors announce the unaudited statement of interim results for the six
months to 31 March 2003.
Manager's Overview
During the period under review, the Company's net asset value has fallen 12.96%
to 67.1p. The benchmark Hoare Govett Smaller Companies Index (excluding
investment companies) has fallen 6.74%. Whilst in the short term our contrarian
investment style has not delivered the results that we would like, we are
confident that performance will improve when market conditions stabilise.
There have been a number of changes to the portfolio and we have disposed of
our investments in a number of companies. Recent indicators have served to
confirm our concerns about the sustainability of growth in consumer expenditure
and we have therefore sold our investments in Findel, Vardy (Reg) and
Wolverhampton & Dudley. We also believe that investment led boom in the UK
Property Sector is set to falter as oversupply and weakening tenant demand
combine to squeeze returns. The UK housing market has experienced strong growth
financed by ever increasing consumer debt. We doubt that the present buoyant
conditions are sustainable in the longer term. We have therefore sold our
investments in Mowlem, Marshalls and Heywood Williams Group.
We remain committed to the industrial and business services sectors of the
economy, where after almost three years of falling demand, market conditions
are stabilising. The process of re-basing many businesses to a scale where they
can deliver profitability has been challenging. However, as a result of the
failure of many companies in these sectors to deliver satisfactory returns on
capital, share price valuations have been destroyed. Investors must not forget
that the price paid for a share of a company's future earnings is a critical
factor in determining the ultimate investment return. We believe that a
cyclical improvement in demand will lead to significant improvements in the
profitability of a number of companies within our portfolio. Our significant
investment in the waste management sector shows signs of paying-off with
corporate activity on the agenda.
New investment opportunities have been difficult to find and we look forward to
the time when more companies grow to become eligible for inclusion in our
portfolio. To date, investment opportunities have been identified from a
relatively stable pool of companies with market capitalisations between £150m
and £1billion. New entrants tend to be larger companies that have disappointed
and where prospects may be far from bright!
Directors continue to purchase shares in the businesses they manage and
sustained share buy-back activity indicates that "insiders" believe that share
price falls in many sectors of the economy are overdone.
In a low inflationary, low growth environment we believe that large companies
will seek to acquire smaller companies to enhance their scale and
profitability. The Stock Market has never in our experience valued smaller
companies so cheaply relative to their larger company counterparts. This
disparity is plainly evident in the industrial and service sectors of the
economy. Corporate activity seems to be the most likely catalyst for an
improvement in the performance of the smaller companies sector in the months
ahead.
Peter Webb
Unicorn Asset Management Limited
STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account*) of the Company
Six months to Period 24 August 2001 to
31 March 2003 31 March 2002
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on - (4,201) (4,201) - 4,397 4,397
investments
Dividends and interest 395 - 395 587 - 587
Investment management fee (84) (84) (168) (99) (98) (197)
Other expenses (95) - (95) (95) - (95)
Net return on ordinary 216 (4,285) (4,069) 393 4,299 4,692
activities
before finance costs and
taxation
Interest payable and (11) (11) (22) - - -
similar charges
Return on ordinary 205 (4,296) (4,091) 393 4,299 4,692
activities before
taxation
Taxation on ordinary - - - (10) 10 -
activities
Return on ordinary 205 (4,296) (4,091) 383 4,309 4,692
activities after taxation
pence pence pence pence pence pence
Return per Ordinary share 0.53 (11.05) (10.52) 0.99 11.13 12.12
*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 set out
in the accounts for the period ended 30 September 2002, which have been
delivered to the Registrar of Companies.
SUMMARISED BALANCE SHEET
As at 31 March As at 30 As at 31 March
September 2002
2003 2002
£'000 £'000 £'000
(unaudited) (audited) (unaudited)
Investments at market 27,777 31,239 42,161
value
Net current (liabilities) (3,125) (1,112) 1,024
/assets
Total net assets 24,652 30,127 43,185
Less: current period (205) - (383)
revenue
Total net assets for the 24,447 30,127 42,802
purpose of calculating
net asset values
pence pence pence
Net asset value per 67.10 77.09 109.52
Ordinary share at 31
March 2003 values
SUMMARISED STATEMENT OF CASH FLOWS
Six months to Period 24 August
2001
31 March 2003
to 31 March 2002
£'000 £'000
Net cash inflow from operating 134 149
activities
Servicing of finance
Interest paid (29) -
Net cash outflow from servicing of (29) -
finance
Capital expenditure and financial
investment
Purchases of investments (13,794) (41,061)
Sales of investments 12,985 3,297
Net cash outflow from capital (809) (37,764)
expenditure and financial investment
Equity dividends paid (977) -
Net cash outflow before financing (1,681) (37,615)
Financing
Proceeds of share issue - 39,200
Expenses of share issue (4) (678)
Purchase of shares for cancellation (402) -
Net cash (outflow)/inflow from (406) 38,522
financing
(Decrease)/increase in cash (2,087) 907
NOTES
1 The Company was incorporated on 24 August 2001 and commenced operations on
31 October 2001.
2 The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.
3 During the period the Company has purchased 2,650,000 Ordinary shares for
cancellation at a total cost of £1,380,000. At the period end £978,000 was
outstanding to brokers in respect of these transactions.
4 The revenue and capital return per Ordinary share is based on earnings of
£205,000 (2002: £383,000) and net capital losses of £4,296,000 (2002:
gains of £4,309,000) respectively, and on 38,868,503 (2002: 38,696,850)
Ordinary shares being the weighted average number of Ordinary shares in
issue during the period.
5 It is the intention of the Directors to conduct the affairs of the Company
so that it continues to satisfy 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
30 April 2003
END
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