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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Artemis Vct Plc | LSE:AAM | London | Ordinary Share | GB00B02WQ947 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 15.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMAAM
RNS Number : 8455Z
Artemis VCT PLC
22 May 2019
ARTEMIS VCT PLC
Legal Entity Identifier: 549300R6443VUTMRCP48
Half-Yearly Financial Report (unaudited) for the six months ended 31 March 2019
This announcement contains regulated information
Financial Highlights
Hot Features
Premium
As at As at As at
31 March 2019 31 March 2018 30 September
2018
Net assets GBP25.0m GBP40.0m GBP34.2m
--------------- --------------- --------------
Net asset value per ordinary
share 47.24p 75.27p 64.40p
--------------- --------------- --------------
Share price 43.50p 74.50p 71.00p
--------------- --------------- --------------
(Discount)/Premium (7.9)% 1.0% 10.2%
--------------- --------------- --------------
VCT qualifying holdings
percentage 83.2% 87.0% 99.4%
--------------- --------------- --------------
Ongoing charges 2.7% 2.2% 2.4%
--------------- --------------- --------------
As at As at As at
Dividends per share 31 March 2019 31 March 2018 30 September
2018
Ordinary dividend 2.00p 2.00p 4.00p
--------------- --------------- --------------
Special dividend 1.00p 8.00p 17.00p
--------------- --------------- --------------
Cumulative dividends
since launch* 116.20p 102.20p 113.20p
--------------- --------------- --------------
Since
Total returns 6 months 1 year 3 years 5 years 10 years launch*
Net asset value
total return (18.5)% (13.0)% 54.9% 94.7% 315.6% 157.9%
----------- --------- ---------- ---------- ----------- ---------
Peer group size
weighted average
return(**) (17.2)% (7.4)% 18.0% 27.5% 191.3% N/A
----------- --------- ---------- ---------- ----------- ---------
Share price total
return (32.7)% (21.2)% 64.2% 109.0% 362.8% 132.6%
----------- --------- ---------- ---------- ----------- ---------
Peer group size
weighted average
return(**) (13.0)% (5.2)% 26.4% 36.4% 235.0% N/A
----------- --------- ---------- ---------- ----------- ---------
Total return is capital appreciation (or depreciation) and any dividends paid by the Company which are deemed to be reinvested.
Source: Artemis Fund Managers Limited ('Artemis'), unless otherwise indicated.
(**) The Association of Investment Companies ('AIC'). Peer group comparison is based on the information published by the AIC on 11 April 2019 as at 31 March 2019.
*24 March 2005.
Alternative Performance Measure
Chairman's Statement
Performance
Since I last wrote to you six months ago, we have seen performance slip with a net asset value total return loss of 17.3%. The Company's share price total return loss was 32.7% for the six months to 31 March 2019. This compares to a fall in the FTSE AIM All-Share Index of 16.0% over the same period. Sitting at a premium of 10.2% as at 30 September 2018 and hitting a high of 24.5%, at the half year point the Company's share price stood at a discount of 9.0% and currently sits at 11.0%.
Whilst the market has been challenging over this period, the performance of your Company has been affected not only by market conditions but also by the downgrading of a number of our investments.
Portfolio
During the six month period the Investment Manager kept portfolio activity at a minimal level, making disposals totalling GBP1.7 million and realising total gains of GBP1.2m from sales in AB Dynamics, Craneware, Abcam and Pelatro.
The environment continues to give limited investment opportunity and no new qualifying investments were made.
Further details of the Company's investment activities are provided in the Investment Manager's Review.
Dividend
Following the payment of the interim dividend in November 2018, the cash position of your Company has remained steady, leaving the Board the opportunity to invest in attractive propositions should they have arisen. However, as noted above, such opportunities have not appeared and the Board has today declared an interim dividend of 2.00 pence per share and a special dividend of 1.00 pence per share. These will be paid on 30 June 2019, to shareholders on the register on 31 May 2019.
Total dividends declared to date by the Company amount to 116.2 pence per share. This comprises 48.2 pence of ordinary dividends and 68.0 pence of special dividends.
As noted previously, VCT rules set a time limit on companies holding cash for long periods of time which may lead the Board to return funds to investors when no investment opportunities are presented. The Board however continues to believe that it is in the Company's best interests for the Investment Manager to pursue and prioritise new investment opportunities. It cannot be certain therefore that special dividends will be paid this year to the same extent as in previous years.
Share buybacks
Having had a long period of unchanged share capital, the Company performed two buybacks in the six months to 31 March 2019, followed by a further buyback after the period end on 17 May 2019. The Company will continue to buy back shares within guidelines set by the Board. Share buybacks remain subject to the Company having the necessary shareholder authorities in place and having sufficient cash available for this purpose, taking into account future cash requirements for investing activities, the payment of dividends and operating expenses.
Outlook
With the previously announced legislative changes having come in to force on 6 April, the Board continues to closely monitor any impact going forward and does not expect any significant changes to the Company's Investment Policy.
As noted in your Investment Manager's Review, the economic outlook could be viewed as gloomy but the Board hold firm to the view that our investments still offer good value; having strong track records with potential to ride the current turbulence and recover strongly.
And finally ...
I look forward to providing further updates on your Company's performance in the Annual Financial Report 2019 which will be published in December 2019.
In the meantime, shareholders can keep up to date by visiting our website (artemisvct.co.uk) to view the monthly factsheet and other articles from the Investment Manager. In addition, the Board is always keen to hear from shareholders. Should you wish to, you can e-mail me at vctchairman@artemisfunds.com.
Fiona Wollocombe
Chairman
22 May 2019
Investment Manager's review
Performance
It is now 10 years since Artemis AiM VCT plc merged with Artemis AiM VCT 2 plc. That offers a timely opportunity to reflect on the long-term performance of the combined Artemis VCT. Over the last decade, the Company's net asset value (NAV) has fallen from 53.97 pence to 47.24 pence per share, but over that same period dividends of 107 pence per share have been paid. The total return of 100.27 pence per share equates to a return of 186% (equivalent to an annualised return of 11.1%).
This is despite what has undoubtedly been a very difficult recent period in which the NAV has fallen from 64.40 pence at the end of September 2018 to the aforementioned 47.24 pence today. Adding back the 6.0 pence dividend paid in November, this represents a total return of (17.3)% over the last six months.
Review
With widespread losses in equity markets in the final quarter of 2018 and the AIM market declining 16% over the last six months, it would be convenient to attribute the decline in the NAV to conditions in the wider market. Having cautioned on valuations for some time, a pull-back was probably overdue and high-growth stocks were certainly likely to be hit first. Attributing the blame solely to the wider sell-off, however, would be disingenuous. The hostile market conditions were compounded by a number of poor updates from our investments. With substantial profit-taking earlier in the year, we entered the period with 18% of the fund in cash so would have expected to preserve capital better than we did.
Five largest stock detractors
% of Contribution
Company net assets (%)
Proactis Holdings 0.8 (2.36)
Yu Group 0.4 (2.33)
Fulcrum Utility Services 3.3 (2.23)
Dods Group 3.7 (1.97)
ULS Technology 3.5 (1.85)
As we highlighted in the last annual report, Yu Group had an accounting review following the appointment of a new finance director. A subsequent independent forensic investigation confirmed serious historic failures in the systems and processes within the company's finance function. Yu Group is now in the process of implementing the report's recommendations. Meanwhile the company continues to trade well, supported by a strong balance sheet. With management focused on a more selective, disciplined approach to growth there remains the prospect of recovering some of the value that has been lost.
Proactis also featured in our last annual report but, contrary to our expectations, trading has continued to deteriorate. Losses of contracts and a failure to sign new deals have led to downgrades to expectations for profits. That, in itself, would have been disappointing. In addition, the debt taken on to fund the acquisition of Perfect Commerce has left the company financially stretched. While we expect the company to be able to manage its way through, its recent record has understandably left investors (ourselves included) feeling nervous.
Fulcrum Utility Services is also suffering the consequences of a poor acquisition. The purchase of Dunamis a little over a year ago was intended to diversify the group into electrical infrastructure. Certainly the logic of a multi-utility strategy, combining gas and electricity expertise, seemed sound. But the acquisition has underperformed markedly. To be fair to management, this has largely been due to external factors - the EU suspended the capacity market in November. While that would have been difficult to predict at the time of the deal, the share price has nevertheless been hit hard.
Market conditions (in the shape of Brexit) are also largely to blame for the underperformance of ULS Technology and Dods Group. As an online provider of conveyancing services, ULS Technology relies on mortgage activity and housing transactions. The company is continuing to gain market share but this is being outweighed by a lacklustre housing market as house buyers exercise caution. Similarly, as the challenge of Brexit dominates the timetable at Westminster, the government's wider policymaking has suffered. As a provider of political information across a range of departments Dods has been caught up in the disruption.
Five largest stock contributors
% of Contribution
Company net assets (%)
AB Dynamics 4.4 1.18
Pelatro 3.4 0.89
Instem 6.9 0.36
Vianet Group 3.4 0.22
MyCelx Technologies 4.0 0.19
That is not to say it has been all doom and gloom. Many of our investee companies continue to make good progress, although the degree to which this has been recognised in share prices varies.
Although not among our top five contributors, it would be remiss not to comment on Judges Scientific given its sizeable weighting in the fund. Interestingly, it is one of 11 current holdings that also featured in the portfolio 10 years ago. It was a modest holding back then but over the last six months it has been our largest holding by some margin. Having digested the company's interim results, we were anticipating further upgrades and a full repayment of debt in the coming months. Both were duly delivered, with operating profits coming in over 15% ahead of expectations. In our view, the 6% decline in the share price over the last six months seems unwarranted. We were not inclined to take profits in September and are even less minded to do so now, despite the fact that with falls in other holdings (and the dividends paid out) this holding now represents over 8% of the Company's assets. While we acknowledge the risk that this represents, its strong operational momentum, conservative management team, robust balance sheet and attractive valuation give us comfort that it is a risk worth bearing and one that we feel will be well rewarded.
AB Dynamics also continues to go from strength to strength. It too is seeing profit expectations upgraded as safety systems for drivers become more sophisticated, fuelling demand for its products. The new chief executive, James Routh, inherits a business in rude health and we are confident that under his leadership this can be maintained.
It is now just over a year since we invested in Pelatro and the company has delivered on the expectations set out at the time. Indeed, a growing number of telecoms companies are adopting Pelatro's software and the acquisition of Danateq has bedded down well.
Instem's progress is also being recognised. Having initially been caught up in the wider sell-off, the shares recovered towards their all-time high. Results for 2018 showed a year of profitable growth and expanding margins, with a growing contribution from its new business in technology-enabled outsourced services. Although still embryonic, the potential market is significant and Instem has established a leading position.
Vianet has continued to make progress despite a difficult market. Ongoing pub closures have been a headwind, as has the move from upfront capital sales to recurring revenue in the smart machine division. Management deserve credit for managing the transition well with a healthy dividend paid throughout.
A more buoyant period for oil prices has been helpful for MyCelx Technologies. The company has survived a difficult period in recent years. In the last 12 months it has been successful in gaining contracts in Saudi Arabia in particular. A small fundraising in February helped strengthen the balance sheet as the company looks to maintain momentum in 2019.
Investment activity
In contrast to previous periods, it has been a relatively quiet time in terms of investment activity. No new qualifying investments were made and activity in disposals was subdued.
As previously reported, we had been actively taking profits through the first nine months of 2018. We had over GBP11 million of proceeds from disposals and a similar level of dividends was paid out to shareholders. As such, when the sharp sell-off came in the final quarter of the year we stood back and made no further disposals. As share prices have recovered somewhat in 2019 we took modest profits in AB Dynamics, Craneware, Abcam and Pelatro.
As mentioned above, Pelatro is a recent addition to the portfolio so to be selling so soon may look slightly unusual. This reflects the fact that we still consider it to be at an early stage of development so, unlike Judges Scientific, we were uncomfortable with the increased weighting it represented in the Company's portfolio.
Outlook
With economic growth slowing, recent performance disappointing and a lack of new investments it would be easy to be pessimistic about the outlook. Yet we are more confident than we were six months ago. Aside from the individual stock issues highlighted, we're not sure an awful lot has changed. The portfolio is largely the same and the majority of our holdings are continuing to grow profits and cashflows under the guidance of long-serving managers. The main difference is that our investments now trade on significantly cheaper valuations. Over the years, we have witnessed many examples of companies recovering well from short-term difficulties and there is no reason to think this time will be any different. So, while the last six months have been uncomfortable we remain committed to the long-term approach that has served us well.
Andy Gray
Fund Manager
22 May 2019
Responsibility statement of the Directors in respect of the Half-Yearly Financial Report
The Directors confirm that to the best of their knowledge in respect of the Half-Yearly Financial Report for the six months ended 31 March 2019:
-- the condensed set of financial statements has been prepared in accordance with the Financial Reporting Standard
('FRS') 104: 'Interim Financial Reporting';
-- having considered the expected cash flows and operational costs of the Company for the 18 months from the period
end, the Directors are satisfied that the Company has adequate resources to continue in operational existence for
the foreseeable future. For this reason the going concern basis of accounting continues to be used in the
preparation of the Half-Yearly Financial Report;
-- the Chairman's statement to shareholders and Investment Manager's review includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual financial report that could do so.
The Half-Yearly Financial Report for the six months ended 31 March 2019 was approved by the Board and the above responsibility statement has been signed on its behalf by:
Fiona Wollocombe
Chairman
22 May 2019
Condensed statement of comprehensive income
Six months ended Six months ended Year ended
31 March 2019 31 March 2018 30 September 2018
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Losses)/gains
on investments - (5,690) (5,690) - 5,432 5,432 - 7,924 7,924
Investment
income 109 - 109 146 - 146 323 - 323
Other income 13 - 13 6 - 6 - - -
Investment
management
fee (61) (184) (245) (81) (243) (324) (164) (491) (655)
Other expenses (129) - (129) (121) (1) (122) (252) (2) (254)
--------------------- ------- -------- -------- ------- ------- ------- ------- ------- -------
(Loss)/return
on ordinary
activities
before taxation (68) (5,874) (5,942) (50) 5,188 5,138 (93) 7,431 7,338
Taxation on
ordinary activities - - - - - - - - -
--------------------- ------- -------- -------- ------- ------- ------- ------- ------- -------
(Loss)/return
on ordinary
activities
after taxation (68) (5,874) (5,942) (50) 5,188 5,138 (93) 7,431 7,338
--------------------- ------- -------- -------- ------- ------- ------- ------- ------- -------
(Loss)/return
per share (0.13)p (11.06)p (11.19)p (0.09)p 9.76p 9.67p (0.18)p 13.98p 13.80p
--------------------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Notes:
The total column of this statement represents the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.
The net (loss)/return for the periods disclosed above represents the Company's total comprehensive income.
Condensed statement of financial position
As at As at As at
30 September
31 March 2019 31 March 2018 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Investments 20,868 31,737 28,226
Current assets
Debtors 183 32 44
Cash and cash equivalents 4,128 8,622 6,202
----------------------------- -------------- -------------- -------------
Total assets 25,179 40,391 34,472
----------------------------- -------------- -------------- -------------
Creditors - amounts falling
due within one year (163) (387) (241)
----------------------------- -------------- -------------- -------------
Net assets 25,016 40,004 34,231
----------------------------- -------------- -------------- -------------
Capital and reserves
Share capital 5,296 5,315 5,315
Share premium 2,828 2,828 2,828
Capital reserve - realised 7,169 12,067 9,411
Capital reserve - unrealised 7,336 17,315 14,241
Capital redemption reserve 2,588 2,569 2,569
Revenue reserve (201) (90) (133)
----------------------------- -------------- -------------- -------------
Equity shareholders' funds 25,016 40,004 34,231
----------------------------- -------------- -------------- -------------
Net asset value per share 47.24p 75.27p 64.40p
----------------------------- -------------- -------------- -------------
Condensed statement of changes in equity
For the six months ended 31 March 2019 (unaudited)
Capital Capital Capital
Share Share reserve reserve redemption Revenue
capital premium - realised* - unrealised reserve reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30 September
2018 5,315 2,828 9,411 14,241 2,569 (133) 34,231
Repurchase
of shares for
cancellation (19) - (84) - 19 - (84)
Loss on ordinary
activities
after taxation - - (93) (5,781) - (68) (5,942)
Transfer on
disposal of
investments - - 1,124 (1,124) - - -
Dividends paid - - (3,189) - - - (3,189)
----------------- -------- -------- ------------ ------------- ----------- --------- --------
At 31 March
2019 5,296 2,828 7,169 7,336 2,588 (201) 25,016
----------------- -------- -------- ------------ ------------- ----------- --------- --------
For the six months ended 31 March 2018 (unaudited)
Capital Capital Capital
Share Share reserve reserve redemption Revenue
capital premium - realised* - unrealised reserve reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30 September
2017 5,315 2,828 11,015 17,431 2,569 (40) 39,118
Repurchase
of shares for
cancellation - - - - - - -
Return/(loss)
on ordinary
activities
after taxation - - 1,438 3,750 - (50) 5,138
Transfer on
disposal of
investments - - 3,866 (3,866) - - -
Dividends paid - - (4,252) - - - (4,252)
----------------- -------- -------- ------------ ------------- ----------- --------- --------
At 31 March
2018 5,315 2,828 12,067 17,315 2,569 (90) 40,004
----------------- -------- -------- ------------ ------------- ----------- --------- --------
For the year ended 30 September 2018 (audited)
Capital Capital Capital
Share Share reserve reserve redemption Revenue
capital premium - realised* - unrealised reserve reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30 September
2017 5,315 2,828 11,015 17,431 2,569 (40) 39,118
Return/(loss)
on ordinary
activities
after taxation - - 3,116 4,315 - (93) 7,338
Transfer on
disposal of
investments - - 7,505 (7,505) - - -
Dividends paid - - (12,225) - - - (12,225)
---------------- -------- -------- ------------ ------------- ----------- --------- --------
At 30 September
2018 5,315 2,828 9,411 14,241 2,569 (133) 34,231
---------------- -------- -------- ------------ ------------- ----------- --------- --------
* The aggregate of these reserves, being GBP6,968,000, represents the distributable reserves of the Company at 31 March 2019 (31 March 2018: GBP11,977,000; 30 September 2018: GBP9,278,000).
Condensed statement of cash flows
Six months Six months
ended ended Year ended
31 March 31 March 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash used in operations (320) (112) (576)
Interest received 13 6 20
-------------------------------------- ------------ ------------ -------------
Net cash generated from operating
activities (307) (106) (556)
-------------------------------------- ------------ ------------ -------------
Cash flow from investing activities
Purchases of investments - (750) (1,387)
Sales of investments 1,506 6,689 13,329
Net cash from investing activities 1,506 5,939 11,942 -------------------------------------- Cash flow from financing activities Repurchase of shares for cancellation (84) - - Dividends paid (3,189) (4.252) (12,225) Net cash used in financing activities (3,273) (4,252) (12,225) Net (decrease)/increase in cash and cash equivalents (2,074) 1,581 (839) -------------------------------------- ------------ ------------ ------------- Cash and cash equivalents at the start of the period 6,202 7,041 7,041 (Decrease)/increase in cash in the period (2,074) 1,581 (839) -------------------------------------- ------------ ------------ ------------- Cash and cash equivalents at the end of the period 4,128 8,622 6,202 -------------------------------------- ------------ ------------ -------------
Notes to the Half-Yearly Financial Report
1. Accounting policies
The condensed financial statements have been prepared in accordance with the Company's accounting policies as set out in the Annual Financial Report for the year ended 30 September 2018 and are presented in accordance with the Companies Act 2006 (the 'Act'), FRS 104 and the requirements of the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('SORP') issued by the Association of Investment Companies (the 'AIC') in November 2014 and updated in February 2018.
The financial information contained within this Half-Yearly Financial Report does not constitute statutory accounts as defined in Sections 434 to 436 of the Act. The financial information for the year ended 30 September 2018 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's report on those accounts was not qualified and did not contain statements under sections 498(2) or (3) of the Act.
2. (Loss)/return per share
(Loss)/return per ordinary share has been calculated based on the weighted average number of ordinary shares in issue for the six months ended 31 March 2019 being 53,111,450 ordinary shares (31 March 2018: 53,150,516; 30 September 2018: 53,150,516).
3. Dividends
A special dividend for the six months ended 31 March 2019 of 1.00 pence per ordinary share (2018: 8.00 pence) has been declared and will be paid on 30 June 2019 (2018: 11 May 2018) to shareholders on the register at close of business on 31 May 2019 (2018: 13 April 2018).
An interim dividend for the six months ended 31 March 2019 of 2.00 pence per ordinary share (2018: 2.00 pence) has been declared and will be paid on 30 June 2019 (2018: 29 June 2018) to those shareholders on the register at close of business on 31 May 2019 (2018: 8 June 2018).
4. Fair value hierarchy
All investments are designated at fair value through profit or loss on initial recognition in accordance with FRS 102. The following table provides an analysis of these investments based on the fair value hierarchy as described below which reflects the reliability and significance of the information used to measure their fair value.
The disclosure is split into the following categories:
Level 1 - Investments with unadjusted quoted prices in an active market;
Level 2 - Investments whose fair value is based on inputs other than quoted prices that are either directly or indirectly observable;
Level 3 - Investments whose fair value is based on inputs that are unobservable (i.e. for which market data is unavailable).
31 March 31 March 30 September
2019 2018 2018
GBP'000 GBP'000 GBP'000
Level 1 18,907 30,555 25,926
Level 2 1,961 1,182 2,300
---------------------------- --------- --------- -------------
Total value of investments 20,868 31,737 28,226
---------------------------- --------- --------- -------------
5. Share capital
The net asset value per ordinary share has been calculated based on 52,960,516 ordinary shares in issue (31 March 2018: 53,150,516; 30 September 2018: 53,150,516).
In the six months ended 31 March 2019, 190,000 ordinary shares were bought back and cancelled at a total cost of GBP84,000. No ordinary shares were bought back and cancelled in the year ended 30 September 2018 or the period ended 31 March 2018.
A further 97,000 ordinary shares were bought back and cancelled on 17 May 2019, post balance sheet, at a cost of GBP43,000.
6. Related party transactions
Fees payable during the period to the Directors of the Company are considered to be related party transactions.
Directors fees payable for the six months ended 31 March 2019 was GBP31,500 (six months ended 31 March 2018: GBP31,500; twelve months ended 30 September 2018: GBP63,000) of which GBPnil (31 March 2018: GBPnil; 30 September 2018: GBPnil) was outstanding at the period end.
7. Transactions with the Investment Manager
The investment management fee payable to Artemis Fund Managers Limited for the six months ended 31 March 2019 was GBP245,000 (six months ended 31 March 2018: GBP324,000; twelve months ended 30 September 2018: GBP655,000) of which GBP101,000 (31 March 2018: GBP321,000; 30 September 2018: GBP159,000) was outstanding at the period end.
8. Principal risks and uncertainties
Pursuant to DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, the principal risks faced by the Company include general market price risk, liquidity risk, regulatory risk and operational risk.
These risks, which have not materially changed since the Annual Financial Report for the year ended 30 September 2018, and the way in which they are managed, are described in more detail in the Annual Financial Report which is available on the Company's website at artemisvct.co.uk.
Availability of Half-Yearly Financial Report
Copies of the Half-Yearly Financial Report for the six months ended 31 March 2019 will be sent to shareholders shortly and will also be available from the registered office at 6(th) Floor, Exchange Plaza, 50 Lothian Road, Edinburgh, EH3 9BY as well as on the Company's website at artemisvct.co.uk.
For further information, please contact:
Artemis Fund Managers Limited
Company Secretary
0131 225 7300
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR UUVWRKWAVURR
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May 22, 2019 05:07 ET (09:07 GMT)
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