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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Electra Kingswy | LSE:EKV | London | Ordinary Share | GB0031161531 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 70.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4350L Electra Kingsway VCT PLC 22 May 2003 ELECTRA KINGSWAY VCT PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003 FINANCIAL HIGHLIGHTS Funds raised by 30 April 2003 #18.9 million Net Asset Value per share at 31 March 2003 93.6p Dividend per share * 0.75p PERFORMANCE SUMMARY 2003 2002 pence pence Capital Value Net asset value per share (net of issue expenses) (see Note 1) 93.6p 94.0p Total assets (net of issue expenses) #15.8 m #8.9m Earnings Earnings per ordinary share (see Note 2) 0.79p 0.26p Notes 1 Based on 16,914,898 (2002: 9,516,503) ordinary shares in issue at 31 March 2003. 2 Based on a weighted average of 15,970,116 ordinary shares in issue during the six months to 31 March 2003 (period to 31 March 2002: 2,329,992). * Paid 20 February 2003 to shareholders on the register at 22 November 2002. Chairman's Statement Introduction I am pleased to report that the net asset value per share at 31 March 2003 was 93.6p, only marginally below the net issue price of 95p in September 2001. This compares favourably with the FTSE All-Share Index, which fell by 26.5% over the same period. Your Company's performance reflects the cautious approach of the Investment Manager, particularly the prudent policy of investing the majority of the funds raised in fixed income securities and cash deposits. At 31 March 2003 the Fund's portfolio was valued at #15.7 million: #2.6 million in qualifying investments, #1.0 million in funds managed by Electra Partners, #7.9 million in fixed income securities and #4.2 million in cash deposits. Over the next 18 months, the fixed income securities and cash deposits will gradually be invested in qualifying companies. Investments In the period under review, your Company completed two qualifying investments, Signature Brands and Centurion Electronics and made a commitment to invest in Berkeley Morgan (completed April 2003). Signature Brands, an unquoted company, was seeking expansion finance and Centurion Electronics was an AIM flotation. Berkeley Morgan, listed on Ofex, bought back a number of shares for cancellation and subsequently issued new shares to the Fund. All three investments are in established and profitable companies and further details are set out in the Investment Manager's Report. In addition, the Investment Manager increased the Fund's holdings in Electra Investment Trust and Electra Active Management, in line with its investment policy. At the EGM last November, the Board gained permission to raise additional funds through a share offer. Despite the difficult market for fund-raising, a total of #3.1 million was raised by 30 April 2003. The VCT industry as a whole had another disappointing year, raising less than #35 million. The industry awaits the outcome of the Treasury review on ways to improve access to capital for smaller companies which may have a significant impact on future VCT funding. Outlook The Investment Manager has a promising short-list of potential investments that are close to completion and the Fund is on course to meet its investment objectives. I hope to bring you further encouraging news in the months ahead. Rupert Pennant-Rea, Chairman, 22 May 2003 Investment Manager's Review During the period to 31 March 2003, Electra Kingsway VCT completed two further qualifying investments, Signature Brands and Centurion Electronics, at a total cost of #1.25 million. In addition, the Fund made a commitment to invest #741,000 in Berkeley Morgan, an investment which completed after the reporting period. Since the launch of the Fund, we have reviewed a number of investment opportunities and have, to date, invested or committed to invest in five qualifying companies. Due diligence continues on a number of short-listed potential investments. However, it must be stressed that, given the difficult economic environment, we have taken a cautious approach to committing funds. Signature Brands Signature Brands is a retailer of women's fashion wear operating under four distinct brands: Dannimac, Four Seasons, Giant and Paul Costelloe. It was incorporated in 1999 when Ashley Meyer, Chairman and Chief Executive, led a management buy-out of Four Seasons. The company then proceeded to acquire three under-performing brands, aiming to return them to profitability by implementing tighter in-house design and cost controls. Dannimac and Four Seasons are principally women's rainwear collections and sales are dependent upon the British weather. Paul Costelloe is a designer brand aimed at 35-45 year old women. The brand has received critical acclaim for its recent collections and has good growth potential. Giant is a young women's fashion brand aimed at 18-30 year olds and was acquired from the Receiver after it encountered financial difficulties. The company designs its own ranges and outsources manufacturing to companies in Hong Kong and Portugal. The majority of garments are sold through concessions in department stores such as John Lewis and House of Fraser. The last full year results recorded pre-tax profits of #382,000, however, the forthcoming results will reflect a 12 month contribution from Giant and the benefits of the turnaround strategy. The Fund invested #750,000 as part of a #1.8 million funding round in October 2002. Centurion Electronics Centurion specialises in the design, marketing and distribution of DVD and video systems for the in-car entertainment market. The company's main market has been the UK where last year it was estimated that the market for such in-car vision products increased ten-fold over the number of units sold in 2001. The company has two main product ranges: firstly, an entry level product sold as a 'plug and play' device through retail outlets such as Halfords and Dixons; secondly a top-end professional product sold to motor manufacturers and distributors either as a 'standard fit' or 'optional extra'. Manufacturers who offer such professional products include BMW, Fiat and Mazda. The prospects for the company are encouraging as new customers on the manufacturing side include Toyota and Nissan and on the retailing side include CD Bramall, generating a strong current year order book. The year end results highlighted a consistent growth trend and record a pre-tax profit of #435,000. The Fund invested #500,000 in November 2002 as part of a financing to fund the company's growing working capital requirement. Berkeley Morgan Berkeley Morgan is an independent financial intermediary operating under two divisions. The Investment Division is the amalgamation of three IFA businesses specialising in pensions and mortgages and a service company providing compliance and training services to IFAs. The Protection Division comprises four separate IFAs providing a range of products including health insurance, general insurance and life assurance. The company has grown through the successful integration of a number of bolt-on acquisitions with the management team demonstrating a good track record in controlling expenses and costs. The IFA market remains fragmented and consolidation is likely to continue for the next few years which may provide an exit opportunity for the Fund. Electra Kingsway VCT invested #741,000 in a transaction that entailed a buy-back of shares by the company and the issue of new shares to the Fund. In its last published annual accounts the company declared a pre-tax profit of #1.2 million. Other Funds During the period a total of #840,000 was invested in Electra Investment Trust and Electra Active Management, which are both funds managed by Electra Partners. Electra Investment Trust is an investment trust specialising in private equity. Electra Active Management is an OEIC investing in quoted smaller companies where a catalyst has been identified to maximise shareholder value. Bond Portfolio The value of the bond portfolio at the end of the period was #7.9 million. The investment strategy has been to invest in fixed income securities matching redemption periods to the Fund's anticipated qualifying investment programme. The majority of the bonds are "A" rated or higher and at 31 March 2003 the portfolio comprised 15 corporate bonds with an average running yield of 4.6%. Electra Quoted Management Limited, 22 May 2003 Portfolio Summary Cost at Valuation at 31 % of Portfolio acquisition March 2003 by value #'000 #'000 % Qualifying Investments: Advanced Medical Solutions Plc 500,000 455,882 3.97 Nectar Taverns Plc 750,000 750,000 6.53 Signature Brands Group Plc 750,000 750,000 6.53 Centurion Electronics Plc 500,000 625,000 5.44 2,500,000 2,580,882 22.47 Non-Qualifying Investments: Electra Investment Trust Plc 640,460 624,375 5.43 Electra Active Management Plc 450,000 366,212 3.19 1,090,460 990,587 8.62 Fixed Income Securities Coca Cola 6.5% (21.05.03) 804,188 792,884 6.90 Diageo 9.0% (31.05.05) 552,000 548,275 4.77 Dexia 8.375% (16.06.04) 527,500 526,450 4.58 McDonalds 6.25% (07.12.05) 525,000 522,400 4.55 ASIF II 6.5% (26.11.04) 519,950 520,325 4.53 Lloyds TSB Bank 7.375% (11.03.04) 519,600 516,625 4.50 BMW (UK) 6.5% (10.08.04) 517,000 515,825 4.49 Vodafone 7.5% (19.03.04) 517,750 515,650 4.49 IBM 6.0% (28.06.04) 512,250 512,500 4.46 Depfa Finance 7.125% (11.11.03) 516,100 510,000 4.44 Abbey National 5.25% (21.01.04) 501,500 505,950 4.40 Morgan Stanley 6.75% (22.08.03) 512,650 505,300 4.40 Toyota 6.25% (04.08.03) 507,250 504,024 4.39 Republic of Iceland 8.75% (12.05.03) 519,750 502,825 4.38 General Electric 6.5% (26.11.04) 416,200 416,560 3.63 7,968,688 7,915,593 68.91 11,559,148 11,487,062 100.00 Cash 4,234,078 Total 15,721,140 UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the revenue account) FOR THE SIX MONTHS ENDED 31 MARCH 2003 Six months ended Period from 12 September 2001 to 31 March 2003 31 March 2002 Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 Gains/losses on investments - realised - (87,928) (87,928) - - - - unrealised - 66,070 66,070 - (52,454) (52,454) Income 348,529 - 348,529 91,581 - 91,581 Investment management fees (32,189) (96,568) (128,757) (17,618) (52,853) (70,471) Other expenses (156,181) - (156,181) (67,797) - (67,797) Return on ordinary activities before tax 160,159 (118,426) 41,733 6,166 (105,307) (99,141) Tax on ordinary activities (33,769) 18,349 (15,420) (1,233) 1,233 - Return on ordinary activities after tax 126,390 (100,077) 26,313 4,933 (104,074) (99,141) Return per ordinary share 0.79p (0.63p) 0.16p 0.26p (4.52p) (4.26p) The amounts dealt with in the Statement of Total Return are all derived from continuing activities. No operations were acquired or discontinued in the period. UNAUDITED BALANCE SHEET AT 31 MARCH 2003 2003 2002 #'000 #'000 #'000 #'000 Fixed Assets Investments 11,487,062 8,103,976 Current assets Debtors and prepayments 418,287 296,337 Outstanding settlements 500,000 - Cash at bank and in hand 4,234,078 3,332,173 Creditors: amounts falling due within one year Outstanding settlements - 2,653,106 Other creditors 809,590 137,843 809,590 2,790,949 Net current assets 4,342,775 837,561 Net assets 15,829,837 8,941,537 Capital and reserves Called up share capital 169,149 95,165 Share premium 15,902,904 8,945,513 Capital reserve - realised (302,460) (51,620) Capital reserve - unrealised (72,086) (52,454) Revenue reserve 132,330 4,933 Total equity shareholders' funds 15,829,837 8,941,537 Net asset value per ordinary share 93.59p 93.96p Number of Ordinary Shares in issue at 31 March 16,914,898 9,516,503 Reconciliation of Total Shareholders' Funds (unaudited) Six months Period ended 12 Sept 2001 31 March to 31 March 2003 2002 #'000 #'000 Total Return 26,313 (99,141) Share issue expenses charged to Share Premium Account (55,060) (475,825) Ordinary shares issued 1,157,175 9,516,503 Movements in Total Shareholder's Funds 1,128,428 8,941,537 Total Shareholder's Funds at 1 October 14,701,409 - Total Shareholder's Funds at 31 March 15,829,837 8,941,537 UNAUDITED CASHFLOW STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2003 Six months Period ended From 31 March 12 Sept 01 to 2003 31 March 02 #'000 #'000 Operating Activities Investment income received 451,650 101,250 Bank deposit interest received 59,132 19,929 Investment management fees paid (202,528) - Other cash payments (216,930) (425) Net Cash Inflow from Operating Activities 91,324 120,754 Investing Activities Acquisition of investments (6,331,584) (5,829,259) Disposal of investments 4,121,175 - Net Cash Outflow from Investing Activities (2,210,409) (5,829,259) Dividend Equity dividend paid (118,183) - Cash Outflow before Financing and Management of Liquid Resources (2,237,268) (5,708,505) Financing Issue of ordinary shares 1,157,175 9,516,503 Expenses of the issue of ordinary shares (55,060) (475,825) Cash held pending issue of ordinary shares 645,252 - Net Cash Inflow from Financing 1,747,367 9,040,678 (Decrease)/Increase in Cash for the Period (489,901) 3,332,173 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. Return to Shareholders per Ordinary Share The revenue return per ordinary share is based on the net revenue from ordinary activities after taxation of #126,390 (2002: #4,933) and on 15,970,116 (2002: 2,329,992) ordinary shares, being the weighted average number of ordinary shares in issue during the period. The capital return per ordinary share is based on net capital losses of #100,077 (2002: #104,074) and on 15,970,116 (2002: 2,329,992) ordinary shares, being the weighted average number of ordinary shares in issue during the period. 2. The above summary of results for the six months ended 31 March 2003 does not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies. 3. A copy of the interim report for the six months ended 31 March 2003 will be posted to shareholders shortly and will be available to the public at the registered office of the Company at 65 Kingsway, London WC2B 6QT. This information is provided by RNS The company news service from the London Stock Exchange END IR FLLFLXEBEBBL
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