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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Brunner Investment Trust Plc | LSE:BUT | London | Ordinary Share | GB0001490001 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,290.00 | 1,275.00 | 1,290.00 | 1,295.00 | 1,290.00 | 1,295.00 | 29,662 | 16:29:56 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 46.66M | 40.63M | 0.9517 | 13.55 | 550.74M |
From Apr 2019 to Apr 2024
TIDMBUT
RNS Number : 5350D
Brunner Investment Trust PLC
20 February 2020
19 February 2020
THE BRUNNER INVESTMENT TRUST PLC
Final Results for the year ended 30 November 2019.
The following comprises extracts from the Company's Annual Financial Report for the year ended 30 November 2019. The full annual financial report is being made available to be viewed on or downloaded from the company's website at www.brunner.co.uk. Copies will be posted to shareholders shortly.
MANAGEMENT REPORT
Chairman's Statement
Performance
The company's Net Asset Value (NAV) per ordinary share rose by 13.2% on a net dividends reinvested basis with debt at fair value, our key performance measure. This was ahead of the composite benchmark index (70% FTSE World Ex-UK and 30% FTSE All-Share Index) which rose by 12.6% on a total return basis over the period.
Global equity markets were volatile through 2019 and this produced opportunities for long term stock pickers as individual share prices often got temporarily mispriced during these bouts of market instability.
A full investment review which goes into more detail can be found on page 29 of the annual financial report.
We were delighted that, in response to Brunner's strong long-term performance and strategic focus, the trust was a shortlisted finalist in the highly competitive 'Overseas' category of the Investment Week - Investment Company of the Year Awards. It is encouraging to see Brunner recognised in this way.
Earnings per share
Strong underlying dividend growth from the investment portfolio contributed to an increased level of income and earnings. Earnings per share for the year rose by 10.1%, from 19.7p to 21.7p.
Benefits from improved costs of debt
When I wrote to you last year I described how the company's balance sheet had been transformed and simplified during the year following the repayment and refinancing of expensive long-term debentures. The weighted average interest rate on all structural borrowings and preference stock is now 3% compared to 9% previously and the current level of structural debt and preference stock is 7.2% of net assets.
Continued focus on dividends
The continuing dividend growth in the investment portfolio, combined with lower annual cost of debt and strong revenue reserves means the company is again in a strong position to pay an above inflation increase in dividends over the previous year.
It is proposed that a fourth and final dividend of 6.0p per share will be paid on 3 April 2020 to shareholders on the Register of Members at close of business on 28 February 2020, bringing the total payment for 2019 to 19.98p, an increase of 10.1% on last year. Dividend payments for the year are fully covered by earnings per share of 21.7p, allowing a further increase in the company's revenue reserves to 28.6p per share, after the payment of the third quarterly and proposed final dividends.
This is the second successive year of the company increasing dividends by 10% and dividend levels have now reflected the benefits of the lower debt costs. Dividend growth in future years will broadly reflect underlying growth in earnings. However underlying portfolio earnings growth has been strong and revenue reserves at 28.6p per share cover the annual dividend 1.4 times, which is a considerable position of strength for future years. The board continues to view the delivery of a reliable income stream to investors as an important factor.
Should shareholders approve the proposed dividend, it would push the company to 48 years of successive dividend increases. The company retains its status as a 'dividend hero', as defined by the Association of Investment companies (AIC).
Discount management
I am pleased to report that demand for your company's shares has been strong, particularly in the latter portion of 2019. This has led to a significant narrowing of the share price discount to NAV, ending 2019 at just under 6%. As a result, the average discount to NAV at which the company's shares trade over the year has narrowed once more from 9.2% last year to 8.6% this year. We believe that we are seeing the fruits of our pursuit of a clear long-term strategy as detailed at the 2018 year end:
- Focused global equity proposition
- Consistent growth in dividends supported by strong revenue reserves
- Balanced stock picking approach with demonstrable returns in a range of market environments
- Efficient capital structure
- Active PR and marketing programme
Buy back of shares into treasury
There were no buybacks during the year under review, but the board is seeking renewal of shareholder approval to buy back shares for the next year. This is being sought so the company may retain a mechanism to manage the discount of share price to NAV should it be needed. Buying back shares may help to reduce the volatility of the discount and could enhance the underlying NAV but also reduces the size of the company which may make it less attractive to some investors. In addition to seeking renewed authority to buy back shares at the annual general meeting, we will also be asking for approval to be able to hold these shares in treasury rather than immediately cancelling them. More information is given in the Directors' Report on page 64 of the annual financial report, but any shares issued or sold from treasury will be at a premium to NAV to ensure that existing shareholders benefit from the transaction.
Spreading the message
The board recognises the importance of a coherent programme of activity aimed at stimulating demand in the market for the company's shares. Through the year, Brunner has continued its marketing and communications programme that includes targeted advertising and proactive contact with national and trade journalists. As a closed-ended investment trust, the creation of sustained demand for the company's shares is a benefit to all shareholders. As with any expense for the supply of services to the company, the board monitors the costs for marketing and PR, and the associated results, to ensure they remain appropriate.
Environmental, Social and Governance matters - responsible investment
Our manager has an active approach to investment. AllianzGI has a dedicated ESG research team working with the portfolio managers to integrate ESG factors into investment decisions. We firmly support our manager's view that there is value in working with companies in the portfolio on environmental, social, governance and business conduct issues. This helps unlock potential, identifies risk, creates broader societal gains and as a result delivers value to shareholders. There is more detail on the engagement with the portfolio companies on page 19 of the annual financial report and in the investment manager's review on pages 36 to 38 of the annual financial report.
Board succession
As I noted in the last annual report, whilst maintaining the tenure of experienced long-standing directors has facilitated a smooth transition during a period of strategy development and implementation for the company over the past few years, we are undertaking a process of recruitment aimed at refreshing the composition of the board as director retirements start to take place. That process began this year and we were happy to announce the appointment of Amanda Aldridge as a non-executive director of the company with effect from 1 December 2019 and of Andrew Hutton as a non-executive director of the company with effect from 20 April 2020. Amanda will become Chair of the Audit Committee on 1 April 2020. I am looking forward to working with both Amanda and Andrew on the Brunner board.
Vivian Bazalgette retired from the board on 22 November 2019 - the board will greatly miss Vivian who made an invaluable contribution to the company, providing excellent counsel and guidance as a colleague and as Senior Independent Director. We wish him well for the future.
Ian Barlow will retire as our audit committee chairman after the AGM on 1 April and will be retiring from the Board in late 2020. We remain committed to keeping shareholders fully informed as we progress the process of refreshing the board whilst ensuring a balance of skills and relevant experience is maintained for the benefit of the company and its shareholders.
Outlook
We had thought as some of the uncertainty that plagued global markets through 2019 falls away that economic and corporate growth would pick up or at least there would be a clearer outlook. This would allow companies to plan better for the future and this increased confidence could spur improved corporate spending and growth. However, at the time of writing it is impossible to know whether the current outbreak of the Coronavirus will remain a human tragedy or also develop into a significant economic problem as global trade becomes disrupted. Also, the eventual outcome of the Brexit negotiations remains far from clear.
Equity markets are still attractively valued when compared to bond markets. We believe that the manager's strategy of carefully buying quality companies, backed by the detailed analysis carried out to ensure every investment held in the portfolio is justified, will continue to serve the company well in the future. At a time of rapid technological change, it remains particularly important for the portfolio to maintain a sharp focus on stocks with the potential for structural growth, providing good cash returns for shareholders and which have strong management teams guiding them. We also remain committed to our view that working with portfolio companies on environmental, social, governance and business conduct issues should remain a key factor of the investment process.
Annual General Meeting
The Annual General Meeting will be held at Trinity House, Trinity Square, Tower Hill, London, EC3N 4DH on Wednesday 1 April 2020 at 12 noon, and on behalf of the board, I look forward to meeting those shareholders who are able to attend.
Carolan Dobson
Chairman
19 February 2020
Risk Policy
The board operates a risk management policy to ensure that the level of risk taken in pursuit of the board's objectives and in implementing its strategy are understood. The principal risks identified by the board are set out in the table below, together with the actions taken to mitigate these risks. The process by which the directors monitor risk is described in the Audit Committee Report on page 71 of the annual financial report.
Principal Risks
A more detailed version of the table below, in the form of a risk matrix, is reviewed and updated by the audit committee at least twice yearly. The principal risks are broadly unchanged from the previous year.
Risk Appetite
The directors' approach to risk is to identify where there are risks and to note mitigating actions taken and then to look at the probability of the event and consider the extent to which the resulting residual risk is acceptable, which is defined as the board's risk appetite. As a result of this exercise the risks are rated as 'red' or 'high' when the risk is of concern and sufficient mitigation measures are not possible or not yet in place; 'amber' or 'moderate' when the risk is of concern but sufficient measures are defined and have been or are being implemented; and 'green' or 'acceptable' when the risk is acceptable and no additional measures are needed. The nature of the company's business means that a certain amount of risk must be taken for the objectives to be met and it is not surprising that portfolio risk measures are allocated amber ratings.
Hot Features
Premium
Principal Risks identified Controls and mitigation Risk
Appetite*
Portfolio Risk Amber
* Significant market movements may adversely impact the * The board meets with the portfolio managers and
investments held by the company increasing the risk considers asset allocation, stock selection and
of loss or challenges to the investment strategy. levels of gearing on a regular basis and has set
investment restrictions and guidelines that are
monitored and reported on by AllianzGI.
* Reduction of dividends across the market affecting
the portfolio yield and the ability to pay in line
with dividend policy. * The board monitors yields and can modify investment
parameters and consider a change to dividend policy.
* Exposure to significant exchange rate volatility
could affect the performance of the investment * The board receives reports from the manager on the
portfolio. stress testing of the portfolio at least twice each
year and contact is made with the chairman and board
if necessary between board meetings.
* Currency movements are monitored closely and are
reported to the board.
----------------------------------------------------------------- ----------
Business Risk Green
* An inappropriate investment strategy e.g. asset * The board manages these risks by diversification of
allocation or the level of gearing may lead to investments through its investment restrictions and
underperformance against the company's benchmark guidelines which are monitored and on which the board
index and peer group companies, resulting in the receives reports at every meeting. The board monitors
company's shares trading on a wider discount. the implementation and results of the investment
process with the investment managers, who attend all
board meetings, and reviews data which shows risk
factors and how they affect the portfolio. The
manager employs the company's gearing tactically
within a strategic range set by the board. The board
also meets annually specifically to discuss strategy,
including investment strategy.
----------------------------------------------------------------- ----------
Operational Risk Green
* Risk of inadequate procedures for the identification, * AllianzGI carries out regular monitoring of
evaluation and management of risks at outsourced outsourced administration functions, this includes
providers including Allianz Global Investors compliance visits and risk reviews where necessary.
(AllianzGI), and AllianzGI's outsourced Results of these reviews are monitored by the board.
administration provider, State Street Bank & Trust
Company, HSBC Bank plc (Depositary and Custodian) and
Link Asset Services (Registrar). * Agreed Service Level Agreements (SLAs) and Key
Performance Indicators (KPIs) are in place and the
board receives reports against these.
----------------------------------------------------------------- ----------
Emerging Risks and Uncertainties : The board also considers the impact from emerging risks that are not yet know or fully identifiable, such as economic, regulatory and political risks arising from the implementation of the UK's exit from the European Union or other geopolitical factors. Cyber security risks and Brexit risks are discussed more fully on page 18 of the annual financial report. The board maintains close relations with its advisers (auditors, lawyers and manager) and will make preparations for mitigation of these risks as and when they are known or can be anticipated.
Risk Appetite :
Green Risk is acceptable, no additional measures needed
Amber Risk is of concern, but sufficient measures are defined and implemented
Red Risk is of concern, sufficient mitigation measures not possible or not yet in place
In addition to the principal risks described above, the board has identified more general risks, for example relating to compliance with accounting, tax, legal and regulatory requirements and to the provision of services from third parties. As in all companies, the board is alert to the risks of financial crime and threat of cyber attacks and monitors reports provided by third party service providers on how these threats are being handled. After ensuring that there are appropriate measures in place, the board considers that these risks are effectively mitigated.
Statement of Directors' Responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and estimates that are reasonable and prudent; -- state whether applicable UK accounting standards have been followed; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement under Disclosure Guidance and Transparency Rule 4.1.12
The directors, at the date of the approval of this Report, each confirm to the best of their knowledge that:
-- the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, give a true and fair view of the assets, liabilities, financial position and profit of the company;
-- the Strategic Report includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that they face; and
-- the annual financial report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the company's performance, business model and strategy.
This responsibility statement was approved by the board of directors on 19 February 2020 and signed on its behalf by:
Carolan Dobson
Chairman
PORTFOLIO BREAKDOWN as at 30 November 2019
Region % of Invested
Funds
North America 41.3
United Kingdom 24.7
Continental Europe 23.3
Pacific Basin 8.1
Japan 2.6
Total 100.00
TOP 20 HOLDINGS as at 30 November 2019
Name Value (GBP) % of InvestedFunds Sector
Microsoft 21,202,673 4.87 Software & Computer Services
Health Care Equipment &
United Health 14,815,882 3.40 Services
Munich Re 13,862,122 3.18 Non-Life Insurance
Roche Holdings 12,962,591 2.98 Pharmaceuticals & Biotechnology
Taiwan Semiconductor 11,971,863 2.75 Technology Hardware & Equipment
Accenture 11,498,545 2.64 Support Services
Visa 11,271,839 2.59 Financial Services
Health Care Equipment &
The Cooper Companies 10,167,578 2.33 Services
Shell 10,137,232 2.33 Oil & Gas Producers
Estée Lauder 9,852,633 2.26 Personal Goods
Electronic & Electrical
Agilent 9,756,651 2.24 Equipment
Ecolab 9,526,599 2.19 Chemicals
GlaxoSmithKline 8,770,000 2.01 Pharmaceuticals & Biotechnology
Adidas 8,436,550 1.94 Personal Goods
AIA 8,327,458 1.91 Life Insurance
AbbVie 8,071,758 1.85 Pharmaceuticals & Biotechnology
Electronic & Electrical
Schneider Electric 7,694,165 1.77 Equipment
Electronic & Electrical
AMETEK 7,583,927 1.74 Equipment
Microchip Technology 7,391,878 1.70 Technology Hardware & Equipment
Itochu 7,181,639 1.65 General Industrials
210,483,583 48.33 % of Total Invested Funds
INCOME STATEMENT
for the year ended 30 November 2019
2019
Revenue Capital Total Return
GBP GBP GBP
(Note C)
Gains on investments held at
fair value through profit or
loss - 44,532,408 44,532,408
Losses on foreign currencies - (113,939) (113,939)
Income 11,504,521 - 11,504,521
Investment management fee (544,156) (1,269,696) (1,813,852)
Administration expenses (661,219) (799) (662,018)
----------- ------------ --------------
Profit before finance costs
and taxation 10,299,146 43,147,974 53,447,120
Finance costs: interest payable
and similar charges (289,632) (619,284) (908,916)
Profit on ordinary activities
before taxation 10,009,514 42,528,690 52,538,204
Taxation (761,084) - (761,084)
----------- ------------ --------------
Profit after taxation attributable
to ordinary shareholders 9,248,430 42,528,690 51,777,120
Earnings per ordinary share
----------- ------------ --------------
(basic and diluted) (Note B) 21.66p 99.62p 121.28p
----------- ------------ --------------
BALANCE SHEET
as at 30 November 2019
2019
GBP
Fixed assets
Investments held at fair value through
profit or loss 435,569,013
Net current liabilities (6,718,559)
-------------
Total assets less current liabilities 428,850,454
Creditors - amounts falling due
after more than one year (25,063,910)
-------------
Total net assets 403,786,544
-------------
Capital and reserves
Called up share capital 10,673,181
Capital redemption reserve 5,326,819
Capital reserve 371,014,001
Revenue reserve 16,772,543
Equity shareholders' funds 403,786,544
-------------
Net asset value per ordinary share 945.8p
INCOME STATEMENT
for the year ended 30 November 2018
2018
Revenue Capital Total Return
GBP GBP GBP
(Note C)
Gains on investments at fair
value through profit or loss - 3,230,518 3,230,518
Losses on foreign currencies - (140,338) (140,338)
Income 10,968,206 - 10,968,206
Investment management fee (537,597) (1,254,394) (1,791,991)
Administration expenses (606,637) (1,391) (608,028)
----------- ------------- --------------
Profit before finance costs
and taxation 9,823,972 1,834,395 11,658,367
Finance costs: interest payable
and similar charges (723,962) (10,458,860) (11,182,822)
Profit (loss) on ordinary activities
before taxation 9,100,010 (8,624,465) 475,545
Taxation (702,378) - (702,378)
----------- ------------- --------------
Profit (loss) after taxation
attributable to ordinary shareholders 8,397,632 (8,624,465) (226,833)
Earnings (loss) per ordinary
share
----------- ------------- --------------
(basic and diluted) (Note B) 19.67p (20.20p) (0.53p)
----------- ------------- --------------
BALANCE SHEET
as at 30 November 2018
2018
GBP
Fixed assets
Investments held at fair value through
profit or loss 381,787,312
Net current assets 3,541,188
-------------
Total assets less current liabilities 385,328,500
Creditors - amounts falling due
after more than one year (25,055,376)
-------------
Total net assets 360,273,124
-------------
Capital and reserves
Called up share capital 10,673,181
Capital redemption reserve 5,326,819
Capital reserve 328,485,311
Revenue reserve 15,787,813
Equity shareholders' funds 360,273,124
-------------
Net asset value per ordinary share 843.9p
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 November 2019
Called Capital
up Share Redemption Capital Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
--------------------------- ----------- ------------ ------------ ------------ ------------
Net assets at 1 December
2017 10,673,181 5,326,819 337,109,776 14,904,100 368,013,876
Revenue profit - - - 8,397,632 8,397,632
Dividends on ordinary
shares - - - (7,513,919) (7,513,919)
Capital loss - - (8,624,465) - (8,624,465)
----------- ------------ ------------ ------------ ------------
Net assets at 30 November
2018 10,673,181 5,326,819 328,485,311 15,787,813 360,273,124
----------- ------------ ------------ ------------ ------------
Net assets at 1 December
2018 10,673,181 5,326,819 328,485,311 15,787,813 360,273,124
Revenue profit - - - 9,248,430 9,248,430
Dividends on ordinary
shares - - - (8,269,581) (8,269,581)
Unclaimed dividends - - - 5,881 5,881
Capital profit - - 42,528,690 - 42,528,690
----------- ------------ ------------ ------------ ------------
Net assets at 30 November
2019 10,673,181 5,326,819 371,014,001 16,772,543 403,786,544
----------- ------------ ------------ ------------ ------------
CASH FLOW STATEMENT
For the year ended 30 November 2019
2019 2018
GBP GBP
Operating activities
Profit before finance costs and taxation* 53,447,120 11,658,367
Less: Gains on investments held at fair
value through profit or loss (44,532,408) (3,230,518)
Add: Special dividends credited to capital 306,476 -
Less: Overseas tax suffered (761,084) (702,378)
Add: Losses on foreign currency 113,939 140,338
Purchase of fixed asset investments held
at fair value through profit or loss (58,125,352) (58,464,100)
Sales of fixed asset investments held at
fair value through profit or loss 49,985,728 65,927,432
Decrease (increase) in other receivables 57,398 (84,741)
(Decrease) increase in other payables (50,763) 39,789
Net cash inflow from operating activities 441,054 15,284,189
------------- -------------
Financing activities
Interest paid and similar charges (845,893) (13,874,360)
Repayment of Stepped Rate Interest Loan - (18,200,000)
Repayment of Fixed Rate Interest Loan - (28,000,000)
Proceeds from Revolving Credit Facility - 8,000,000
Proceeds from 2.84% Fixed Rate Note 2048 - 24,601,800
Dividend paid on cumulative preference
stock (22,499) (22,500)
Dividends paid on ordinary shares (8,269,581) (7,513,919)
Unclaimed dividends over 12 years 5,881 -
Net cash outflow from financing activities (9,132,092) (35,008,979)
------------- -------------
Decrease in cash and cash equivalents (8,691,038) (19,724,790)
------------- -------------
Cash and cash equivalents at the start
of the year 11,132,616 30,997,744
Effect of foreign exchange rates (113,939) (140,338)
Cash and cash equivalents at the end of
the year 2,327,639 11,132,616
Comprising:
Cash at bank 2,327,639 11,132,616
------------- -------------
* Cash inflow from dividends was GBP10,468,821 (2018 - GBP10,982,138) and cash inflow from interest was GBP14,750 (2018 - GBP15,759).
NOTES
Note A
The financial statements have been prepared under the historical cost convention, except for the revaluation of financial instruments held at fair value through profit or loss and in accordance with applicable United Kingdom law and UK Accounting Standards (UK GAAP), including Financial Reporting Standard 102 - the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and in line with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued by the Association of Investment Companies (AIC SORP) in November 2014 and updated in October 2019. The amended SORP is not mandatory for adoption until periods beginning on or after 1 January 2019. Therefore it has been early adopted.
Note B
The earnings per ordinary share is based on a weighted average number of shares in issue of 42,692,727 (2018 - 42,692,727) ordinary shares in issue.
Note C
The total return column of this statement is the profit and loss account of the company.
The supplementary revenue return and capital return columns are both prepared under the guidance published by the Association of Investment Companies.
All revenue and capital items in the Income Statement derive from continuing operations. No operations were acquired or discontinued in the year.
The net profit for the year disclosed in the Income Statement represents the company's total comprehensive income.
Transaction costs and stamp duty on purchases amounted to GBP123,785 (2018 - GBP92,101) and transaction costs on sales amounted to GBP15,540 (2018 - GBP36,825).
Note D
Investments - As the company's business is investing in financial assets with a view to profiting from their total return in the form of increases in fair value, financial assets are designated as held at fair value through profit or loss in accordance with FRS 102 Section 11: 'Basic Financial Instruments' and Section 12: 'Other Financial Instruments'. The company manages and evaluates the performance of these investments on a fair value basis in accordance with its investment strategy, and information about investments is provided on this basis to the board.
Note E
Dividends on Ordinary Shares
2019 2018
GBP GBP
Dividends paid on ordinary shares:
Third interim dividend - 4.05p paid 14
December 2018 (2017 - 3.50p) 1,729,055 1,494,245
Final dividend - 6.00p paid 5 April 2019
(2018 - 6.00p) 2,561,564 2,561,564
First interim dividend - 4.66p paid 25
July 2019 (2018 - 4.05p) 1,989,481 1,729,055
Second interim dividend - 4.66p paid 19
September 2019 (2018 - 4.05p) 1,989,481 1,729,055
----------- ----------
8,269,581 7,513,919
Dividends payable at the year end are not recognised as a liability under FRS 102 Section 32 'Events After the End of the Reporting Period' (see Annual Financial Report page 86 - Statement of Accounting Policies). Details of these dividends are set out below.
2019 2018
GBP GBP
Third interim dividend - 4.66p paid 12
December 2019 (2018 - 4.05p) 1,989,481 1,729,055
Final proposed dividend - 6.00p payable
3 April 2020 (2019 - 6.00p) 2,561,564 2,561,564
----------- ------------
4,551,045 4,290,619
The proposed final dividend accrued is based on the number of shares in issue at the year end. However, the dividend payable will be based on the numbers of shares in issue on the record date and will reflect any changes in the share capital between the year end and the record date.
All dividends disclosed in the tables above have been paid or are payable from the revenue reserves.
Note F
The financial information for the year ended 30 November 2019 has been extracted from the statutory accounts for that year. The auditor's report on those accounts was unqualified and did not contain a statement under either section 498(2) or (3) of the Companies Act 2006. The annual financial report has not yet been delivered to the registrar of companies.
The financial information for the year ended 30 November 2018 has been extracted from the statutory accounts for that year which have been delivered to the registrar of companies. The auditor's report on those accounts was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.
The full annual financial report will shortly be available to be viewed on or downloaded from the company's website at www.brunner.co.uk. Neither the contents of the company's website nor the contents of any website accessible from hyperlinks on the company's website (or any other website) is incorporated into, or forms part of this announcement.
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
FR UKVURRBUUAUR
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