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Leggmason Investors AIM VCT PLC
15 October 2003
Legg Mason Investors AIM VCT plc
Preliminary announcement of results for the six months to 31 August 2003
Chairman's statement
On behalf of your Board, I present the interim report and accounts for the six
months ended 31 August 2003.
I am pleased to report that the Company has had very positive performance over
the period, aided by the improvement in global markets, and in particular small
cap stocks.
Over the six months ended 31 August 2003, the net asset value of the Company
rose by 40.7% from #3.94m to #5.5m, or from 44.32p per share to 62.34p per
share. This compares favourably with an increase of 28.4% in the FTSE AIM index.
As at 31 August 2003, 73.3% of the portfolio was invested in AIM stocks.
Since 5 April 2001, when the Company made its first investment, the net asset
value has fallen by 34.4%, compared with a fall in the FTSE AIM index of 35.9%.
Markets and strategy
Improvements in global markets over the last six months support the sentiment
noted in the Company's full year report and accounts, at which time an
improvement in investor confidence following the global market turmoil of 2002
and the Iraq conflict was already beginning to manifest itself.
The decrease in risk aversion following the Iraq conflict has been followed by
increasing evidence of economic recovery, particularly in the US and Asia, which
in turn has led to improvements in global equity markets over the period. Whilst
the main large cap indices in the UK have lagged the global indices, mid and
small cap indices have produced exceptional returns.
During the last six months, the Company's strategy has been to continue to
increase its exposure to VCT qualifying equity investments, which we believed
were realistically priced.
I am pleased to report that, as at 31 August 2003, approximately 70.3% of the
portfolio by tax book cost is held in VCT qualifying investments, and that the
Company has therefore met the 70% VCT test in advance of the required date of 29
February 2004. The Company will continue to seek out VCT qualifying investments,
to ensure that a comfortable margin over the required level of 70% is
maintained.
Dividends
The Company's policy continues to be to distribute the majority of its net
realised profits by way of tax-free capital dividends. As noted previously, the
timing and level of such dividends will be dependent on the Company recouping
the level of remaining unrealised capital losses and on subsequent capital
realisations.
The net revenue from the Company's holdings is low, reflecting the low level of
dividend payouts from the investment portfolio and, accordingly, the Directors
do not propose to pay a dividend for the six month period under review.
Future prospects
Since the end of the reporting period, equity markets have moved sideways,
digesting the strong gains of recent months.
Whilst we look forward to further equity market gains over the coming period, it
is difficult to predict how markets will react over the coming months. Despite
this, we believe that the portfolio is well placed to continue its recent
recovery.
Elizabeth Kennedy
Chairman
15 October 2003
Investment Manager's report
Market Background
The period ended 31 August 2003 has been a positive one for global markets.
Markets moved strongly in mid March as the "Baghdad bounce" took effect.
Initially, those companies with higher market capitalisations led the move but
after a few days focus turned to the smaller end of the market. The lack of
liquidity that has been a drag in the bear market over the last two years is now
working in the other direction and some of the individual share price movements
have been quite dramatic. Improving economic news, more confident statements
accompanying results and an upturn in corporate activity all helped support this
turnaround in sentiment.
Company Performance
As at 31 August 2003, the Company's net asset value stood at 62.34p per share, a
40.7% increase over the six month period. We have commented previously that
there is no directly comparable index. However this performance compares with a
rise of 28.4% in the FTSE AIM Index and a 17.4% increase from the FTSE All-share
Index. The FTSE techMARK 100 Index bounced strongly off its low point of early
March, rising some 50.8% over the six month period. As at 31 August 2003, 73.3%
of the portfolio is invested in AIM stocks, 13.4% in techMARK stocks and the
remainder in other stocks.
Since 5 April 2001, when the first investments were made, the Company's net
asset value is down 34.4%, excluding the offer costs of 5%. This performance
compares with the FTSE AIM Index, which was down 35.9%, and the FTSE techMARK
100, which was down 50.6%.
Portfolio Review
New issue activity across the market has picked up markedly over the last six
months. In particular, the number of qualifying issues has built up over the
summer and there is now a good pipeline that should ensure a regular flow over
the coming months. The Company exceeded the required level (70%) of total
investments in VCT qualifying investments at 31 August 2003. We will use the
anticipated flow of qualifying issues as an opportunity to increase this level
and to refresh and diversify the portfolio where appropriate.
During the period we participated in a placing in Micap, a company that uses
yeast to micro-encapsulate particles of liquid or solid materials. This gives a
number of advantages, most notably protection from environmental factors from
which come major efficacy and economic benefits. The company's initial target
markets are in the flavourings, agrochemical and pharmaceutical industries.
Progress in key existing investments held is as follows:
Atlantic Global announced interim results to June that showed encouraging
progress and at the same time announced several large new blue chip customers.
The shares have made remarkable progress since the annual report, more than
trebling from their lows in March.
Huveaux is an investment company making acquisitions in niche areas of the
publishing and media arenas. It owns both Lonsdale (publisher of school revision
guides for the UK and in English-speaking schools overseas) and Vacher Dod
(publishers of parliamentary guides)
and has announced the acquisition of PPP which publishes Le Trombinoscope
(French parliamentary guides). The company has also recently announced proposals
to raise #8m to finance the acquisition of Fenman, a leading UK publisher of
training materials.
GX Networks operates in the UK telecoms sector, being a leading player in the
provision of local loop telecom services. GX Networks has taken advantage of the
over-investment during the telecom boom, buying assets at distressed prices.
Since we last reported it has made three further acquisitions: XTML, Compulink
Information eXchange and Firstnet Services.
Cardpoint owns and operates free-standing ATMs. They have agreements in place
for units at motorway service stations operated by Moto, Welcome Break, Spar and
BP. Since the Annual Report was published, Cardpoint has acquired PT
Distribution, an electronic mobile top-up operator. The company has good
synergies with Cardpoint's existing business and fits in with the stated aim of
diversifying its revenue streams.
Cobra BioManufacturing produce DNA for clinical trials. The sharp growth in
gene-based therapies puts Cobra in a strong position to be a key supplier of DNA
material. The company announced interim results to March which showed healthy
increases in revenues and a move into profit at the pre-tax level. They also
announced a placing, raising #4.65m to fund the purchase and conversion of
additional manufacturing facility to meet growing demand for their products.
PM Group design, manufacture and service on-board vehicle weighing systems. The
benefits for bulk haulage firms are increased efficiency from maximum payloads
and waste management firms also benefit from point of collection invoicing based
on weight. PM Group announced its full year results to June showing a 15%
increase in profit, underlining its confidence in the future, and announced a
maiden final dividend.
Market Outlook
In the last Annual Report we commented that the extreme negative sentiment
afflicting most sectors of the equity market actually masked some improvement in
the underlying global economy. Led by the US, corporate profitability has
benefited from the substantial and painful restructuring by companies over the
last couple of years. This, combined with interest rates that are set to stay
low for some time, should continue to help margin expansion.
We also noted in the Annual Report that we thought that the past year would
prove to be an opportune time to buy equities. Thus far this has proven to be
correct, particularly at the smaller end of the market. Despite this, it is
difficult to predict the coming months. Exogenous shocks aside, we continue to
believe that we are at the start of a global long-term bull market. Investor
confidence at the small end of the AIM market is growing, and we are still at
the stage where valuations of new issues are realistic. The portfolio has
recovered strongly over the last six months and we believe that it is well
placed to benefit from a continuation of improvement in sentiment.
Legg Mason Investments (Europe) Limited
15 October 2003
Statement of revenue and capital returns
for the six months ended 31 August 2003 (unaudited)
(Unaudited)
Six months ended 31 August 2003
Revenue Capital Total
# # #
Gains/(losses) on investments - 1,675,283 1,675,283
Income 23,020 - 23,020
Investment management fees 9 - 9
Other expenses (96,974) - (96,974)
------------------ ------------------ ------------------
Return/(loss) on ordinary activities
before finance costs and taxation (73,945) 1,675,283 1,601,338
Interest payable and similar charges - - -
------------------ ------------------ ------------------
Return/(loss) on ordinary activities (73,945) 1,675,283 1,601,338
before taxation
Taxation on ordinary activities - - -
------------------ ------------------- -----------------
Return/(loss) attributable to equity (73,945) 1,675,283 1,601,338
shareholders
Dividends in respect of equity - - -
shares
------------------ ------------------ ------------------
Transfer to/(from) reserves (73,945) 1,675,283 1,601,338
========== ========== ==========
Return/(loss) per ordinary share (0.83) 18.85 18.02
(pence)
========== ========== ==========
The Company's results have been prepared in accordance with the requirements of
Schedule IV of the Companies Act 1985, which requires that realised gains and
losses, including those arising from the disposal of investments, are included
in the profit for the period, and the unrealised capital gains are excluded from
the profit for the period.
As explained in the Chairman's statement, it is the Directors' intention to
distribute realised capital profits in the future. In order to do this, the
Company will relinquish its investment company status but will continue to be a
Venture Capital Trust. In order to enable investors to be able to compare the
results of the Company over time, these financial statements have been prepared
on the basis that will be required once investment company status is
relinquished.
(Unaudited) (Audited)
Six months ended 31 August 2002 Year ended 28 February 2003
Revenue Capital Total Revenue Capital Total
# # # # # #
Gains(losses) on - (2,030,625) (2,030,625) - (3,337,591) (3,337,591)
investments
Income 42,521 - 42,521 51,391 - 51,391
Investment
management fees
3,007 - 3,007 78,863 - 78,863
Other expenses (95,461) - (95,461) (216,746) - (216,746)
------------- -------------- --------------- ----------- ------------- -------------
Return/(loss) on
ordinary activities
before finance costs
and taxation (49,933) (2,030,625) (2,080,558) (86,492) (3,337,591) (3,424,083)
Interest payable and
similar charges (148) - (148) (148) - (148)
------------ --------------- --------------- ------------- ------------- -------------
Return/(loss) on
ordinary activities
before taxation (50,081) (2,030,625) (2,080,706) (86,640) (3,337,591) (3,424,231)
Taxation on ordinary
activities - - - - - -
------------- -------------- ------------- ------------- ------------- -------------
Return/(loss)
attributable to
equity shareholders (50,081) (2,030,625) (2,080,706) (86,640) (3,337,591) (3,424,231)
Dividends in respect
of equity shares - - - - - -
------------- --------------- --------------- ------------- ------------- -------------
Transfer to/(from)
reserves (50,081) (2,030,625) (2,080,706) (86,640) (3,337,591) (3,424,231)
======= ========= ========= ------------- ------------- -------------
Return/(loss) per
ordinary share
(pence) (0.56) (22.85) (23.41) (0.98) (37.55) (38.53)
======= ========= ========= ======= ======= =======
Profit and loss account
For the six months ended 31 August 2003 (unaudited)
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
28 February
31 August 2003 31 August 2002 2003
Notes # # #
Revenue received on investments 23,020 42,521 51,391
Administrative expenses
Investment management fees 9 3,007 78,863
Other expenses (96,974) (95,461) (216,746)
----------------- ----------------- -----------------
Net loss (73,945) (49,933) (86,492)
Income from fixed asset
investments
Losses on investments (146,845) (45,937) (613,008)
----------------- ----------------- -----------------
Loss before interest and taxation (220,790) (95,870) (699,500)
Interest payable and similar - (148) (148)
charges
----------------- ----------------- -----------------
Loss before taxation (220,790) (96,018) (699,648)
Tax on ordinary activities - - -
---------------- ---------------- ----------------
Loss on ordinary activities after (220,790) (96,018) (699,648)
taxation
----------------- ----------------- -----------------
Dividends
Revenue - - -
----------------- ----------------- -----------------
Retained loss (220,790) (96,018) (699,648)
Transfer from capital reserve 146,845 45,937 613,008
----------------- ----------------- -----------------
Retained revenue losses (73,945) (50,081) (86,640)
========== ========== ==========
Loss per share (pence) 1 (2.48) (1.08) (7.87)
========== ========== ==========
All returns are derived from continuing activities.
The accompanying notes form part of the financial statements.
Statement of total recognised gains and losses
For the six months ended 31 August 2003 (unaudited)
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31 August 2003 31 August 2002 28 February 2003
# # #
Loss for the period (220,790) (96,018) (699,648)
Unrealised gains/(losses) for the 1,822,128 (1,984,688) (2,724,583)
period
----------------- ----------------- ------------------
Total recognised gains/(losses) 1,601,338 (2,080,706) (3,424,231)
during the period
---------------- ---------------- -----------------
Total recognised gain/(loss) per 18.02 (23.41) (38.53)
share (pence)
========== ========== ==========
Balance sheet
as at 31 August 2003 (unaudited)
(Unaudited) (Unaudited) (Audited)
As at As at As at
31 August 2003 31 August 2002 28 February 2003
Notes
Fixed assets
Investments 5,336,638 5,103,053 3,852,508
Current assets
Debtors 115,492 84,502 99,016
Cash at bank and in hand 144,628 256,451 126,395
------------------- ------------------- -------------------
260,120 340,953 225,411
Creditors: Amounts falling due (55,909) (160,970) (138,408)
within one year
------------------- ------------------- -------------------
Net current assets 204,211 179,983 87,003
------------------- ------------------- -------------------
Net assets 5,540,849 5,283,036 3,939,511
========== ========== ==========
Capitals and reserves
Called up share capital 444,418 444,418 444,418
Share premium - 8,001,269 -
Special capital reserve 8,001,269 - 8,001,269
Capital reserve - realised (956,495) (114,796) (809,650)
Capital reserve - unrealised (1,839,834) (3,049,850) (3,661,962)
Revenue reserve (108,509) 1,995 (34,564)
------------------- ------------------- -------------------
Equity shareholders' funds 5,540,849 5,283,036 3,939,511
------------------- ------------------- -------------------
Net asset value per ordinary share 2 62.34 59.44 44.32
(pence)
========== ========== ==========
The accompanying notes form part of the financial statements.
Cash Flow Statement (unaudited)
For the six months ended 31 August 2003
(Unaudited) (Unaudited)
Six months ended Six months ended (Audited)
Year ended
31 August 2003 31 August 2002 28 February 2003
# # #
Operating activities
Investment income received 19,818 37,317 48,728
Deposit interest received 686 12,092 11,845
Other expenses paid (143,424) (121,838) (224,413)
------------------- ------------------- -------------------
Net cash outflow (122,920) (72,429) (163,840)
------------------- ------------------- -------------------
Servicing of finance
Interest paid - (148) (148)
------------------- ------------------- -------------------
Capital expenditure and financial
investment
Purchase of investments (450,466) (2,605,546) (2,949,117)
Disposal of investments 591,619 2,536,777 2,841,703
------------------- ------------------- -------------------
Net cash inflow/(outflow) from 141,153 (68,769) (107,414)
financial investment
------------------- ------------------- -------------------
Dividends
Equity dividends paid - (142,214) (142,214)
------------------- ------------------- -----------------
Increase/(decrease) in cash 18,233 (283,560) (413,616)
========== ========== ==========
Reconciliation of net cash flow to net
funds
Net cash inflow/(outflow) 18,233 (283,560) (413,616)
------------------- ------------------- -------------------
Change in net funds 18,233 (283,560) (413,616)
Opening net funds 126,395 540,011 540,011
------------------- ------------------- -------------------
Closing net funds 144,628 256,451 126,395
========== ========== ==========
Notes to the Accounts
1) Loss per ordinary share
Basic loss per ordinary share is based on the net loss on ordinary activities
after taxation of #220,790 (period ended 31 August 2002: loss #96,018; year
ended 28 February 2003: loss #699,648) and on 8,888,364 (period ended 31 August
2002: 8,888,364; year ended 28 February 2003: 8,888,364) ordinary shares, being
the weighted average number of ordinary shares in issue during the period.
2) Net asset value per share
Basic net asset value per share is based on the net assets attributable to
ordinary shareholders of #5,540,849 (period ended 31 August 2002: #5,283,036;
year ended 28 February 2003: #3,939,511) and on 8,888,364 (period ended 31
August 2002: 8,888,364; year ended 28 February 2003: 8,888,364) ordinary shares
in issue at 31 August 2003.
BNP Paribas Secretarial Services Limited
15 October 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
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