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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Costar Group, Inc. | TG:RLG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.17 | -1.66% | 69.43 | 68.91 | 69.95 | 70.74 | 69.86 | 69.86 | 140 | 22:50:15 |
RNS Number:4239M Royal London Growth & Inc Trust PLC 17 June 2003 ROYAL LONDON GROWTH & INCOME TRUST PLC Unaudited interim results for the six months ended 31 March 2003 Chairman's Statement We present the Interim Report and Accounts for your Company covering the half year ended 31 March 2003. During the half year, the net asset value per geared ordinary share fell by 14.2% to 27.8 pence per share. The Directors have declared an interim dividend of 1.1 pence per geared ordinary share to be paid on 21 July 2003 to those shareholders appearing on the Register of Members at the close of business on 27 June 2003. This dividend compares with 1.1 pence per geared ordinary share, paid for the similar period last year. Since April there has been a strong rally in equity markets. After a poor start to 2003 we passed the third anniversary of this global bear market with investor confidence still in a fragile state. The impending crisis surrounding Iraq has now past and oil prices have come down to a lower level. However, political conditions in much of the Middle East remain less than stable. While the events in the Middle East were a useful excuse for investor inaction, they were not the sole cause of market weakness. The major countries are all experiencing a slowdown in activity. In particular consumer spending appears to be fragile in the United States, bearing in mind the importance of the U.S. consumer in maintaining levels of demand in the global economy. In Britain there is increased uncertainty on the back of tax increases and concerns about pensions. Nevertheless many companies have been able to hold their forecasts for the current year, and in some cases we are seeing an improvement in profit margins. Since the launch of the Company 60% of financing costs and investment management expenses have been charged to the capital account. This allocation was based upon the requirements of the Investment Trust Statement of Recommended Practice which permits the allocation of such expenses based upon the expected long-term split of returns in the form of capital gains and income of the investment portfolio. This has had the benefit of enabling the Company to pay a relatively high dividend, but at the cost of capital depletion. The Directors are now of the belief that in an environment of lower returns, with income yields accounting for a greater proportion of the total return, that the basis for allocating such costs should be revised to reflect a revised view of the expected long-term split of returns of the investment portfolio between capital gains and income. Accordingly the Directors have decided with immediate effect to change the basis of allocation so that 40%, rather than 60%, of the financing costs and investment management are charged to capital. This is we believe a more prudent way of treating the Company's expenses in relation to its investment policy. Shareholders should be aware that this will also mean a significant fall in the amount of the net income available for distribution in the form of dividends. Future dividends to geared ordinary shareholders will be substantially lower as a result of this change. However, this will be offset by an improvement in the Company's ability to conserve its capital under most market circumstances. Your Board maintains a careful overview of your Company's asset allocation, advised by Royal London Asset Management Limited, your investment manager. For most of this period 40% or more of the investments were in bonds issued primarily by UK based companies. These have proved to be more stable then equities, and have helped to add a defensive quality to the investment portfolio. This position will however be less appropriate should we return to an environment in which stock markets appreciate on a substantial basis. At this year's Annual General Meeting shareholders once again voted to renew the facility whereby the Company can buy back its own stock. We report elsewhere that we have been active in the period under review, and have continued since the end of the accounting period. As well as buying geared ordinary shares, your Board has also authorised the re-purchase and cancellation of Convertible Unsecured Loan Stock, thus reducing some of the financial cost associated with these instruments. It is the Board's intention that this policy will continue. Your Board through its Management Engagement Committee, entirely consisting of the independent Directors, has reviewed the performance and contractual arrangements of your investment manager, Royal London Asset Management Limited, and your corporate administrator, BNP Paribas Fund Services UK Limited and its wholly owned subsidiary, BNP Paribas Secretarial Services Limited. In all cases your Board continues to be satisfied with the services provided, and keeps this under review. James Williams Chairman 17 June 2003 Statement of Total Return (incorporating the revenue account) for the half year ended 31 March 2003 (unaudited) (Unaudited) Half year ended 31 March 2003 Notes Revenue Capital Total #'000 #'000 #'000 Total capital losses from investments - (2,559) (2,559) Income from fixed asset investments 3,321 - 3,321 Other interest receivable and similar income 38 - 38 ----------- ---------- --------- Gross revenue and capital gains/(losses) 3,359 (2,559) 800 Management fee (229) (344) (573) Other administrative expenses (243) - (243) ---------- ---------- --------- Net return/(loss) on ordinary activities before 2,887 (2,903) (16) interest payable and taxation Interest payable 1 (1,570) (2,355) (3,925) Breakage costs on early repayment of loan - - - Capital return attributable to 9% Convertible - (29) (29) Unsecured Loan Stock 2020 --------- ---------- --------- Net return/(loss) on ordinary activities before 1,317 (5,287) (3,970) taxation Taxation on net return on ordinary activities - - - --------- ---------- -------- Available for geared ordinary shareholders 1,317 (5,287) (3,970) --------- ---------- -------- Dividends - geared ordinary shares Interim 2003: 1.10p (2002: 1.10p) 2 (1,197) - (1,197) Adjustment to 2002 final paid 2 17 - 17 Final 2002: 1.10p - - - --------- ---------- --------- (1,180) - (1,180) --------- ---------- --------- Transfer to/(from) reserves 137 (5,287) (5,150) ====== ====== ====== Return/(loss) per geared ordinary share 3 1.19p (4.78p) (3.59p) ====== ====== ====== The revenue column of this statement represents the revenue account of the Company. Statement of Total Return (incorporating the revenue account) for the half year ended 31 March 2003 (unaudited) (Unaudited) (Audited) Half year ended 31 March 2002 Year ended 30 September 2002 Notes Revenue Capital Total Revenue Capital Total #000 #000 #000 #000 #000 #000 Total capital gains/(losses) from - 11,178 11,178 - (21,877) (21,877) investments Income from fixed asset 3,293 - 3,293 6,689 - 6,689 investments Other interest receivable and 53 - 53 89 - 89 similar income ----------- ---------- --------- ----------- ------------ ------------ Gross revenue and capital gains/ 3,346 11,178 14,524 6,778 (21,877) (15,099) (losses) Management fee (289) (433) (722) (539) (809) (1,348) Other administrative expenses (196) - (196) (366) - (366) ---------- ---------- --------- ----------- ------------ ------------ Net return/(loss) on ordinary activities before interest payable and taxation 2,861 10,745 13,606 5,873 (22,686) (16,813) Interest payable 1 (1,609) (2,414) (4,023) (3,193) (4,788) (7,981) Breakage costs on early repayment (248) (372) (620) (248) (372) (620) of loan Capital return attributable to 9% Convertible Unsecured Loan Stock 2020 - (38) (38) - (76) (76) --------- ---------- --------- ----------- ------------ ------------ Net return/(loss) on ordinary 1,004 7,921 8,925 2,432 (27,922) (25,490) activities before taxation Taxation on net return on - - - - - - ordinary activities --------- ---------- -------- ----------- ------------ ------------ Available for geared ordinary 1,004 7,921 8,925 2,432 (27,922) (25,490) shareholders --------- ---------- -------- ----------- ----------- ------------ Dividends - geared ordinary shares Interim 2003: 1.10p (2002: 1.10p) 2 (1,245) - (1,245) (1,245) - (1,245) Adjustment to 2002 final paid 2 - - - - - - Final 2002: 1.10p - - - (1,235) - (1,235) --------- ---------- --------- ------------ ------------ ------------ (1,245) - (1,245) (2,480) - (2,480) --------- ---------- --------- ----------- ------------ ------------ Transfer (from)/to reserves (241) 7,921 7,680 (48) (27,922) (27,970) ====== ====== ====== ====== ======= ======= Return/(loss) per geared ordinary 3 0.89p 6.99p 7.88p 2.15p (24.68p) (22.53p) share ====== ====== ====== ====== ======= ======= The revenue columns of this statement represent the revenue accounts of the Company. Balance Sheet At 31 March 2003 (unaudited) (Unaudited) (Unaudited) (Audited) 31 March 2003 31 March 2002 30 September 2002 Notes #000 #000 #000 Fixed asset investments Listed in United Kingdom 123,940 167,106 132,072 ------------- ------------- ------------- Current assets Debtors 3,231 2,665 2,598 Cash at bank 2,093 2,029 1,562 ------------- ------------- ------------- 5,324 4,694 4,160 Creditors: amounts falling due (3,011) (2,195) (2,551) within one year ------------- ------------- ------------- Net current assets 2,313 2,499 1,609 ------------- ------------- ------------ Total assets less current 126,253 169,605 133,681 liabilities Creditors: amounts falling due after more than one year Bank loan (40,949) (40,938) (40,944) 9% Convertible Unsecured Loan Stock (54,882) (56,381) (56,401) 2020 ------------- ------------- ------------- (95,831) (97,319) (97,345) ------------- ------------- ------------ Total net assets 30,422 72,286 36,336 ======= ======= ======= Share capital and reserves Called-up share capital 1,094 1,132 1,122 Special reserve 110,266 111,322 111,022 Capital redemption reserve 39 1 11 Capital reserve - realised (47,984) (21,575) (30,284) Capital reserve - unrealised (33,790) (19,061) (46,195) Revenue reserve 797 467 660 --------------- --------------- --------------- Total shareholders' funds 30,422 72,286 36,336 ======== ======== ======== Net asset value per geared ordinary 4 27.8p 63.8p 32.4p share Net asset value per unit of 9% Convertible Unsecured Loan Stock 2020 5 99.7p 99.6p 99.7p Net asset value per geared unit 155.3p 227.2p 164.5p Approved by the Board of Directors on 17 June 2003 Cash Flow Statement for the half year ended 31 March 2003 (unaudited) (Unaudited) (Unaudited) (Audited) Half year ended Half year ended 31 Year ended March 2002 31 March 2003 30 September 2002 #000 #000 #000 Net cash inflow from operating activities 2,069 2,100 5,329 Net cash outflow from servicing of finance (3,933) (4,754) (8,690) Net tax recovered 62 - 10 Net cash inflow from financial investment 4,761 10,922 12,792 Equity dividends paid (1,218) (1,132) (2,377) ------------ ------------ ----------- Net cash inflow before financing 1,741 7,136 7,064 Net cash outflow from financing (1,210) (10,000) (10,395) ------------ ------------ ----------- Increase/(decrease) in cash 531 (2,864) (3,331) ====== ====== ======= Reconciliation of operating revenue to net cash inflow from operating activities Net revenue before interest payable and 2,887 2,861 5,873 taxation (Increase)/decrease in accrued income (436) (301) 358 (Increase)/decrease in other debtors (32) (4) 1 Decrease in creditors (6) (23) (94) Management charge taken to other reserves (344) (433) (809) ----------- ----------- ----------- Net cash inflow from operating activities 2,069 2,100 5,329 ====== ====== ======= Reconciliation of net cash flow to movements in net debt Increase/(decrease) in cash as above 531 (2,864) (3,331) Cash outflow from repayment of loans - 10,000 10,000 Cash outflow from buy back of 9% Convertible 542 - 18 Unsecured Loan Stock 2020 ----------- ----------- ------------ Change in net debt resulting from cash flows 1,073 7,136 6,687 Decrease/(increase) in debt due to non-cash 972 (44) (88) movements ------------ ------------ ------------ Movement in net debt in the period 2,045 7,092 6,599 Net debt at start of period (95,783) (102,382) (102,382) ----------- ----------- ------------ Net debt at end of period (93,738) (95,290) (95,783) ======= ======= ======= Represented by: Cash at bank and short term deposits 2,093 2,029 1,562 Debt falling due after more than one year (95,831) (97,319) (97,345) ----------- ----------- ------------ (93,738) (95,290) (95,783) ====== ====== ======= Notes to the accounts for the half year ended 31 March 2003 1. Interest Payable Half year ended Half year ended Year ended 31 March 2003 31 March 2002 30 September 2002 Revenue Capital Total Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 On bank loans 561 842 1,403 590 886 1,476 1,155 1,731 2,886 On 9% Convertible 1,009 1,513 2,522 1,019 1,528 2,547 2,038 3,057 5,095 Unsecured Loan Stock 2020 -------- -------- -------- -------- -------- -------- -------- -------- -------- 1,570 2,355 3,925 1,609 2,414 4,023 3,193 4,788 7,981 ===== ===== ===== ===== ===== ===== ===== ===== ===== 2. Dividends An interim dividend of 1.1 pence per geared ordinary share for the year ending 30 September 2003 will be paid on 21 July 2003 to those shareholders appearing on the Register of Members at the close of business on 27 June 2003. The buy backs of the Company's geared ordinary shares after 30 September 2002 but before the record date of the final dividend for the year ended on that date, results in a write back of #17,000 for dividends accrued in the year ended 30 September 2002 but not in the event payable. 3. Return/(loss) per geared ordinary share Revenue return per geared ordinary share is based on earnings attributable to geared ordinary shares of #1,317,000 (half year ended 31 March 2002: #1,004,000; year ended 30 September 2002: #2,432,000) and on the weighted average number of geared ordinary shares in issue of 110,729,935 (half year ended 31 March 2002: 113,220,127; year ended 30 September 2002: 113,158,786). Capital loss per geared ordinary share is based on the net capital losses attributable to geared ordinary shares of #5,287,000 (half year ended 31 March 2002: gains of #7,921,000; year ended 30 September 2002: losses of #27,922,000) and on the weighted average number of geared ordinary shares in issue of 110,729,935 (half year ended 31 March 2002: 113,220,127; year ended 30 September 2002: 113,158,786). 4. Net asset value per geared ordinary share Net asset value per geared ordinary share is based on net assets attributable to geared ordinary shares of #30,422,000 (31 March 2002: #72,286,000; 30 September 2002: #36,336,000) and on the 109,448,239 geared ordinary shares in issue at 31 March 2003 (31 March 2002: 113,220,127; 30 September 2002: 112,220,127). 5. Net asset value per #1.00 nominal of 9% Convertible Unsecured Loan Stock 2020 ('CULS') Net asset value per #1.00 nominal of CULS is based on net assets attributable to loan stock holders of #54,882,000 (31 March 2002: #56,381,000; 30 September 2002: #56,401,000) and on the 55,042,337 loan stock units in issue at 31 March 2003 (31 March 2002: 56,610,063; 30 September 2002: 56,592,337). 6. Re-purchase of geared ordinary shares and 9% Convertible Unsecured Loan Stock 2020 ('CULS') Since 30 September 2002 the Company has re-purchased for cancellation 2,771,888 geared ordinary shares of one penny each at a cost of #756,000, leaving a balance of 109,448,239 geared ordinary shares for the purposes of calculating net asset value per geared ordinary share. In addition, the Company also re-purchased for cancellation 1,550,000 CULS at a cost of #1,458,000, leaving a balance of 55,042,337 for the purposes of calculating net asset value per loan stock unit. On 1 April, 17 April and 1 May 2003, a further 687,304 geared ordinary shares were re-purchased at a cost of #162,000, leaving a balance of 108,760,935 geared ordinary shares. 7. 2002 accounts The figures and financial information for the year ended 30 September 2002 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that period. Those accounts have been delivered to the Registrar of Companies and included the report of the Auditors which was unqualified and did not contain a statement under either section 237 (2) or 237(3) of the Companies Act 1985. The interim report will be issued to shareholders in July 2003 and further copies will be available from the Company's registered office. For further information, please contact: Royal London Asset Management Limited Tel: 020 7506 6500 or BNP Paribas Secretarial Services Limited Tel: 020 7410 5971 This information is provided by RNS The company news service from the London Stock Exchange END IR SFFFDWSDSEFM
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