![](/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 | Share ISIN | Share Description |
---|---|---|---|---|---|
BR.Smlr Tec Vct | LSE:BSR | London | Ordinary Share | GB0004907316 | 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% | 31.49 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9257J British Smaller Tech Cos VCT PLC 18 March 2005 18 March 2005 BRITISH SMALLER TECHNOLOGY COMPANIES VCT PLC Unaudited preliminary results for the year ended 31 December 2004 * Two successful flotations and a major trade sale in the year * 31% increase in net asset value (before distributions); 25% increase after dividend distribution * Dividend declared of 2.5 pence per share British Smaller Technology Companies VCT plc ("the Company"), the venture capital trust specialising in growing smaller technology companies across a range of industrial sectors, today announces its unaudited preliminary results for the year ended 31 December 2004. Financial Highlights: Unaudited Restated Year ended Year ended 31 December 31 December 2004 2003 Income #114,000 #88,000 Profit (loss) before and after tax #796,000 #(1,500,000) Earnings (loss) per share 5.79p (10.91)p Dividend per share 2.50p - Total recognised gains (losses) #2,190,000 #(1,243,000) Net assets #7,507,000 #5,988,000 Net asset value per share 54.6p 43.6p Announcing the results, the Chairman, Sir Andrew Hugh Smith, said he was pleased to report that the Company's performance in the second half of the year had continued to build on the progress made in the first half. The improved net asset value per share and the significant improvement in the liquidity of the portfolio were, in large part, a result of two successful flotations and one major trade sale. Sir Andrew said, "We now have a core portfolio of companies that are demonstrating growth." Investments Cash proceeds from realisations were, in total, #2.33 million in the year, the majority of which resulted from the disposal of Amino Technologies plc. The Company had first invested in Amino back in July 2000 and this business floated on AIM in June 2004. Towards the end of the year, the Board decided it was in the best interests of shareholders to realise the capital gain by disposing of its holding, realising a total gain of #826,000. A total of #277,000 was invested during the year in support of two existing portfolio companies that were raising additional funds to finance further growth opportunities. The Board is confident the Company has sufficient liquid resources to support the development of other portfolio companies where it is merited. David Hall, Managing Director of the Company's Investment Adviser, YFM Private Equity Limited, said, "The majority of active companies in the portfolio have continued their progress along the value chain. It is particularly encouraging to note the increase in the number of companies that have matured to the point of market adoption. It is at this stage of consistent sales and some profitability that companies become cash generative and attract the attention of trade buyers, or exhibit characteristics for an IPO, providing an exit opportunity for this Company." Financial Results and Dividend The Company reported a profit for the year of #796,000, with earnings per share of 5.79p. Net asset value, before the proposed dividend distribution, increased 31% over the year as a whole. Sir Andrew said that this reflected the improved market conditions and business confidence in the technology sector. The Company has taken the necessary steps to enable realised capital gains to be distributed as tax free dividends to eligible shareholders. A dividend of 2.5 pence per share is being recommended for payment on 3 June 2005 to shareholders on the Register at 1 April 2005. The net asset value at 31 December 2004 is 54.6 pence per share. Dividend Reinvestment Scheme and Extraordinary General Meeting The Board is recommending a dividend reinvestment scheme that will enable shareholders to increase their total holding in the Company in a cost efficient way and, subject to individual circumstances, qualify for the VCT tax reliefs that are applicable to subscriptions for new shares in venture capital trusts. An Extraordinary General Meeting to authorise the directors to establish such a scheme will be convened to follow immediately after the Annual General Meeting. If authorised, this scheme will enable shareholders to reinvest the dividend just declared to take advantage of the 40% tax relief available on VCT subscriptions. Shareholders The Company appointed Teather and Greenwood to act as its broker in furtherance of its active policy to continue to refine its overall shareholder strategy. As a firm, Teather and Greenwood is widely experienced in the investment company market and has a particular focus on the VCT sector. Shareholders have already started to see some benefit through the reduction in the discount of the Company's quoted share price to its net asset value. Over the last six months, this has reduced from a 50% discount to around 13% at the current time. Outlook Looking ahead, Sir Andrew said, "Following a gradual improvement in business confidence over the past couple of years, the trend has continued into the early part of 2005." Although he commented that the medium term outlook was more fragile than he would like, he went on to say that he expects 2005 to continue to present opportunities for businesses within the portfolio and the Company is well positioned to add further value over the coming year. For further information, please contact: David Hall, YFM Private Equity Limited Tel: 0113 294 5050 Michael Bellamy, Teather and Greenwood Limited Tel: 0207 426 9547 Jonathan Becher, Teather and Greenwood Limited Tel: 0207 426 3269 Chairman's Statement I am pleased to report that the second half of 2004 has shown a continuation of the progress seen in the first part of the year. Increased confidence in the technology sector has shown through with an increasing number of trade buyers and a strong stock market appetite for innovative companies, and has provided a healthy environment for the growing businesses within your Company's portfolio. The improved market conditions and business confidence have been reflected in the performance of your Company over the past year. Net asset value, before dividend distribution, has risen 31% over the year as a whole. In part, this has reflected improved trading performance by a number of our investments but, just as importantly, we have seen a significant improvement in the liquidity of the portfolio with two successful flotations and one major trade sale. We now have a core portfolio of companies that are demonstrating growth within their own businesses. Operations The total amount invested during the year was #277,000. In addition to the follow-on investment in Vibration Technology Limited that I reported on in my interim statement, your Company has invested an additional #150,000 in Digital Healthcare Limited to support its further development. Digital Healthcare's software and technology is already used to screen over half a million people worldwide and its new advanced digital imaging software, iP(R), was approved by the National Screening Committee in October 2004. In all, there were three realisations during the year, Amino Technologies plc, Voxar Limited and Sirus Pharmaceuticals Limited. These resulted in total cash proceeds of #2.33 million and a realised gain to the profit and loss account, of #1.37 million. This, together with the cost restructuring that was implemented from the start of 2004, has significantly improved the liquidity of the Company. The disposal of Sirus Pharmaceuticals Limited has led to your Company acquiring a stake in the purchaser, Arakis Limited. Liquid resources (cash plus gilt investments) stood at just under #2.2 million at the financial year end, of which #344,000 is recommended for dividend distribution. Your Board feels that the balance provides adequate liquid resources to fund the portfolio in order to maximise longer term value. Financial Results I reported in my interim statement that the Board had decided to revoke investment company status in order to enable realised capital profits to be distributed in the form of tax free dividends. This formality was completed on 12 November 2004. Following this revocation of investment company status, we are now required to present a profit and loss account in Companies Act format. The financial result for the year under review was a profit before dividends of #0.8 million compared to a loss for the prior year, as restated, of #1.5 million. A further #1.06 million has been recognised through the revaluation reserve representing unrealised gains above cost at 31 December 2004. After realisation of the Warrant reserve, the total recognised gain in the year was #2.19 million, equivalent to 15.9 pence per ordinary share. Now that the Company is able to distribute realised capital gains, your Board is recommending a dividend payment of 2.5 pence per share which, if approved, will be paid on 13 June 2005 to shareholders on the Register at 29 March 2005. It is the Board's intention to distribute capital profits to shareholders but, since it seems likely that capital profits will fluctuate sharply between one year and another, the Board proposes to distribute such profits over a period after they are earned so that shareholders' income flow is less irregular. The Warrants issued to shareholders at the time of subscription to this Company's shares have now lapsed and no further shares were purchased by the Company in the second half of the year. Thus there have been no changes to the issued share capital since my last report. Dividend Reinvestment Scheme and Extraordinary General Meeting Following feedback from shareholders, your Board is recommending a dividend reinvestment scheme that will enable shareholders to elect to receive additional shares by reinvesting their cash dividends. Dividend reinvestment enables shareholders to increase their total holding in the Company without incurring dealing costs, issue costs or stamp duty. Subject to individual circumstances, these shares should qualify for the VCT tax reliefs that are applicable to subscriptions for new shares in venture capital trusts. An Extraordinary General Meeting to authorise the directors to establish such a scheme will be convened to follow immediately after the Annual General Meeting. If authorised, this scheme will enable shareholders to reinvest the dividend just declared to take advantage of the 40% tax relief available on VCT subscriptions. Shareholders Your Board is continually looking at ways to improve shareholder liquidity. In furtherance of this strategy, I am pleased to tell you that the Board has appointed Teather & Greenwood to act as broker to the Company. The firm is widely experienced in the investment company market and has a particular focus on the VCT sector, acting for a number of venture capital trusts. Teather & Greenwood are assisting the Board and our Investment Adviser, YFM Private Equity Limited, in refining its overall shareholder strategy. Initial benefits have already been seen by shareholders through a reduction in the discount of the Company's quoted share price to its net asset value. Over the last six months this has reduced from a 50% discount to around 13% at the current time. Outlook Following a gradual improvement in business confidence over the past couple of years, the trend has continued into the early part of 2005. Overall market conditions remain favourable, although the economic outlook for the medium term is more fragile than we would like. I expect 2005 to continue to present opportunities for businesses within our portfolio and, with sufficient liquid resources at our disposal to support them, your Company is well positioned to add further value over the coming year. Sir Andrew Hugh Smith Chairman Unaudited Profit and Loss Account for the year ended 31 December 2004 Unaudited Restated Notes 2004 2003 #000 #000 Income 114 88 Administrative expenses: Investment management fee (235) (435) Other expenses (263) (216) ------ ------ (498) (651) Profit (loss) on realisation of investments 1,365 (3) Impairment of investments (185) (934) ------ ------ Profit (loss) on ordinary activities before taxation 796 (1,500) Tax on profit (loss) on ordinary activities 2 - - ------ ------ Profit (loss) for the financial year 796 (1,500) Dividends (344) - ------ ------ Retained profit (deficit) for the year 452 (1,500) Basic and diluted earnings (loss) per Ordinary share 5 5.79p (10.91)p Notes All activity has arisen from continuing operations. Unaudited Statement of Total Recognised Gains and Losses Unaudited Restated 2004 2003 #000 #000 Profit (loss) for the financial year 796 (1,500) Unrealised gains on valuation of investments 1,059 257 Realisation of Warrant reserve on lapse of Unexercised Warrants 335 - ------ ------ Total recognised gains (losses) for the year 2,190 (1,243) ====== ====== Unaudited Note of Historical Cost Profits and Losses Unaudited Restated 2004 2003 #000 #000 Profit (loss) on ordinary activities before taxation 796 (1,500) Realisation of investment gains of previous years 22 40 ------ ------ Historical cost profit (loss) on ordinary activities before taxation 818 (1,460) ------ ------ Historical cost profit (loss) on ordinary activities after taxation and dividends 474 (1,460) ====== ====== Unaudited Balance Sheet at 31 December 2004 Unaudited Restated Notes 2004 2003 #000 #000 Fixed Assets Investments 5,617 5,445 ------ ------ Current Assets Debtors 159 24 Investments 2,085 534 Cash 99 19 ------ ------ 2,343 577 Creditors: amounts payable within one year (453) (34) ------ ------ Net Current Assets 1,890 543 ------ ------ Total Net Assets 7,507 5,988 ====== ====== Capital and Reserves Called-up share capital 1,375 1,375 Share premium account 9 11,354 Capital redemption reserve 3 2 Revaluation reserve 2,279 1,242 Special reserve 3,028 - Warrant reserve - 335 Other reserve 4 3 Profit and loss account 809 (8,323) ------ ------ Equity shareholders' funds 7,507 5,988 ====== ====== Net asset value per Ordinary share 5 54.6p 43.6p ====== ====== Unaudited Cash Flow Statement for the year ended 31 December 2004 Unaudited Restated 2004 2003 #000 #000 Net cash outflow from operating activities (444) (550) ------ ------ Investing activities Purchase of fixed asset investments (277) (247) Proceeds from disposal of fixed asset investments 2,334 - ------ ------ Net cash inflow (outflow) from investing activities 2,057 (247) ------ ------ Net cash inflow (outflow) before management of liquid resources and financing 1,613 (797) ------ ------ Management of liquid resources Purchase of fixed interest Government stocks (2,774) - Proceeds from the sale of fixed interest Government stocks 1,233 742 ------ ------ Net cash (outflow) inflow from management of liquid resources (1,541) 742 ------ ------ Financing Issue of Ordinary shares on exercise of Warrants 10 3 Purchase of own shares (2) - ------ ------ Net cash inflow from financing 8 3 ------ ------ Increase (decrease) in cash in the year 80 (52) ====== ====== Notes To Financial Statements for the year ended 31 December 2004 1. Basis of reporting This preliminary announcement, which has been prepared on a basis consistent with the previous year, does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. In order to enable the Company to make capital distributions, the Company has revoked its investment company status. A consequence of the revocation is that the Company is now required to prepare accounts in accordance with the requirements of Schedule 4 of the Companies Act 1985 and not in accordance with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' as was previously the case. The information for the year ended 31 December 2003 is an extract from the statutory accounts to that date which have been delivered to the Registrar of Companies, restated following the revocation of investment company status as described in the Chairman's Statement. Those accounts included an audit report which was unqualified and which did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31 December 2004, upon which the auditors have still to report, will be delivered to the Registrar following the Company's annual general meeting. 2. Tax on Ordinary activities Unaudited Restated 2004 2003 #000 #000 Corporation tax payable at 19% (2003: 19%) - - ------ ------ 3. Dividends Unaudited Restated 2004 2003 #000 #000 Final proposed - 2.5p per share (2003:Nil) 344 - ------ ------ 344 - ====== ====== 4. Earnings (loss) per Ordinary Share The earnings (loss) per Ordinary share is based on the profit from ordinary activities after tax of #796,000 (2003: #1,500,000 loss) and 13,752,000 (2003: 13,748,000) shares being the weighted average number of shares in issue during the year. The only potentially dilutive shares are those shares which, subject to certain criteria being achieved in the future, may be issued by the Company to meet its obligations under the investment management agreement. No such shares have been issued, or are expected to be issued at this time. There are therefore considered to be no potentially dilutive shares in issue at 31 December 2004. Consequently, basic and diluted earnings per share are the same for the year ended 31 December 2004. Under FRS 14, 'Earnings per share', any potentially dilutive shares are deemed anti-dilutive in the event that a loss has been incurred. Consequently, the basic and diluted loss per share for the year ended 31 December 2003 are the same. 5. Net Asset Value per Ordinary Share The net asset value per Ordinary share is calculated on attributable assets of #7,507,000 (2003: #5,988,000) and 13,751,576 (2003: 13,748,442) shares in issue at the year-end. 6. Annual General Meeting The Company's AGM is due to be held at 1.00pm on 27 May 2005 at 23 Berkeley Square, London, W1J 6HE. Copies of the full financial statements for the period ended 31 December 2004 will be available to the public at the registered office of the Company at Saint Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ thereafter. This information is provided by RNS The company news service from the London Stock Exchange END FR EAEDPFAKSEFE
1 Year British Smaller Tech Co's Vct Chart |
1 Month British Smaller Tech Co's Vct 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